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That's not how it works. You owe the bank the outstanding balance on the car loan. The only event that will save you from having to pay that balance is bankruptcy. Typically, a bank will insist you have comprehensive insurance on a car which is the subject of an auto loan. If the insurance company agrees that the car is a total loss, they will offer you a settlement. The amount they give you will be less than the purchase cost of the car. (They will figure in depreciation based on the age of the vehicle.) Even if the accident is not your fault (i.e., if your parked car was hit by someone else), you can be sure of this: (1) the bank will not let you off the hook; (2) you will be required to pay the remaining balance of the principle and applicable interest; (3) the bank will not act to replace your car; (4) your only relief will come from insurance settlement or from suing the party responsible for the wreck.

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Q: If car is totaled in accident will the bank substitute another car for the same loan that is replace the car and continue with the original loan?
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