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What does the lender do when a financed car is totaled and there is no insurance?
Wiki User
∙ 16y ago
Sue the owner of the car, since the owner was likely required to carry insurance as part of the financing deal.
Wiki User
∙ 16y ago
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Are you required to have auto insurance on a car that you dont drive?
If the car if financed, the lender will require you to insure it. If you own the car, and don't drive it, you are not required to have insurance.
What are your options on a totaled 2005 financed car that had no insurance coverage?
You have no options! Should have got insurance There are none. You have the joy of paying off a car you no longer have. Best thing to do is try and sell it for parts.
What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
How do you know if you car is totaled?
You need to file a claim with your auto insurance carrier. The insurance adjuster will physically examine the vehicle's damage. If the estimated cost to repair all damages exceeds the total value of the car, then the insurance company will total the car. This means they will write you (or the lender) a check for the total value of the car before damages.Most of the above is true but a car is considered totaled when the repair costs exceed 50-75% (depending on the state you live in) of its actual cash value. If it is totaled you will sign the title over to the insurance company and they will take ownership of the car after they pay you.
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
Do you need insurance on a financed car in NJ?
You ALWAYS need insurance on a financed car, and it has to be full coverage. Doesn't matter what state you're in.
You want to sell your financed car; but how does the transferring of the title work?
Contact your lender.
Is it legal for your insurance company to deny a loss for a car that was totaled?
It would depend on why the car was totaled and who's fault the accident was and what time of insurance do you have PLPD or Full Coverage
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.
Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
If your car is declared totaled does the car belong to the owner or the insurance company?
The insurance company. They have in theory bought the car or what was left of it.
What do you do with a financed car when you have to move abroad and can't keep paying it?
Sell it and pay your lender!
