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If you are the co-buyer cosigner on a car loan and not the registered owner can the lender come after you if the registered owner let the insurance lapse and totaled the car?
Wiki User
∙ 16y ago
Yes, they can make you pay for the vehicile, When you signed the finance note you promissed to pay for it if the other buyer did not. You are both equally and severally liable for the promise note you signed. Absolutely. As addressed in many other questions here concerning co-signing. The very next thing you should do is take that paperwork, you know the ones with your signatures and initials all over it, and read it. See what you agreed to and what the responsibilities of the signers are.
The essence of which is, co-signing is virtually the same as signing for the loan. You have all the responsibilities of the primary signer (without the need for being on the title to the property) and stand in their place if they don't perform. What exactly did you think the meaning and need for you signing was for?
Wiki User
∙ 16y ago
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Your car was recently totaled by insurance company can you buy it back from the insurance company?
I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.
If you are in a car accident and the car is totaled does your car loan get paid off through insurance?
Not unless you have the new option in insurance of the new car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.
If you surrendered a vehicle in chapter 7 and it was not recovered by the lending agent and was later totaled who gets the insurance money?
The lender, and the borrower is responsible for any remaining discrepancy amount and the applicable fees.
What can you do if your car is stolen and you still have a loan on the car but your insurance does not cover theft and they recover your car totaled?
YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also. You should have had full coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn't that expensive and would have covered theft.
What will happen if you cant pay back a tile loan and you junked the car?
If you can't pay back the title loan from a pawn shop due to being totaled and you got a cut check from your insurance company, I suggest you use that check to pay off that loan to avoid a lawsuit because the pawn shop will not see that insurance check you got from the totaled car. If you don't pay them off and they know the car is totaled, then they will come after you in civil court for the amount of the loan + damages + fees. If you got no check from the insurance company then they will just come after you for the loan. They do not fully own the vehicle because you did not sign over the title to the pawn shop. You are not allowed to sign it over to them unless you are really selling it. Some states do allow this but check with your state laws about it. All they are going to do is file a lawsuit against you for the amount of the loan unless you made payment agreements with the Pawn Shop which I would do.
What happens after your car is totaled and you only have liability?
If a car is totaled in an accident and only liability insurance is present, there is a chance that the other party's insurance will pay for the vehicle if the accident was their fault. If a car is totaled, but no others were involved, then the responsibility falls on the registered owner. This will not release the registered owner from paying for the vehicle, either, if money is still owed on the car.
You were in a car accident had insurance but the car was totaled and the car was not in your name Do you get compensated to get a new vehicle?
no you won`t get it. You require both car insurance and it must be registered on your name.
What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
What is the definition of totaled?
used of automobiles; completely demolished; "the insurance adjuster declared the automobile totaled"
Do you have to pay towing company if car is totaled?
If the insurance does not cover the expense it is likely the person to whom the vehicle is registered will be responsible for towing and any other subsequent charges such as storage fees.
How do you determine if vehicle is totaled when burned?
A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.
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
Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
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.
What is the difference between full coverage auto insurance and liability only insurance?
Full coverage auto insurance covers everything. If the car is totaled they will will replace it. Liability auto insurance will only cover medical bills, and not the car if it is totaled.
If your loaner car was totaled and you do not have insurance what should you do?
get a good job............you will (assuming you are at fault for this loss) be require to pay for the totaled vehicle.........
If you totaled your car while drinking will your insurance still cover it?
No, they will not.
