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If your car is totaled and you still owe for your car do you have to still pay for it?
Wiki User
∙ 11y ago
Hell yea
Wiki User
∙ 11y ago
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Will you owe taxes on a totaled car?
Not if you notify you local PVA that the car is totaled and not longer in service. You will pay taxes up to the day it was totaled.
If your car is out for repo but has been totaled in a car accident are you still repsonsible for the payments or will the insurance company pay off?
Your insurance will only pay off what the blue book value of the car is, whether that's enought to pay off the vehicle is unknown to me. If you owe $7k and insurance says the car is worth $5k you owe the $2k difference.
What happens when your car is totaled?
If you owe on the car, you will still have to make your payments. Also, depending on your coverage your insurance company can pay off the car and give you something for another. But, it won't be much since they will only pay the low Kelley blue book.
What if my car was totaled in an accident the insurance pay off the debt?
Only if you carried GAP insurance will it pay off what you owe to the Lienholder. If not then they will only pay what they valued your car to be worth which may or may not be enough to pay off the loan.
Do you have to pay sale tax on a car the you still owe and the bank still has the title?
Yes, you have to pay the sales tax when you license the car.
Should you return a used car that has been totaled to the lender if you still owe two payments on the loan?
Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.
When you should stop paying the bank for the monthly payment of your new car after totaled?
Unless you had insurance that covered the difference between what was owed and the value of the car--and paid it to the bank--you are still liable to pay off the loan. The amount you owe is not based on the relative state of the car.
What do you do when you cant fix your car and you still owe on a loan?
You still pay the car note and enjoy the lawn decoration
Does your insurance company pay for your car?
If you carry full collision and replacement of your vehicle, depending on your insurance company, they will pay the blue book value of the car if it is totaled. That is why it is important not to ever owe more than the car is worth, which is referred to as "being upsidedown."
If your car is totaled do you still have to pay off the insurance policy?
No, simply because there is nothing to be insured any more, your car is gone.
Still owe finance on car that has been written off do you still have to pay?
Yes, that is what should be done with the insurance money, pay off the car loan.
What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
