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The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide.

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File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car.

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"Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.

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โˆ™ 2016-03-17 15:24:01
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Q: Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?
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Related Questions

Will insurance pay for a repossessed car?

Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.


Can a person in the military who is not on overseas duty be sued for the repossession of a wrecked vehicle?

Did you have insurance when it was wrecked???


Will homeowners insurance cover a wrecked car?

NO, That's what car insurance is for.


What happens if you file for bankruptcy in the US and move to Canada?

you still have wrecked credit


What if the car repossessed got in a wreck?

If you buy a car, lend it to a friend and it get wrecked then you have to get it reposessed with a bk. What can the creditor do if the car is wrecked? Even after the bk can you be charged for missing or broken parts?


If a car was wrecked just before it was to be repossessed is it legal to collect the insurance claim and then turn the vehicle over to the bank?

You can collect it if you want, because the lienholder is going to charge you for not having insurance for as many months as they can, and the amount of what it will cost to get the vehicle repaired. I say give them the check, you will owe less.


Can your car be repossessed from the towing lot that towes your wrecked vehicle?

If there's a lienholder on that vehicle, yes, that lienholder can repossess it.


Can a person let a wrecked truck get repossessed without any monetary issues?

That would be a particularly bad plan if you hope to keep a good credit score. The bank would have required you to have enough insurance on the vehicle to cover the replacement. If you didn't, you are financially responsible for every dime that is outstanding on the loan. If the truck is wrecked, the difference between the debt and the value is your responsibility.


What insurance covers medical bills in an accident where someone not on the cars insurance was driving and wrecked?

The un-insured driver will have to turn to their health insurance company for coverage if he carried no auto insurance.


What if your fully insured car was wrecked by an unlicensed driver Will your insurance cover your loss?

yes it will


What if you return a wrecked car back to the carlot its up for repo can you go to jail?

No, debtors prison no longer exists(With this economy thank God) so unless you wrecked it purposely your good there. However if you had a loan on the car, you should of had full coverage insurance that would pay for at least most of it and most dealers require gap as well which would continue paying the car off after the insurance. If you did not have insurance and gap, then you will be responsible for the cost of the car, even if it is ropo'd. You can file bankruptcy if you cannot afford to pay for the car however, if your not paying for just because you wrecked it that isn't really fair to the lender. They can also Levy your paychecks and or bank accounts for the funds to cover the car.


What can happen if car loans are not paid when there is no vehicle do to a wreck?

Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?


Who is on the check from the insurance when vehicle is totaled?

Whomever the car is titled to. You will have to sign the title over to the insurance company since they essentially bought the wrecked car from you.


What happens to your title loan if your vehicle is stolen and wrecked?

Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...


How can you get money for your car being used unauthorized and totaled?

In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.


If your insurance wont pay for your wrecked car what should you do with it?

Pay for it yourself and fix it or sell it to a junkyard, up to you.


Will an insurance company insure a home that had a fire and it not repaired yet?

No Way. Just like an auto insurance company writing full coverage on a wrecked automobile.


If someone has full insurance on a 2005 Yamaha in Arkansas and he wrecked it if his insurance fixes it is there a return policy that will allow them to take it back and not ruin his credit rating?

Read this question yourself as if you don't know the details of this scenario. What has having a wreck and the insurance fixing the bike, have to do with ruining his credit. What do you mean by, "them to take it back". Why would the insurance company want to take it back? Do they hold the loan on the bike? The bottom line is that a repo is a repo. It is always a bad deal and will always ruin your credit for 7 years. Do not allow the bike to be repossessed.


Can you take a car back the next day because it has been wrecked?

You cannot take a car back because it has been wrecked. You are now responsible for the car and need to call your insurance to have it replaced or get it fixed.


Do insurance have to pay you the value of your wreck?

It depends on the insurance coverage, and what caused the wreck. But allowing the coverage covers the incedent the insurance company will pay the VALUE DETERMINED BY THE INSURANCE COMPANY. Not what you think it was worth. I have about $40,000 in a car the insurance comapny will pay $3,000 for if it gets wrecked.


Can you give a sentence with the word wrecked for a third grader to understand?

A dinosaur wrecked a tree. As simple as that!


How does full coverage insurance pay offs work?

Full coverage insurance will help you get your car fixed after it has been wrecked. You can also get a new car if it has been completely totaled.


Car was recently damaged then was repossessed what happens?

If car is wrecked or damaged BEFORE the repossion takes place they still take the car "AS IS". In some states you may be liable for the damages but others it is repo'd AS IS.


What happens to a lease truck that has been wrecked?

The same as a purchased truck that has been wrecked. You will have been required to insure the vehicle. Contact the insurance company and file a claim. An adjustor will determine if the vehicle should be repaired or totaled.


Can a used car lot take criminal action against u if you wrecked their car the person you let drive had no DL or insurance and u stop making payments 2 them car lot has their car back and it's fixable?

Oh oh - sounds like small claims court for you.