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If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.
On the other hand, any amount left over after the loan has been paid will go to the car owner.
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.
On the other hand, any amount left over after the loan has been paid will go to the car owner.
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.
On the other hand, any amount left over after the loan has been paid will go to the car owner.
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.
On the other hand, any amount left over after the loan has been paid will go to the car owner.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoIf a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.
On the other hand, any amount left over after the loan has been paid will go to the car owner.
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Who gets the check if your car is totaled?
You, if you own the car outright or whatever institution carries the loan, if you haven't paid it off.
What if your car is totaled?
Get a new car. == If someone hit your car you will be paid the actual cash value of the car. If you totaled the car and had collision coverage you will be paid actual cash value, too.
If your car was totaled and the insurance company paid you for it do you get a credit for that on sales tax on your new car?
NO.
What does the lender do when a financed car is totaled and there is no insurance?
Sue the owner of the car, since the owner was likely required to carry insurance as part of the financing deal.
Is it illegal to part out financed car?
Yes, if it isn't completely paid for.
What do you do if your car gets totaled in a car accident?
The very first thing you do is report it to the police. Whether the car is "totaled" or not (a decision typically made by insurance adjusters), a police report is required for any automobile accident.
If your car was totaled will the check come in your name if there is a lien on it and you released the car to the insurance company?
Loan company gets paid first if you owe more then the insurancwe pays you owe the balance, if insurance pays more then loan you get the differance.
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.
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.
Does insurance help with buying a new vehicle if your car gets totaled?
Yes, they will help, but they won't buy you a new car. Once your car is deemed totaled, the insurance company will usually pay you the value of the car before the accident minus your deductible. You can either buy back the totaled car and repair it or use the money towards a new car.
Is it legal for the owner that financed your car hold your personal belongings until damages to car are paid before repossession?
NO, it is NOT legal.
After settling with the insurance company for a totaled car do you keep the car or does the insurance compnay?
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
