answersLogoWhite

0

Will you owe taxes on a totaled car?

Updated: 10/26/2022
User Avatar

Wiki User

16y ago

Best Answer

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.

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Will you owe taxes on a totaled car?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

If your car is totaled and you still owe for your car do you have to still pay for it?

Hell yea


If you dented another car and then that car is totaled in a separate accident before reapirs are made do you still owe for the dent?

Yes - you still owe for the dent.


If you sold your car do you owe taxes?

no


Can they take your taxes if you owe a car loan?

no


Car is totaled but still owe?

If you've got full coverage insurance, make a claim. They should take over payments. You'll be car-less, but won't owe anymore.


What is meant by Texas gap car insurance?

GAP insurance stands for guaranteed auto protection. It covers the total amount you owe on your car in if it is totaled. Regular insurance only pays for the value of your car which can be a lot less then what you owe.


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.


What are your options when you have totaled an uninsured car that you still owe A LOT of money on and you need a car to get to work still?

Make another loan-quick before the wrecked car loan goes bad.


Is it possible to get more than the blue book value of a totaled car if the insurance company offered 6k but you need 10000 to pay 10 percent in taxes plus finance costs for a new car?

You should expect to get the amount necessary to purchase a similar car in similar condition inclusive of taxes and registration fees. If you owe more on your totalled car than what it is worth you are still obligated to the finance company for the balance of the loan.


How long do you have to notify dmv of a totaled car?

If you want to stop paying taxes on that vehicle I would notify them very quickly. It is to your benefit.


How can you look up if you owe back taxes on a car?

Contact your local property tax evaluator and they can tell you.


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.