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When you have a car loan you are required to have insurance to cover that car in almost all states. So, when the car was totaled you should not have had to continue making payments on it as the insurance company should have paid the bank for the car. Did you not report the accident, or were you under-insured?
AnswerThis is not true. While some insurance companies offer guaranteed replacement cost most do not. The insurance company is not liable for the balance of the loan, only the value of the car. This is why there is gap coverage offered on auto loans- it covers the difference between the value of the car and the amount of the loan. Any balance remaining on your auto loan after the insurance company has paid is your responsibility. AnswerWell actually these are both wrong, the second is partially true, they willl reposes the car if you do not pay it off, if you total the car then that's even worse because they will make you bankrupt and also black list you for finance credit cards and so on.The gap insurance is if you do total your car or sell your car, but you still must pay back your loan, gap insurance covers the difference of how much is owing on your car and how much it has depriciated ,
The all knowing master!
Billy...
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