I just totaled a 2005 financed car that is not paid off, with no insurance. any choices or pay it off???

helpme1

Sorry but for a car that new you should have known better than to drive without insurance. It would have been different if say it were a 1985 or 1995. But it was only 1 year old!

You can borrow money from relatives to pay it off.

Another possibilty is to keep paying payments and hope the company doens't catch up to you. I don't reccomend it, but that is a possibility.

Or you could simply grow up, admit your mistakes, take the punishment and learn from it!
That sounds like the best idea to me!

Starla_C

THAT IS EXACTLY THE REASON INSURANCE IS REQUIRED! It is not an optional thing if you are driving a financed vehicle. PAY IT OFF! YOU ARE THE IRRESPONSIBLE ONE FOR DRIVING WITHOUT INSURANCE!!

the_cheeze_cop

You should've taken out the insurance offered on the loan. IF NOT, get a second job. Did we learn from this?

Kelli

Your pretty much screwed. If you didn't have insurance then you are stuck with the payment and the totaled car. You can either pay it or quit paying the payment. If you don't pay the payment then they will reposess the car. If this happens then your credit will be ruined. Hate it for you. That is really the only options I know of.

loon_mallet_wielder

How were you able to finance a car w/o insurance?

If you cancelled it after getting the loan, you are not only responsible to pay off the loan, you are guilty of insurance fraud.

tch-tch-tch!

Chris

How can you not have insurance, at least collision and comprehensive for the vehicle damage? Lienholders require that you carry at least that. How did that happen?

Pieandchips

Ok, you need to understand that this is not a choice. Because the vehicle is still financed, you and your lender are joint owners of the vehicle. That means they have equally if not more right to recover than you. You need to notify your lender immediately. They will reposess the vehicle (not a choice), and bill you for what they cannot recover by selling the vehicle for salvage. They will send your loan to a collections company, but at least you can arrange payment on more reasonable terms.

seekinganswers36

Do not listen to anyone who suggested bankruptcy. The laws have changed and you would still end up paying for the vehicle, court costs and take a major hit on your credit report.

You sound irresponsible, because you let the insurance lapse. We know this, because their is not a lienholder in America that will finance an uninsured vehicle. And obviously you let it lapse and totaled the car before the auto insurance notified the lienholder. Most auto insurance companies notify the lienholder once the car insurance has been cancelled due to nonpayment.

Contact the lienholder of the vehicle - depending on how long it has been, they may already know and have started legal proceedings against you.

If they do not know, set up arrangements with them to pay the bill. They will reposses your car (which stays on credit report for approx 7-10 yrs) and they will either set up payments with you and/or turn the loan over to a collection agency.

Since, you let the insurance lapse, I take it you probably do not have enough money to make a car note payment for a car you are not driving and buy another one with a note and a much higher interest rate and insurance rate.

You can try to dodge your financial responsibility, but like all who do. You will end up paying one way or the other.

CowboyBill

So, what's the rest of the story? Let your insurance lapse? I suggest you get at least two extra jobs because you WILL have to pay for this vehicle. You purchased it in good faith now it's time you kept your part of the deal. Bankruptcy? You're not bankrupt, you are just irresponsible. Repo? Go ahead...you will be sued and the judge will ORDER you to pay off the loan and all court costs. This is where you make the decision to learn from a stupid mistake and grow from it or act like an @ss and try to dodge it.
Up to you.

CAR GUY

4 options to you as leased vehicles go :

1. return the vehicle as end of term-whick you cant :P

2. sell vehicle - get profit and give the remainder of cahs owed to the place you bought it

3. sell it to a junk yard get what you get for it pay the differeance

4. Part out the vehicle - somewhat same as the above more work thou.

notaclue

YOUR GOOSE IS COOKED!!!! Get another job for the next five years!

Pixie

Your screwed

MiaDiva28

is there a reason why you did not get insurance? that was not a smart move. thought you had to have insurance in place first before taking the car off the lot?

HULK RULES!!

Since you have no insurance, you have to pay for it out of your own pocket. Or file bankruptcy.

david42

One always has a choice. You can default on the loan and take a hit to your credit. I would suggest speaking with the lender with the intent of a negotiation resulting in a lower pay off.
The folks below may be able to help you.

john n

File bankruptcy.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: