I wrecked a new car with no insurance what can the loan company do to me?

burberribunni

All states require that you have insurance if there is a loan on your vehicle. The loan company will make you pay for the cost of the vehicle. Find out what the payoff on your vehicle is (how much you owe,) for example if you owe $25,000 you will have to come up with that money to pay the bank, by taking out another loan if you don't have the cash available.

The loan company really can't do much else other than get the money that you owe them, they have a lot of other things to deal with so chances are they're not going to sue you. But keep in mind you will have trouble getting another loan or insurance on your next vehicle.

lizzie c

what can't they do to you more like!

Sue you for the price of the car.

sarah

make you pay the loan!!! you owe the bank money for the care regardless of the wreck

wonderboy n

sue you

linehancomputerservices

Bring a lawsuit against you.

boohoohoo

You go on paying

Anthony R

whatever they want...... youre screwed. You can keep making payments on the loan for the rest of the term..... which is what you agreed to do. If you stop doing so, they will sue you for what the amount is left on the loan, and for court costs. This on top of the fines you should be paying for driving with no insurace.... good luck.

larry97439

idiot, they will get the money out of u sooner or later.

Bogart

Sue you, garnishee your wages, and make your future financial endeavors very unpleasant.

JeffyB

Sue you. Take you to court. Have you thrown in jail. Have your wages garnished.

THEMURPHSTER

You'll still have to pay for the car. The person you got in a wreck with will probably sue the pants off of you.

wiseolguy

make you pay for it.........

jawbertsc

Expect you to make payments till you paid for it. How do you get a plate without insurance or did you even bother with that?

CowboyBill

Idiot.
Call your insurance company AT ONCE -- there is a very, very slim chance that you can pay the premium balance and the coverage will be reinstated (strictly up to the insurer, though). The loan company can make you pay the balance and NO a bankruptcy may not be the answer. If the judge feels you are simply trying to dodge paying what you owe then he/she will NOT grant the BK. If he does there is still the chance the bank will fight to keep the auto loan out of the bankruptcy and the judge will force you to liquidate your assets to his satisfaction before you are done.
Just pay the damn thing and stop being so stupid.

Nancy Kay

the car's yours...and you'll still have to pay the loan...why on earth did you not have it insured as soon as you drove it off the lot!!!!!!!!!!!!!!!!!

S17V

You will still owe the remaining amount of the loan to the lienholder. What can they do? They can destroy your credit, amongst other things.

Good luck filing bankruptcy, it's not as easy as it sounds.

UCANTCME

YOU ARE COMPLETELY RESPONSIBLE FOR THE VEHICLE.

DICE

Beat your as with credit. On bop gang I woudnnt let them.

Laurence W

You can definitely give them the keys.

In California, I don't think you can buy a car from a dealer without having insurance first. Not on the car, but as a driver.

I suspect they can collect from your car insurance, and your insurance rates will rocket up, and it will be on your driving record for other insurance companies to find.

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