This is really ridiculous. Two months ago I totaled a car that I am still financing. I didn't have full?

coverage on it. I want to get this car out of the collision shop and junk it.
Today I heard one of the most ridiculous things- that I can't junk a car that I am still financing, EVEN if I am still faithfully making my payments. I even heard a rumor that I can't even remove auto insurance on this car until I pay it off (!!!!!)
My question is WHAT THE HELL IS GOING ON HERE? I have 4 more years of payments on my car. What am I supposed to do with this car, put it in my pocket???? I can't POSSIBLY pay for storage (and insurance) for another 4 years, ESPECIALLY for a car I'm not driving.
Cars have been around for more than a century. I CAN'T BELIEVE that these types of situations weren't thought of and make simple DECADES ago. What am I supposed to do now?

Hmmmm

i don't know who you heard it from but i'd contact someone knowledgeable like an attorney.

tampabaylive

what you were supposed to do is buy adequate insurance coverage and GAP insurance, to take care of the situation your are experiencing right now.... That's what insurance is for, if it's too expensive, then it;s too expensive for you to drive then... I'm not trying to be smart, I'm just telling you like it is... I'm 50, I've never owned a new or nearly new car, because every car I've ever owned I paid cash for, no payments, and if they're wrecked, I buy another one... and I don't need the comprehensive or collision insurance so I save a ton there also..
right now I have 2 great vehicles, one Lincoln Town Car and a Ford F-250 to tow my 27 Foot Sea Ray, also paid for in full...Live within your means...

Marc

If you had maintained full coverage insurance like you should have while it was financed, you would not be in this situation. What you must do is pay it off by whatever means possible.

brian d

It is law to fully cover vehicles financed by a bank. I don't know how you got around it. You have 2 choices. Tow the wreck to your house and store it for 4 years while you make the payments, or stop paying for it let it get repoed in which case you will owe the difference of what's owed and the $200 the junk yard will pay for it, not to mention destroying your credit.
The reason you can't junk it is because the wrecking yard can't take any vehicle without a title and the bank has that.
You're screwed because you were too cheap to fully cover your car. If you had the insurance company would have paid it off and you'd be free from it. I bet you fully cover the next one!

Uncle Jed

Your right you cant do anything with it. Its not your car. It belongs to the finance company until paid for.
You are in violation of your loan agreement by not having full coverage on it. The only way you can junk it is to pay off the note.
They may call the note in ,now that you didn't have full coverage on it and its wrecked. Or they may just sue you for it.
You are at their mercy now.
If you would of had full coverage like you were suppose to, the loan or most of the loan would be paid for by insurance.
and you could of paid it off so you could start over.
So if you must pay for 4 years for a crashed car, that's the way it goes when you brake the rules.........md

David W

If you financed a car and weren't required to carry "full coverage" on it by the lender, it must have been a personal loan, not secured by the car--but then you mention you can't remove the insurance. That contradicts what you said about no full coverage. Something doesn't scan here.

Basically, if you have a personal, not secured, loan on the car, you're obligated to keep making payments, car or not. Without collision coverage on it, you won't get any help from the insurance.

champion

Since you didn,t have full coverage,and money is still owed on the car, you will have to pay for it.The bank or finance co,loaned you the money and they expect you to pay it back. By the way...they did make it simple you borrow,you pay back
sorry

turbopenny

Not a good answer.

Aiden W

For car insurance the quickest method to get a low quote is do a policy comparison. If you choose the same coverage amounts, you can get an fast quote to compare against others. Use the same coverage area, auto make and model, mileage and driving history to make sure you get an apples to apples comparison. To get easy auto quotes, go to http://www.multipleautoinsurancequotes.com and you can compare the major auto insurance companies.

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