What should I do with a new car that I totaled, with no insurance?

I totaled a car back in 06, I had it financed for 6 years (yea I know).

Problem is, when I totaled it, I let the insurance drop. I still owe a lot on it, my mom co-signed for me, so I don't want to screw her credit up.

I did have GAP, thats it.

What should I do?
Additional Details
BTW, I am still paying the monthly payment, I haven't let the car company know. And it was a brand new car.

sydkan

there may be options. If your insurance company knew you had a lien then they are legally required to notify the lienholder if you no longer have insurance. At which time your lienholder will add insurance to protect their interest. However the kicker to this is that it will only pay up to the point that it pays off the loan. Meaning you bought a car and paid $10,000 for it. you made payments for a few years and you only owe $3000. The insurance the lienholder has would pay off that amount normally but you do not get the ddifferencein the value of your vehicle. so basically you paid all this money out and nothing in return.

Gap will not help you in this situation. If your insurance company did not notify your lienholder then they may be on the hook as this is a requirement in every state that i kOkanof.

Call your insurance company just in case and notify your lienholder immediately.

Steve R

you're screwed. keep making the payments. if they found out you dropped insurance, which they should already know since the insurance you dropped told the financer you dropped them, they will not be too happy. you actually might have to get insurance for this totalled car to keep things even keel. eityher way, keep making payments. what have you been doing since "06??

evelyngrz

There is really nothing left for you to do, but continue making the pymt. GAP won't do you any good because you didn't even have insurance on it to begin with. Tough luck

Snowdog

Um, uphold your end of the deal? Pay your debt. Don't steal.
Seriously, is this a rhetorical question?

If you are financing a vehicle, it belongs to whoever your financed through, the same folks you promised to pay if they trusted you enough to extend you credit.
When your end of the agreement has been honored and you have the title, then it belongs to you but not until.

Credit is more than just a number as many people tend to view it these days. Credit indicates your ability to "keep your end of the deal".
Like honor and reputation, credit is so easy to ruin and NOT easy to restore.

Don't become a deadbeat society leech by defaulting on your loan; continue to do the right thing and pay it off.

demis

Nothing

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