by delores brown on April 5th, 2004

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If I finance a car, and then one month later get into a accident, will I still have to make payments on it if it's totaled? Or will I have to pay the financing company for damages?

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by Jack Scotty on February 24th, 2005
Either that or just keep paying the note on a monthly basis and don't tell the finance company ANYTHING.

I mean if the car is insured, by all means file the claim so that the loan can be paid off. But if you arent insured, keep making the payments then you wont get hit with a huge lump sum bill for the balance of the car.
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by Andy Is Wicked Married to Penal Colony on April 19th, 2004
You will owe the financing company (also called lienholder) the full balance remaining on your loan. The insurance company settles on a value for the damaged vehicle and the lienholder is in-turn paid.

I recommend you also take a look at my answer on loan/lease gap protection:

http://www.answerbag.com/q_view.php/4371
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If I finance a car, and then one month later get into a accident, will I still have to make payments on it if it's totaled? Or will I have to pay the financing company for damages?

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If I finance a car, and then one month later get into a accident, will I still have to make payments on it if it's totaled? Or will I have to pay the financing company for damages?

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