Car insurance question
Car insurance question If you get into an accident and your car gets totaled the insurance will only pay you what they deem the car is worth. Now if you have a car without gap insurance and owe probably 3000.00 more then its worth. Will the bank want that money right away to pay off the entire loan?
depends on the bank. more than likely they will want you to make a payoff seeing as you no longer have the collateral. however when i wrecked my bike, they took the insurance check as a pre-payment on my loan and i continued to make payments till it was paid off.
Yea, you going to have to talk with the bank, BUT since you made an agreement to pay off the car in so many months, most likely your going to keep maying payments. Btw.... OUCH.
