I was in a car accident where my car was a total loss. Im wondering do I still have to pay the payment coming up? I will no longer be with them after this.
Total Comments: 1
Posted: Tue Sep 28, 2010 06:59 pm Post Subject:
Yes... reason is, it's in your contract. With that said, if you tell lien holders about the accident and the vehicle being a total loss they tend to be more forgiving on a late payment. But they don't need to be (they may very well add on late fees if it's not paid on time). For you it should not be any different. You'd need to have made that payment anyway so you should have the funds. Also, any amount you pay to the LH will reduce the amount you owe. So your payment would be "returned" in the form of a higher payment to you from your insurance company. If you owe more then the value then you would need to pay off that amount anyway.
Better to make the payment rather then risk any problems or extra charges.
Posted: Tue Sep 28, 2010 06:59 pm Post Subject:
Yes... reason is, it's in your contract. With that said, if you tell lien holders about the accident and the vehicle being a total loss they tend to be more forgiving on a late payment. But they don't need to be (they may very well add on late fees if it's not paid on time). For you it should not be any different. You'd need to have made that payment anyway so you should have the funds. Also, any amount you pay to the LH will reduce the amount you owe. So your payment would be "returned" in the form of a higher payment to you from your insurance company. If you owe more then the value then you would need to pay off that amount anyway.
Better to make the payment rather then risk any problems or extra charges.
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