What to do if I totaled my car but I still owe the bank money but I stopped making payments due to unemployment?
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What to do if I totaled my car but I still owe the bank money but I stopped making payments due to unemployment?
The accident was my fault. The car is currently at a storage lot. I wanted to know if I let the bank pick it up from the storage, will they charge me for the cost of repairing the car or will I only owe the amount I still owe the bank?
Asked on June 5, 2013 under Accident Law, California
Answers:
Anne Brady / Law Office of Anne Brady
Answered 10 years ago | Contributor
It is highly unlikely the bank would want to repair the car. Rather, they will likely sell it for scrap and get a judgment against you for the difference between what they get for the car (next to nothing) and what you still owe them.
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