Do I have any options if my car is totaled due to hail damage and it’s not paid off?

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Do I have any options if my car is totaled due to hail damage and it’s not paid off?

The finance company will not work with me to get another car or collect the claim and allow me to keep the car and pay off the balance.

Asked on May 2, 2012 under Accident Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your car was totaled due to hail damage hopefully you had insurance on it that will pay a good portion of its fair market value at the time of the incident for you to use to pay down the amount owing on it.

The problem that I see is that if you did not have a policy of insurance in place for your vehicle that would pay off what the balance is owed on the loan for it, you will be personally responsible for paying off the balance of the loan yourself besides needing to get a replacement vehicle.


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