What are my options if I still owe $2,000 on a car that was totaled 2 weeks ago?
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What are my options if I still owe $2,000 on a car that was totaled 2 weeks ago?
I can still make payments to pay it off but cannot afford more than $50 since I need to get another vehicle.
Asked on May 15, 2015 under Accident Law, Iowa
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The problem for you is that you are contractually obligated to make the payments under the same schedule. You cannot unilaterally (on your own) change that obligation, but the lender/financer can agree to a change. Therefore, you should contact the lender right away, explain the situation, and try to negotiate/set-up a $50 per week/month (whatever it was) payment schedule. If you can get them to agree, get it put in writing.
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