What are my options if I still owe $2,000 on a car that was totaled 2 weeks ago?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 6 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption