What to do if I totaled my car but I still owe the bank money but I stopped making payments due to unemployment?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 8 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.


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