What should I do if I wrecked my truck and my insurance expired 2 days before plus I have fallen behind on payments and now the want to repossess?

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What should I do if I wrecked my truck and my insurance expired 2 days before plus I have fallen behind on payments and now the want to repossess?

They don’t know that it wrecked. What can they do to me?

Asked on January 23, 2012 under Accident Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You can be sued for the full amount outstanding of the loan, since if the truck is wrecked, it has essentially no value. Therefore, either they will refuse to repossess it, or possibly reposses it and sell it for its trivial salvage value--after that, they will legally be allowed to sue you for all the rest of the money you owe. It is possible they can also recover their costs to try and repossess it and their legal fees for suing you--you need to check the financing, etc. agreements to see what remedies they are entitled to.

You may need, if the amount is unsupportable  for you, to consider bankruptcy as an option.


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