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If your car is totaled and you still owe on the loan do you have to pay off the loan with the money or can you just continue to make monthly car payments on the car you no longer have?

Rodney Fox

in Student Loans

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1 answer

Whitney Matthews on October 10, 2018

You can continue to make the payments if you want. All the bank cares about is getting your money. You should check with them just in the case that the rules may be different with your loan. The insurance check will be made to both the borrower and the lender and will require two signatures. The lender is going to be the person who takes the last possession of the refund and applied to the outstanding balance of the loan. If there is a deficiency and not very it can be depending on the depreciation value of the car, penalties, etc the borrower is responsible for the payment of such expenses. Answer the Call and ask the people who pay your payments If you have GAP insurance on the car, then it will not be a problem.

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