I was in a bad car accident and my car is likely right on the border for being totaled. My problem is, it is a 5 year old car and I still owe $16,000 on it. If my insurance company is good to me, I should just barely be able to get that from them for totaling it. However, I will have no money for a new car, and my credit has taken a hit the last year so I wouldn't easily be able to get financing on something else.
My question is, if my insurance company totals my car and gives me a check, will the check actually be made out to ME, or will they automatically (or be forced) to give it to my auto loan lender to pay off the car? What I'd like to do is keep paying my loan I already have as if nothing changed, and take my totaled car check and go buy another car outright, but I don't know if that's possible or not. Can anyone help?
2007-08-02
10:05:26
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10 answers
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asked by
bumblebee
1