The lender has several options but the one you will be concerned with is: SUE YOU for the money. Depending on how long you didnt have ins. the lender had probably placed ins. on the loan that covers them but NOT you. You will still be looking at a Balance DUE. If ya cant ins. it, ya cant AFFORD to drive it. Good Luck
It's a little more serious than Roosta's opinion. The vehicle destroyed was the collateral which officially established your loan as a SECURED LOAN. That is the condition you signed upon completing your buyer's contract which is to maintain at minimum Comprehensive and Collision coverages however most of them specifically state such coverage does NOT substitute for bodily injury/property damage liability required by law to even MOVE the car without a towing truck in all 50 states and most Canadian territories.
Many lenders will like she said add insurance that ONLY covers the repair/replacement costs of their precious investment and they do it almost immediately. If by some chance it's totalled and they haven't done so you might be brought up on criminal charges unless you are able to produce the entire remaining balance immediately. Unless of course you're not At Fault, in which case the other person's insurance must pay.
These possibilites are going to be the least of your problems if you're in a crash, at fault with no liability coverage. You'll probably spend time in jail not to mention get stuck riding scummy filthy low life busses for the rest of your life, or however long you're in North America (USA, Mexico, or Canada)
They are right. The best thing you can do is keep paying your payments, and hope they don't find out.
ok thank you for your answers but the accident definitly was her falt problem is her isurance doesnt want to cover of coarse she denies!being there at all so what can i do for now as far as the payements and what is ussually the out come? (ive never been in an accident)?
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