What is the name of your state (only U.S. law)? CA
My car was hit by a drunk driver and declared a total loss. Insurance settled $7k. I still owe $8k after the settlement, which I understand I am responsible for because I did not purchase GAP insurance.
However, I just received a letter from Toyota Financial stating that If I do not pay the remaining $8K in full within 20 days, the loan will be "charged-off" and my credit rating will be affected.
Obviously, since there is no collateral, they do not wish to allow me to continue making payments on my secured loan. I can't afford to pay a lump sum. My question is, can I sue the driver who hit my car (DUI) for causing me to lose my loan?
My car was hit by a drunk driver and declared a total loss. Insurance settled $7k. I still owe $8k after the settlement, which I understand I am responsible for because I did not purchase GAP insurance.
However, I just received a letter from Toyota Financial stating that If I do not pay the remaining $8K in full within 20 days, the loan will be "charged-off" and my credit rating will be affected.
Obviously, since there is no collateral, they do not wish to allow me to continue making payments on my secured loan. I can't afford to pay a lump sum. My question is, can I sue the driver who hit my car (DUI) for causing me to lose my loan?
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