repossesion when car was wrecked

[jessica143]

What is the name of your state? Florida

Several months ago I wrecked my car - before it was paid off. It was a 1992, so I only had liability coverage on it and couldn't afford to get it fixed. I never told the creditor, since I was going to continue paying it off. I've had a change in circumstances though, and can no longer afford the payments. I know it's only a matter of time before they want to repo. the car. What will happen when they go to do so and I have to send them to a salvage yard and explain what happened?

 

[Ladynred]

What can they do.. tow it to ANOTHER salvage yard ??
You still owe the balance of the loan, if you don't pay it, they'll sue you.
Did you get any kind of paperwork when it went to the junk yard ?
Just call the lender and tell them the car was totalled.

Did your loan agreement require that you carry more than just liablity insurance ??

 

[jessica143]

Yes, I have the paperwork from the salvage yard, and I wasn't required to have more than liability insurance b/c the car was so old. I'm not too concerned about them sueing me b/c I know I'm going to have to file bankruptcy anyway. I was just worried that I could get into trouble for getting rid of the car.

 

[Ladynred]

You won't get into any trouble, what choice did you have.. leave it in your driveway ??