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His wife got into a auto accident this morning and the insurance company is sending out an adjuster. The car is totaled and he has a payment due on the 21st of July. He wants to know if he should pay his monthly payment or wait to see what the finance co says? I couldn't give him advise as to I never been in a accident before.
Community Leader,
DaBears
Based on my experience I would pay it, the insurance company won't have a check to the finance company before then. Better to be safe than sorry.
Thanks. That's what I told him that it might be a while before the insurance company sends them a check.
@sccredit wrote:Based on my experience I would pay it, the insurance company won't have a check to the finance company before then. Better to be safe than sorry.
+1 - Excellent advice.
@sccredit wrote:Based on my experience I would pay it, the insurance company won't have a check to the finance company before then. Better to be safe than sorry.
Exactly. You dont want to run the risk of having a "BS" ding on your auto lending, and spend the next 7 years paying for it.
Another option if he wasnt wanting to make a payment that would only lead to the insurance company paying less for the total loss would be to call the Lender and ask/use any skip a payment options - Or use the option of just paying the interest on the payment and "move" the payment to the end. But again, you HAVE to call the lender and see if they will do that first.
IMPORTANT: Once the lender learns the car is totalled, the loan will typically be sent to the Total Loss Dept the lender has. When that happens, they generally dont do any "grace" options of payment skipping. Also, if there is going to be any negative left and GAP is going to be coming into play, you will need to start working with the total loss dept ASAP because it generally takes a while to get that check because it cannot be processed until AFTER the insurance company does its thing and cuts a check. In my case, the Car was totalled on Dec 15 and the loan wasnt cleared out with the GAP settlement until near the end of February. What Capital One`s TL dept did in my case was I paid the payment due on Jan 2 out of my pocket, and then they used the insurance check to pay the Feb 2 payment and applied the remainder to the balance. Then took the GAP check to PIF the note, and then sent me a check for $125 for what was left over
make the payment, play it safe. It will cost you more if it reports late on your credit report when she goes to finance a new car.
P A Y I T ! ! !