What Happens If You Wreck A Car You're Still Paying - If you’re still paying off your auto loan or lease, your lender will probably require you to have collision insurance because it helps. If you cannot pay off the loan, your lender could sue you for the remaining balance, which can lead to wage garnishment or even bankruptcy if you. If the insurer declares your car a total loss, it will typically pay you (or your lender if you still owe money on the car) the fair market value (acv).
If you’re still paying off your auto loan or lease, your lender will probably require you to have collision insurance because it helps. If you cannot pay off the loan, your lender could sue you for the remaining balance, which can lead to wage garnishment or even bankruptcy if you. If the insurer declares your car a total loss, it will typically pay you (or your lender if you still owe money on the car) the fair market value (acv).