Help: crashed financed car w/o insurance

[mylastelephant]

I currently crash my financed car from a credit union (Charlotte metro) without car insurnace due when I was in the process of actually obtaining full coverage within that mid night.

Should I cancel my insurnace and notify my credit union that the car was possibly totaled.

Or should I not inform my credit union and just pay off my loan without them knowing it was totaled and keep paying the insurance co. Because if I cancel my policy, it’s already on record with my insurance co. That I was trying to claim my vehicle and the bank will find out.

NOTE: Ask for any other information needed to answer my question. Thanks

 

[egmiller]

@mylastelephant How long ago did you purchase this vehicle?
Prior to purchasing the vehicle that is now damaged, do you have an active policy for a another vehicle?

 

[mylastelephant]

@egmiller I had it for 3 weeks and there is no other active policy on another vehicle

 

[egmiller]

@mylastelephant You should absolutely tell the lien holder, maybe there is a chance they placed force coverage insurance on the vehicle.

 

[mylastelephant]

@egmiller Lien holder so my credit union

 

[mylastelephant]

@egmiller And they did want force coverage

 

[thewordiswisdom]

@mylastelephant Generally you ahev to provide proof of insurance before a dealer will let you leave the lot. Did you purchase your vehicle privately? You also asked if you should cancel your insurance? What insurance, because you said you didn't have any?

 

[ricetree]

@mylastelephant Assuming it ends up that you indeed do not have coverage, your lien holder will likely repossess the salvaged car to sell it at auction. I would let then know right away and where the car is. Time is of essence to avoid additional fees. Whatever they recover (if anything) will be applied to your loan reducing your amount owed.