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Financed car – accident.

I am a student : mason apprentice.
I have a full time job, but for 2-3 mths of the year i`m in school training.(in the fall)
I had an accident with my car. I was not insured for all perils, therefore my car will cost 15,000 to get it fixed. The car was financed for another 5 years for a total of 21,840. I do not have the money to get it fixed and I need a car to get to work. I had to borrow money from my parents to buy another cheap vehicle to keep working. I am stilll making the payments on the damaged car. I have paid 2 years on that car for a total of $8,736 and like i said i still have payments for another 5 years. My problem is trying to save money for school and trying to pay those car loans and was just layed off for a few weeks. I need advice. Thank you.

Posted from: Alberta

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One Response to “Financed car – accident.”

A licensed trustee said...

You ned to review your original loan document for the car – I am willing to bet it states that you MUST maintain proper insurance on the vehicle. If it says that and yuo didn’t then the lender may have recourse against you in the Courts (even if you file for bankruptcy).

Take a copy of the loan documents to a lawyer or a trustee so they can have a look and give you specific advice.