Auto Loan refinancing?
Hello.
I was in a car accident about 4 months ago and the car was unfortunately totaled.
My insurance company has already made a payment to my current lender.
However, there is a remaining balance on my existing car loan.
So, I was wondering if I could refinance my auto loan with the remaining balance being placed on the back end of a new loan for a replacement vehicle?
Thank you for your time.
Bashiru Balogun (aka “Bash”)
Graduate Student
University of Maryland Eastern Shore
No. Your debt is now unsecured debt.
No lender on the planet would allow you to transfer unsecured debt into a secured loan.
GAP insurance would have covered the remaining balance, if you would have purchased it.
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