Legal Question in Insurance Law in Louisiana
paying for car that insurance paid off
was buying car from boss and had a wreck.It totaled the car and the insurance paid the car off.The car and ins. was in the bosses name He is still making me pay for car even though the insurance company totalled the car and paid him for it,Do I have to pay for this car.Thank you
1 Answer from Attorneys
Re: paying for car that insurance paid off
Logically, if the insurance paid off what you owed on the car, then you owe nothing further. The proceeds should have gone to pay the principal on the loan, and then you owe the rest "of the principal" and whatever interest is charged on that. You do not multiply the monthly payment times the number of months owed and then subtract the insurance money from that total because it probably includes unearned interest which you only owe when earned.
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