Bank instalments for total loss car

of course you have to pay the bank.. upon receiving money from the insurance claim, with that money you will pay the bank.

Hello Girish,

In majority of the cases, after a major accident causing total loss, one stops making paying the installments to the bank. The insurance company settles the issue with the owner of the car ( which is the bank in this case). Now the bank and insurance company are liable to provide you the replacement car. You will be asked to pay the difference in case the new car is more expensive ( which is mostly the case) and the depreciation.

Please remember, leasing a car by definition means that the bank remains the owner of the ASSET and the LESSEE ( you, the customer) pays the Rental for using the vehicle, therefore there is no question of paying installments after the accident.

I suggest you speak to a lawyer before it is too late.