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No. Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by. If you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on the vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.
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∙ 17y ago
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Do you have to have insurance to repossess a vehicle in South Carolina?
No, you dont even need keys to repossess a car in South Carolina
If you repossess your car do you have to continue insurance coverage on that vehicle?
I take it you mean, if your car IS repossessed. In that case, IF you dont plan to redeem it, NO. NO car, NO insurance. Once the lender repos the car, they are responsible for the insurance coverage.
If I am financing a car and is the only person on the loan. but my brother drives it and he has full insurance on the car. so the insurance is under his name. can the finance company repossess my car?
Yes
Can a finance company repossess your car for no insurance but they knew the car had transmission and brake system problems.You got the insurance on the first like you said but still can't get it back.?
I believe all they can do is fine you for not having insurance
Will the bank repossess your car if it has been stolen and in an accident and the insurance was expired?
As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.
Can a finance company repossess your car if you have no insurance?
No, but depending on which state you live in your division of motor vehicles (or equivalent) can fine you hundreds of dollars for not having insurance.
If you are the lien holder on a car can you reposs a car if there is no insurance on it?
Whether or not a lien holder can repossess a car if there is no insurance depends on the contract, local law, or both. In this state, a verbal contract is valid. You will need to check local law.
Can a used car dealer repossess a car if they have an unsigned title to that car and that car did not leave the property?
no it can't because the used car is used
Can they repossess your new car if you have the car in your name but your fiance is the primary driver and pays for it and you drive it sometimes if he is on the insurance and has a valid license?
If the loan or lease is in default, the car can be repossessed, regardless of who has it or drives it.
Can the bank holding the lien on a car find out if you have only liability and can they repossess if they require full coverage?
Absolutely! The insurance company should be sending the lien holder a copy of your policy and if you are not providing full coverage they will either repossess the car or purchase Lender's Single Interest Insurance (very expensive policies) and add the premium to your loan.
Can your leased car be repossessed because of no insurance even if you are up to date with your payments?
If the terms of the lease include the requirement that you must provide insurance on the vehicle, and I've never seen a lease agreement that doesn't, yes, they can hold you in violation of the lease and repossess the vehicle.
What will happen if you do not have insurance on your car and the lender is about to repossess it?
If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you.
