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Do you have to keep your vehicle insured if it is going to be repossessed?
Wiki User
∙ 8y ago
MOst likely your contract calls for you to insure the car. For your own protection, you should contiue the ins. coverage.
Wiki User
∙ 8y ago
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Can a disabled person's vehicle be repossessed in Florida?
A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.
Should you keep insurance on a repossessed vehicle?
Only if you intend to get it back.
What can you do if lender doesn't repo vehicle when you are in default?
Keep driving it. Keep it insured. Maybe someday they will figure it out; so make sure you have an alternate means of transportation. I have a car that was "repossessed " in 2004. Still have it. Just want to get rid of it now. That is a REAL question.
Can they keep the stuff in the vehicle that was repossessed?
no,because it is your property and the car really wasnt,so you should get your stuff back.
Do you have to pay on a repossessed car if not sold?
If it has been repossessed the lender will usually stop all collection activities until the vehicle is disposed of through sale. It is unusual but the lender could decide to keep the vehicle but should they do that than they waive their right to a deficiency.
Should I keep making payments in a VW diesel car?
If you keep on missing payments on your auto loan, there is a high chance that the vehicle may be repossessed by the bank.
Can you keep a vehicle after filing chapter 7 if they have not repossessed it?
You can only keep the vehicle under two circumstances: (1) sign a reaffirmation agreement and keep making payments; or (2) redeem the vehicle by paying of the balalnce. If you fail to do either, they lender can get permission from the bankruptcy court to repossess the vehicle. In some states, such as Missouri, you may keep the vehicle if you continue to pay on it.
What would happen if you made payment arrangements for the payoff of a repossessed vehicle but could not keep them?
If you kept the repossessed vehicle, the lender could reposses it again and sell it. If this was just a contract to repay the debt, they could sue for money damages just like it was a promissory note.
Can your vehicle be repossessed after you file Chapter 7 bankruptcy?
No. But they can ask to be excluded from the bankruptcy. Usually a deal can be made with the lender to keep a vehicle. If it is covered by the exemption and the borrower lives up to the contract agreement.
Can your boyfriend add you and you still keep your own insurance policey?
He can add you as a driver on his policy, but your vehicle cannot be added since a vehicle can only be insured by one company at a time.
What do you do once your car has been repossessed?
I have a welding machine on the truck they repossessed can they keep that?
Is there a way to suspend coverage on a vehicle that will not be used for a period of time but still keep it insured and reactivate the coverage when you want to drive it?
This is a contradiction: To "keep it insured" is to keep the coverage, not to suspend it. I think you are talking about a storage waiver, which is something a lienholder would be able to discuss with you. If you have a loan on the vehicle, the lender obviously requires you to keep the vehicle insured. If you STORE the vehicle, however, the lender can or may issue a 'storage waiver', allowing you to discontinue coverage for the time the vehicle is in storage. They set the terms and you must talk to your lender first to determine the requirements of the waiver. If you do NOT have a lien on the vehicle, no outstanding loan, then you only need to carry liability coverages. If you intend not to drive it for a period of time, you can cancel the liability coverage for the time the vehicle is in storage/not being driven. For your own security, however, you should be absolutely certain no one else has access to the vehicle during that 'storage' time.
