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Typically, (depending upon your state) if you wish for a vehicle to NOT be insured any longer, you would need to turn in the license plate before being able to discontinue the insurance. BUT this depends upon your state. Contact your State's Dept of Public Safety or the equivalent.
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Repossession If they are accepting payments - that will reflect negatively on them if they try to take you to court on a deficiency balance, however they hav…e the right to demand full payment of the loan at any time and take the car if you don't pay. Also - if you are just sending in partial payments that doesn't mean they are accepting them. They need to agree to the partial payments and how long it will go on. You can't stop them from repo by sending in some money every month. More input from FAQ Farmers: * Yes, I have found out that if you are in default (even if you are attempting to make payments), the bank at any time, can repo your vehicle...unless otherwise stated in your contract.
What can you do if you sold a car on payments privately and you still have the title and the buyer is hiding and not making payments?
Answer First you have to find the car, then you can repo it yourself or hire a repo company to do it. Email me if you need more help. Good Luck
If your car is going to be repossessed but you make a payment to get caught up can they still repossess the car?
Until the LENDER cancels the repo order with the repo company, you are fair game.
Answer in most states you have to have at least liability insurance. it doesn't matter who you are buying the car from. so yes you… can get insurance on a car
pay him what he spent on payment already and the rest and have an agreement when he gets it all paid for with your money that he will give it to you. Answer Advice to the wise…: Pay the money directly to the lender and get the clear title to the car. It may take a visit to the lender by both the buyer and the seller. You may also need to take out a new loan in your name.
What do you do if you can not afford to continue making the car payments on the totaled car while making payments on the new car loan?
Sell the newer car and buy something cheaper. It's a bad idea to default on a loan and screw up your credit. Sounds like you overextended yourself financially!
When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation.… These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment.
Yes as long as you pay off your loan.
You're pretty much out of luck. You'll need to find some money to have it fixed in addition to the payments.
If you payed for your car, and are the rightful owner, you make payments until until you've payed off for the car. However, by law your required to have insurance, so …that should cover some of the cost. If you are leasing, you must pay the price of the car to buy a new one, same model, same year, same custom parts.
Not enough information is given. The insurance is going to have to in the same name as the name of the owner on the loan papers. Who it is that actually MAKES the payments is …immaterial to the insuror or the lender, just so long as the insurance policy is current.
You should check with your insurance company. If you still have a policy open for the car the premium is still due. But I'm not sure why you'd have a policy if the insurance c…ompany said the car was totalled
No its perfectly legal and if you are still making payments on it, that increases values.
yes, if your insurance settlement does not satisfy the outstanding loan balance you are still responsible for the remaining balance- you might me able to work w/ them to lower… the payments if its a hardship, if you stop paying it will go to collection, then after awhile and depending on the amt outstanding they will either file a lawsuit against you- which can lead to liens on property or wage garnishment- this varies by state, or they will discharge the debt- but beware if they discharge/forgive the debt you will receive a 1099C Cancellation of Debt form, and you must claim the amount as income on your taxes
Cars can be fixed in a service station.
Yes one can, but almost all companies providing financing will require you to obtain and have insurance with specified levels of coverage immediately after purchase (if no…t before even approving the loan) if you don't already have it to protect their investment. If you do not get the insurance required within their time limit, they have the right to call the loan and demand its full repayment or repossess the car. For example the CU I financed my first car with wanted proof that I had made at least an initial payment on insurance with $250 collision and $100 comprehensive coverage before even approving the loan. So while it can be done its rarely practical to do. Its really up to the lender. Of course, your state will still require either liability insurance or posting a bond for the car to be legally driven! But thats a separate issue from financing when you don't yet have insurance.
As the cosigner on the contract, you are an equal owner of the vehicle. You cannot steal your own property. But, if you choose to simply go and pick up the vehicle, contact lo…cal law enforcement to let them know your intent and the reason so that when the party who currently has possession of the vehicle comes out to their empty driveway, LEOs know the vehicle was not stolen. You might be required to get a notice or order from your local court, possibly a writ of repossession. Contact the clerk's office of your local jurisdiction and ask; they will likely be happy to help you with this info. Your other option, if you do not want the vehicle, is to contact the finance company and discuss possible voluntary repossession. You may need to seek legal assistance to have your name removed from the contract, and be prepared to show/prove you made the payments and the other party did not.