Of course. If you don't meet the obligations of your finance contract they have the right to reposess the vehicle. Your main obligations are to pay the payments as agreed and keep insurance on the vehicle as agreed. Read your finance agreement. I have seen many occasions when companies have to repo a vehicle because the customer won't keep the insurance on it.
Not usually. Most companies will add coverage for the insurance which is usually higher than you will pay at most companies. This is called forced place insurance.
YES
depending on the state you live in you COULD get insurance without owning a CAR. Ask your insurance professional about it.
UH..NO!
Even if you buy a car without insurance,it is advisable to arrange insurance immediately before plying on the road. Also, the Registering Authority won't allow the registration of the car without valid car insurance.
Oh, but there is consent. When you signed for that car loan, or you agreed to let a lien be on that car, you consented.
No. Remember that insurance follows a vehicle first, operator second. So, without having a car to insure, no rate can even be detected to begin with.
Yes
Yes, you just can't drive the car.
it is not illegal for a driver with only a permit to drive his parent's car without having his name added to the insurance.
I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player). I would avoid purchasing a reposessed car because in some cases, cars that are reposessed are trashed. I had a friend who looked at a car that was a repossession and there were things missing from the car (radio with CD player).
Yes