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Depends upon the agreement you signed and what it states. Also, different state-laws could give someone certain/extra rights. * Yes, there are no lenders who would allow a person to drive a car that has not been completely paid for without it being insured. State laws governing whether or not a vehicle must be insured to be registered and driven are a different issue than the lender requiring insurance coverage.

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โˆ™ 2006-06-24 22:53:55
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Q: Can a car dealership or bank repossess the car if insurance payments are not made?
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When can a bank repossess someone's car?

When the owner defaults on the loan payments


Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.


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 bank take a car that some else as a lien on?

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.


If a person dies can you give car back to bank?

If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.


Is it legal for a dealership to repossess a vehicle that was not financed only a bank error without letting you correct the problem?

YES


If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.


Your father died and had just bought a new vehicle what happens with this vehicle will the bank take it out of his estate?

The bank can repossess the car if payments are not made.


Can a dealership repo a car for not paying all downpayment?

A "car dealership" CAN NOT legally repossess a car for any reason unless the are operating as a financial institution (bank/ Lien holder). And they had better be license as a bank if they are. (New York).


Is it legal to repossess your work truck when you are self-employed?

Yes, if you are not making the payments the bank can repo your truck.


Can a collection agency repossess a car that a bank owns but you are making payments on to the bank?

carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?


What if you wreck a car without insurance and owe the bank payments?

Then you still owe the bank.


Can a bank repossess a car if they continue to take payments?

YESIFyou are not up to date, if you are behind on your payments they can repossess at anytime. In most loans, there's a statement about late and/or partial payments that basically says the bank can take them but isn't obligated to do so and that taking one late or partial payment does not mean that they have to continue to do so.So, if you owe $200 a month, and pay $100, the bank can accept that and still repossess the car. They do have to credit the $100 towards the loan.Also, banks are usually allowed to repossess for habitually late payments. Most of the time a bank will consider this to be more hassle than it's worth as long as you're eventually catching up, but if you're chronically making payments several weeks late, they might at some point decide "this guy is a flake, we should get out of this deal while we still stand some chance of recovering our money."


What is the journal entry for payments of insurance premium?

debit insurance premium expensecredit cash / bank


If you by a car from a used dealership and it gets repo'd do they serve papers?

When you fall behind on your payments from any place, the lienholder has a legal right to repossess the collateral, mainly the car or truck. They can be nice and warn you, or not. The only papers they may serve is the order to repossess. Most recovery agents (repo people) prefer not to tangle with a debtor and take the collateral when the debter doesn't show up. As long as they call it into the police to protect themselves and they have an order to repossess the goods from the bank, that's it.


If you have two car loans at one bank can the bank repossess both even?

Yes they can repossess everything that you got a loan for.


Can a bank repossess a car if taken to dealer for repair?

A dealer will never repossess, UNLESS they are also the financier. most dealerships sell the loan to a bank, whom you make payment to... this bank will be the "reposseser". Now, that's not to say that the bank will not notify local dealers to be on the lookout for a car they are actively chasing to repossess, but most of the time they will just come to your residence to serve the repo. I have never heard of a dealership doing so, because most banks have folks that can get your car by other means if they want it back bad enough.


Why is home owners insurance only offered annual payments for insurance?

Most homeowners insurances are paid for by the bank. People pay the bank their mortgage which includes the insurance rate in it. The bank then pays the mortgage. They like the once a year payment because it saves the bank time and money.


If you are current on your payments can the car dealership who sold you the car repo it or is the bank that is financing the vehicle the only one who can do that?

The bank/finance company. The dealer has already been paid for the vehicle


Can a bank still repossess your car if they said they would cancel it and you have made payment arrangements to get current?

If you continue to make payments as agreed, on time, you should be safe from repossession.


Will a bank repossess a car from co signer if primary goes bankrupt?

Only if the primary has said s/he will surrender the property in the bankruptcy and/or if the cosigner does not make the payments due.


When can a bank repossess someones car?

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.


When a bank repossess someones car?

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.


When can a bank repossess someone car?

when he has a credit


If a bank does not hold the title to a vehicle and no bank lien is shown on the title can the bank repossess the car if payments are behind?

This is a rerun. IF someone is making paymnst, there is a security interest somewhere. Dont be fooled by the title and the leinholder part. They have a perfected lien on it. Good try, no candy for you.