As long as you are in default of something you agreed to in the contract, YES.
i am assuming the following: your vehicle totaled, you do not have GAP insurance and the value of your vehicle was less than your payoff...unfortunately you will still owe this balance, most lien holders will do what they call a 'transfer of collateral'' meaning they will finance (assuming you are in good standing) if you want. your replacement vehicle and put this balance on top of that note....immediately making you really upside down AGAIN ...pleeeeeeeeeeeeeease get gap insurance on this one, talk to your lien holder about it...gap insurance pays the 'gap' between the value of the vehicle and the note balance..
AnswerThe exact laws and procedures vary from state to state, but the lender's lien on the vehicle will remain in full force and effect. If the payments aren't made, the lender can repossess the vehicle. It also depends on what the will says about the vehicle. It might be given to a relative, who would have to make the payments to keep the car. It might be sold to pay off debts, but the lender would get paid first. These are just some, but not all of the possibilities. In most cases, when a person has a loan on a car and the person dies, the note is "accelerated", meaning that it automatically becomes payable in full immediately even if there are months and even years remaining before it has to be paid. The promissory note will state this in its terms. The note will have to be paid by whichever beneficiary or beneficiaries receive the car by will or by intestate succession, or, if they do not want the car, it can be sold to someone else to pay off the loan.
Not if you are on the title to the vehicle and own it. Whoever holds the loan on the vehicle can repossess the car however if you are late with payments. Contact the lender and work something out. You do not want your car repossess. Credit will be ruined for 7 years, and you will still have to pay the repo fees plus the difference in the balance on the note and what the car brings when they sell it.
You can ask anything you want to for it. Whether you can get it is another matter. California law requires you to tell them it is a salvaged title vehicle. If you do not tell them you have committed fraud and are subject to fines and jail time.Note: a legal salvage title will indicate that the vehicle is salvaged!
Yes, Almost every Auto finance note contains language that requires you to maintain "Full Coverage" Auto Insurance for the term of your finance note. It just part of the contract you agree and sign when you financed the car. This is to protect the finance company from a loss of the vehicle. Remember the finance company still owns the vehicle until you pay it off. Failure to comply with the insurance requirements of the finance note you signed constitutes a default on your loan subjecting the borrower and the vehicle to whatever remedies are at the finance companies disposal, including repossession. If you act quickly, Are not behind on your car payments, Get your full coverage insurance in place and pay the towing fees, Call the company and be nice with them and assure them that you understand your obligations with apologies for any oversight, Most finance companies will let you take the vehicle back and continue paying your note.
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