Repossession
Insurance

Can the lienholder repossess a car if it was only delevered to them to allow them to collect on the forced insurance they took out but you paid for by increased payments?

User Avatar
Wiki User
May 14, 2005 12:47AM

YES, you were in DEFAULT by NOT having your own coverage. READ

the contract. YOU agreed to maintain your OWN comp. coverage

tonprotect the collateral. You didnt. This is a common

misconception that lender placed ins. is the same as comprehensive

coverage by the debtor. Yes but that was a lousy way to do it. Did

you honestly expect the lender to let you ride around in the

collateral with NO ins.?? If you are sooo broke that you cant

afford the ins., you surely cant afford the ticket for NOT HAVING

IT. Or can you? Read the question he was already paying for the

increase!!!


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.