Can you keep buying insurance for a repossessed car and drive legally?
IF you mean a car that is being searched for by the lender, YES. You sure can RISK spending the money one day for ins. and watching it be towed away the next. Its your gamble. If you just want insurance to drive any car, I once read that you can get insurance without a car. Ask an insurance agent.
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Can you get non-driving auto insurance if you are keeping your car but will not be driving it for 6 months to a year?
Yes. Some carriers sell this type of coverage more on a seasonal basis (for instance, you park your car at a summer residence, don't use it for nine months out of the year, but still need coverage). Contact your agent and/or carrier directly to find out more information. The premium for this type of… coverage should be relatively low, since the vehicle's not in use, but you'll want to be very clear with your carrier about when you'll be using the car again. If you forget, and use the car during its "off" time, you might not have coverage. ( Full Answer )
All driver of a motor vehicle on public roads must carry proof of Financial Responsibility at all times. There is no exception for a newly acquired vehicle.
Any activity that results in the recovery of the wanted vehicle is legal, provided the peace is maintained and there is a perfected lien-holder, and that lien-holder has issued a legal order for repossession. There are minor specifics for each state, and some for specific metropolitan areas. Thes…e make it difficult to give a succinct answer for such a broad question. The above is correct, but it doesn't solve your problem. If you bought it at a "buy here, pay here" lot, TALK TO the people - YOU owe the money and you owe them because they handed over THEIR PROPERTY to you BECAUSE you agreed to pay x amount of dollars on some set schedule. What they DON'T want is to be cold-shouldered by YOU, the person who has THEIR property and who is USING their property without upholding your portion of the agreement. REGARDLESS OF WHO YOU OWE TALK TO THEM, DON'T DODGE THEM. ( Full Answer )
Here is a variety of advice: . If I were you I would check out your county for repossessions to be sold they generally sale for 2/3 of the loan value. . I would NOT buy a car that has been repoed. Simple logic tells me that the driver was NOT doing ANY repairs or even oil changes, before it got …pulled away. In my years of experience doing vehicle repos, (yes I do know what I am talking about here) the number of outright clunkers was higher than 75 percent. . Junk on wheels is what we used to call them. Run to death and barely able to be driven. Buyer beware is what I say . . What if my truck worth 15k is repoed because I quit paying on the 20k loan. Then I buy it at auction because I know I took care of it? Heck, I could even dirty it up inside a little first so it will auction for less. . It won't work. If it was repo'd by a buy-here-pay-here lot, they'll put it back on the lot and certainly aren't going to deal with you. If it was taken by a bank or manufacturer's finance company, it is going to a wholesale auction where you need a dealer's license to bid. Some smaller credit unions or finance companies will sell their repo's in their parking lot, but that's just like the BHPH place - they aren't going to talk to you. Besides, you STILL OWE the difference between the loan (plus repo fees) and what it brings. It's cheaper to make your payments. . It's fine to buy a repo car if you take someone with you who knows a bit about cars. Where repo cars are sold is different from place to place. Try Googling your city and car auctions or else looking up auctions in the phone book. . Call your local Credit Unions and ask them if they have any vehicles for sale. Most of them do these days. These are high quality cars for good prices and you are buying from a reliable source. Credit Unions will also give you good financing terms to get the cars off of their books. You could search online or just open the phone book and start calling. ( Full Answer )
IF you plan on getting it back, dont drop it. If you're NOT getting it back, drop ASAP. The lender has coverage. Good answer. If you can't afford to get the car back, drop the insurance. You should not have coverage on the vehicle that is not longer in your possession. Let the lender assume the res…ponsibility. Why pay for something you don't have anymore? ( Full Answer )
Answer . If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you..
What happens if someone keeps driving a car when the lease is up and it was already in repossession?
%DETAILS% Cindy Lynn, what is a "normal" repo? Whats "normal" about someone wanting to drive a car and NOT pay for it? Can a warrant be placed? In a few states, yes. You should check out your definition of "NORMAL". I think yours must include "gambler", "wishful thinker" or other terms. Good Luck C…indy, why would you even think of keeping the car when it's not yours. This could cost you a lot more money if they go legal or have to add additional fees to locate you. You are repsonsible for all fees the finance company may incur. Better you call and tell them where to pick it up. ( Full Answer )
MOst likely your contract calls for you to insure the car. For your own protection, you should contiue the ins. coverage.
If you are trying to buy a specific car, you can contact the bankor whoever holds the lien on the vehicle for more information. Youmay also start online with a free directory search for banks andother financial institutions who are selling repossessed cars. There are also other alternatives. You ca…n go to either offline oronline public auctions. Even though these auctions are attended bya high number of car dealers, you can still find very good deals,particularly since you're buying for yourself ( not to resellafterwards ). Besides public auctions, you might also consider government carauctions. They're repossessed auctions where a government contractwas involved in the original purchase. They're pretty safeenvironments and you can save up to 90% or more by attending theright auction. Just find as many as you can in your area ( so thatyou increase your chances of finding one with few other bidders )and familiarize yourself with the local rules and codes. Beforebidding, always have the vehicle inspected by a mechanic and get avehic ( Full Answer )
Can you buy insurance if you do not own a car but drive a car which belongs to someone else who is not insured?
Answer . The vehicle is insured not the individual. You can pay for and obtain the insurance in the name of the owner with you listed as an insured operator.
Answer . IF your loan contract specifies that you must maintain insurance covering the vehicle, the answer is YES.. Answer . Just an echo of the previous answer, most major lenders require that the vehicle maintain full coverage insurance. It states in your finance agreement that the vehicle …must remain insured or it can be repossessed. ( Full Answer )
If you are an insured driver and you drive someone elses car that is not insured are you legally insured while driving that car?
Let's refine the question a bit: if you are an "insured driver", by that term I mean someone who is named in an auto insurance policy as insured. Under that condition, you are insured even if the vehicle you are driving is not covered by a policy. An exception (we lawyers love exceptions) is if th…e vehicle is "regularly available for your use." Let's say I have two cars for my spouse and I, but also my old bachlor car that I just want to keep around as something to use if we have a breakdown in one of the other cars. I cannot fail to list that car with my insurer, and then drive it (even if only once a year--since it was "regularly available" for my use) and expect my policy to cover me. Ain't gonna happen. Same thing for any car that you can drive and in fact do use occassionally. On the other hand, if I went over to my friend's house in Eastern Washington and he asked me to go fetch (that is farming country, son) something from the store, using his uninsured car, I would be covered by my insurance policy for liability, personal injury protection, underinsured motorist coverage, etc. . In the UK - it would depend on what type of motor insurance you have. If the policy is comprehensive car insurance - typically you will find that you are insured to drive another car so long as that car has a valid MOT. This is the general rule - but you should check the small print on your motor policy to see what it includes and call your motor insurer to check if you are covered. See the link entitled "accident car insurance" for a description of the different types of car insurance in the UK. ( Full Answer )
Answer . \nYes, you can. My father did this. The thing is, you get a really high interest rate. You could try to have someone co-sign to get the interest rate down a little.. Answer . Yes but why would you want too??save your money and buy a used car outright.Then\nthere are no car payment…s or paying full coverage insurance.Think of the money\nyou will save. ( Full Answer )
The same day that you determine you aren't getting it back. It would be wise to wait until then because if the bank repo'd it to kinda just remind you that being 3 payments behind isn't a good thing, you might get it back and then you don't have to go through the whole insurance application process …again. Answer Yeah for sure do not cancel anything until it is no longer in your name either. I'd wait until the title transfer is complete as well. Answer You should cancel your insurance the moment your car is repossessed.The moment the car is hooked up(as the above two repo morons will tell you)it is no longer your car.So if you would like to cover someone elses vehicle with your insurance you go right ahead but you are wasting your money and your insurance coverage.Dishonest repo guys(like the above two scumbags) want you to keep the insurance on the vehicle so if they damage the car or steal stuff from it it will go on your insurance. ANSWER Amendment: Never cancel an insurance policy until you have a new policy in place. If you do it will cost you more in the long run. Insurance companies are looking for loyalty and longevity without lapse in coverage. Sometimes you can possibly suspend, cancel or reduce coverage but never cancel it. The moment the vehicle is repossessed does not release you from the contract agreement. Read it. In most cases until the vehicle is transferred out of your name via the title of ownership, you must maintain physical damage coverage or they can force place it and take the premium out of the proceeds. Reduce to minimum but don't cancel it. ( Full Answer )
Insurance is there to protect you while you drive. Your loanfrom the bank lets you keep the car. Although, most banks requireyou to have insurance before lending you money in the firstplace. . If you wanted to know whether your car can be taken away just fornot having insurance, then no it can't. J…ust pay the bills and itis yours. You just can't drive without insurance. Answer . Yes. Part of the security agreement you signed when the bankgave you a loan says that you will keep liability, collision, andcomprehensive insurance on the collateral. This is to protect theBANK's interest as well as your own financial protection. If youare in an accident, they want the collateral to be repaired or paidfor and do not want to be sued for the other driver's injuries. Ifyour insurance is terminated, the insurance company will notify thelienholder and they will repossess the car. Repossessed. Yes. If the loan requires that the car be insured(almost always to protect the banks investment) it can berepossessed for no coverage. Repossession does not take yourresponsibility away from the loan on the vehicle. You are chargedfor fees such as towing, the auction sale loss (what you owe on thecar after it is auctioned) They are never sent back to the dealerand resold. They are used cars and must be auctioned. The average"left over" on a repossessed vehicle (1-3 years old) is about $6000that you are still responsible to pay. ++++++++++++++++++++++++++++++++++++++++++++++++++ Although they CAN repossess your automobile, usually they don't -they don't want the hassle of repoing the car, selling it, andpaying all the service fees, then having to try to collect theirmoney from you. What I have noticed repeatedly is that if you don't have insuranceon the automobile, the bank/credit union/finance company will takeout insurance for you. If you read the fine print on the loanagreement, there usually is a clause in there that allows them todo this. When they do, the insurance is usually the state minimum requiredliability and UIM insurance, and maximum comp/collision - they wantto protect their investment. The premiums for the insurance coverage are tacked onto the loan -either the payments increase, or the term of the loan is extendedto cover the insurance payments. Considering that there are so many cut-rate insurance companies outthere, you don't want the loan holder to obtain insurance for you,unless you have NO other options. ( Full Answer )
Answer . Since you have violated the terms of the loan, there is no obligation for the lending institution to reinstate the loan. So you can pay off the loan in full but if they don't want to sell you the vehicle, they don't have to. It's theirs now. They get to dispose of it as they feel appropr…iate.. However, if it was for no insurance they will most likely reinstate the loan. Just call them and be very nice and let them know that they sent the bill to the wrong address or something. I have just recently gotten my car back after it was repoed for no insurance. It will suck for you though, they take your personal items and re-sell them to you. What a steal. ( Full Answer )
Answer . \nNo.\nMost (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by.\nIf you fail to do this the lender can, and in most cases, will put this Ins. on the vehicle and you will be charged. The charge for Ins. placed on th…e vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle. ( Full Answer )
Car Repossession . Well, there's not much to it. The car loan company has already decided to write your loan off, so one day a tow truck will appear in the driveway to take the car away. It will then go to an auction and the loan company will get what they can for it.. You are all done with this… loan, but you might get a courtesy letter from the loan company telling you what the car sold for at auction. DO NOT think that this is a demand for the balance between what you owed and the auction price. IT ISN'T. SO DON'T PAY ON IT, just throw it in the garbage. I don't know why they send them, because you certainly don't care, so I assume it's some kind of legal requirement on their part.. Don't assume that this means the end of your ability to get a car loan either. You will just have to pay a higher interest rate, because your credit rating will have taken a hit, but if you really need to get another car on credit I'm sure you will. Maybe try a Buy Here, Pay Here kind of joint, or even try and get a car you could pay cash for. Plenty of 500 dollar cars for sale on Ebay on in the local automart papers.. It's not the end of the world, unless of course now you have no car you can't get to work or something. I mean it's not the end of the credit world for you. ( Full Answer )
Answer . If the car is leased or has a lien on it (meaning you have a loan out on it) it CAN be repossessed for letting the insurance lapse on it. Cars that have liens on them are required to carry full coverage insurance on them by the bank. This is because until you pay off the loan the bank t…echnically owns your car, and they want to protect their investment. If you are unsure if you have a lien on the car, take a look at the title. If there is a lien, it will show on there.. If you are thinking, "How will they know?" here is the answer to that. When your insurance coverage lapses (runs out/expires) and is not renewed, the ins. company notifies the DMV of your state. Under most state laws, you are the given an average of 14 days to resume insurance coverage or are required to surrender you license plate(s). If the 14 day average passes and you have not done either, the bank that has the lien on your car is notified (because the sate DMV has those records). The bak will then attempt to call you and rectify the situation. If they are unsuccessful, they have the car repossessed. ( Full Answer )
In NC is it legal for my child to drive uninsured when he has his license if I am in the car with him and have insurance on the car?
Answer . Insurance is issued on the vehicle, not the driver. If your child, properly licensed, is driving with you in the front passenger seat, the vehicle and its passengers are covered..
Can they repossess your new car if you have the car in your name but your fiance is the primary driver and pays for it and you drive it sometimes if he is on the insurance and has a valid license?
Answer . If the loan or lease is in default, the car can be repossessed, regardless of who has it or drives it.
Answer . It depends on our father's insurance. My children may drive my car because my insurance covers anyone I give permission to drive my car (they have have a valid license). However, my ex-wife's policy does not allow it - by not having this option she actually lowers her premium. This can v…ary from state to state and insurance policy to insurance policy. Have your father call his agent and get the correct answer for his policy. He may have to make an adjustment to his policy to allow you to drive his car. ( Full Answer )
My son owns a car that is not insured. can I purchace liability insurance for that car and drive it legal?
In most states insuring a family members vehicle is acceptable. Ifit is not in your state then the vehicle can be insured in the sonsname with you as an additional driver.
That depends, because there are many different insurance coverages. You'll need to check your own car insurance policy and see if it covers you AND any car that you are driving. If you can't find that information anywhere in the policy then check with your insurance broker and ask.. Sorry, but with…out actually reading YOUR policy that's the best answer I can give. ( Full Answer )
Is the car insured or is the driver insured My sister has a license and is driving my insured car but her name is not on my policy. Can she legally drive my car if I give her permission?
no she has to be on your policy , or if you are full comperhensive and she hold an insureance policy . then you can give her permisson to drive your car under 3rd party only
The gap insurance is part of your auto loan so I am not sure what your question is. Gap insurance covers your car if you total it and the fair market value for your car is below what you owe. If your car gets reposessed, you still owe the lender. Actually, the cost of the gap insurance is rolled in…to the loan - it's not part of the loan. If you can find your original paperwork from when you bought your car, find the information on the company that issued the gap insurance policy, and then call them and tell them you no longer own the car, and see if you can get a partial refund on the premium! Can't hurt to try, right? I do vehicle refinances, and our auto loan contract includes the gap insurance (although we call it something else) for free, so I have helped several people cancel their gap coverage, although we usually do it pretty early in the loan. Same with credit disability insurance, if you have it. ( Full Answer )
The biggest turn-off when buying Repossessed Car: As you already know, Repossessed Car Auction is a great way to buy your new car or other types of vehicle (boat repo auction, RV repo auction, ...); however, it seems almost too good to be true, because the price is very low. The catch lies in the… fact that Repossessed Cars were taken from their previous owners by the government, so they are basically used cars. Therefore, you must take all the steps necessary to find out about the history or the damages of the repossessed car yourself. Why you should still go for Repossessed Car: The easiest answer is: because it is very cheap. Normally, you can find one at as low as $200. Furthermore, even though repossessed cars have been used, they were taken away because their owners couldn't pay the bills, not because they were damaged or got into accidents. Thus, most of the times you will find very good repossessed cars that are perfectly normal and usable. Still, remember to check its history and VIN number! Also, remember to visit websites like www.vehicleshq.com to prepare your knowledge before going to a real repossessed car auction. ( Full Answer )
No - but you may have a short period in which an additional or replacement car may be covered under your existing policy. Check with your agent.
Repossessed cars can be purchased directly from Banks and Credit Unions. Many larger Banks and Credit Unions will simply send the vehicles off to "dealer only" auctions, but most of the smaller Banks and Credit Unions will offer these vehicles for sale on their websites to the general public. If you… view the "related links" section on this page there is a website which is a free repo finder tool that lists direct links to Credit Union repossession across America. You can browse local repossessions in your area and then contact the individual Banks and Credit Unions about purchasing the vehicles. ( Full Answer )
It is legal to reposes a vehicle under most conditions. Why would you even think that a repossession would not be legal? Pay the bill - and if you can't timely pay the bill talk to the people you owe; they didn't give you that vehicle for free. It is legal to repossess a vehicle. I have been i…nvolved in financing for several years and know most if not all the laws involving repossessing in the state of California. For instance, this might be a federal, not a statute, that a BUY HERE PAY HERE Dealership is able to repossess your vehicle without the need to have a repossessing company. The only thing about that is, that we may do it if the collateral is parked outside of the property and that we have a duplicate set of keys. It's against the law to force our way inside said property and cause property damage to recover the vehicle. We may, in fact with your or any other tenants permission. There is NO grace period in which we can take the action to recover the collateral. We may, if we choose; to recover the vehicle the day after the breach of contract. California also permits to repossess a vehicle if you do not have any insurance. It is against the statute to drive without insurance to begin with. So these are 2 of the reasons why we may take such action. If you have any other questions, just contact your Department of Consumer Affairs and they will explain your rights as a consumer. ( Full Answer )
No, in Pennsylvania it is required by state law that you maintain a minimum bodily injury liability limit of $15,000 per person, $30,000 per accident, and $5,000 property damage limit.
No. The only way you could possibly be covered under your own insurance is if you purchase the car and have a bill of sale in your name and your State has provisions for newly acquired vehicles. You would also have to be driving the vehicle with a copy of your registration and your license plate. Al…ways check with your insurer first to make sure they will extend coverage ( Full Answer )
no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.
I've never heard of an insurance policy that covers repossession. Remember, the car doesn't actually belong to you -- it was repossessed because you failed to honor the contract of repayment of the loan to buy it.
I would keep it in the garage but as long as you don't drive it you should be fine.
In this state buying a repossessed vehicle is no different from buying any other vehicle as far as insurance is concerned. The insurance agent checks over the car, takes pictures, checks the odometer, and quotes the rate just like any other used car. Of course if you have one car and you purchase a …second car, your insurance goes up. ( Full Answer )
It is illegal to drive a car that is not insured for at least third party cover (i.e. if you hit someone then they - but not you - will get paid out). Therefore if the car is not covered on an insurance policy that YOU have then to drive it you would need to be covered on someone else's insurance. S…ome people hold insurance policies that allow anyone (with permission from the owner) with a valid license to drive the car and in this case you would b covered on this policy - many company cars have this sort of policy. It is you DUTY to make sure that you/the car has as covering policy before you drive it and that you can PRODUCE this policy for the police should they require you to do so. ( Full Answer )
No. Just know that you may stop somewhere to go shopping and find that you are walking home. Also, you should know that if you were to surrender it, there would be less in repo fees and you are more likely to keep any personal belongings that are in your vehicle.
If insurance is required by your contract then the 'wrong' insurance might be a contract violation allowing repossession. You have to read your contract.
There are exceptions! If you are traveling, this is allowed within most adjoining states and countries. A good example exception is Mexico and USA If you are operating a commercial vehicle the rules can and are different. Each commercial vehicle is insured to be operated in certain places only. L…iving in another state: Living in another state will only be allowed if the insurance company knows. ( Full Answer )
Lien holders filed a claim on my insurance after they repossessed my car- They told the insurance company that I was in an accident- The truth is I never was. Is this legal?
What they (probably) told your insurance company is that there was damage to the vehicle when they repossessed it. You should get in touch with the company or your agent and find out how extensive and what kind of damage the lienholder reported. You see, the lienholder might have reported damage you… decided you could live with, something you were not aware of, or even something which happened subsequent to them repossessing the vehicle. Find out what the damage is, first...then work on putting together a defense. If it is nothing more than a cracked windshield, it should not effect your future premiums. ( Full Answer )
Although most driving schools provide additional insurance for their instructors, you can find car insurance for instruction at most places where you would buy car insurance. Look into GEICO, Prudential and Esurance for more details.
Absolutely. The finance agreement that you sign when you purchase a vehicle states that you agree to carry full coverage on the vehicle and to list them as the leinholder. By them being listed as leinholder they get notified of any cancellations, late notices, and renewals on the policy. It also giv…es them some special rights such as a 20 day notice before cancellation instead of 10 days. You pay for the extra 10 days notice. The finance agreement also states the maximum deductible that you can have on the policy. Remember that the finance agreement is a legal contract. if you break any part of the legal contract they have the right to repossess the collateral (the vehicle). The agreement also states that you are responsible for a repossession fee in order to get the car back. There is probably storage fees involved as well. ( Full Answer )
It depends on your local law, but generally speaking you get a temporary registration from the dealer. You will probably have to show proof of insurance to get your permanent registration. If you already have insurance, usually your new car will be automatically be covered for some short period of t…ime under your existing policy, provided you notify your insurance company first. ( Full Answer )
If the car you are driving is insured then you are not driving without insurance.
No, but it can be impounded by the police. Lack of insurance is a crime, generally a misdemeanor, but if the degree is severe enough the police can impound it as evidence in a criminal case. To get your car back, you would need to provide proof of insurance, a valid driver's license for the owner of… the car and the insurance, and pay the fine for the crime as well as the storage fees for the car while it was in the impound lot. Repossession is done when you have failed to pay on the car loan. In essence, a car loan is a secured loan - if you don't pay the money, the loaning institution can take the car and sell it to pay off the loan. ( Full Answer )
Not in the UK it's not ! If you knowingly drive a car withoutinsurance - you're committing an offence - punishable by a fine& points on your licence. The vehicle's owner could also be introuble for 'aiding and abetting' a criminal offence.
What is the legal if drives your friend car in that car is not insured and you get a ticket for driving without insurance?
If there is no insurance on the vehicle and you get a ticket for driving without insurance you are guilty of the offense and will have to pay your fine. Even though the vehicle belongs to someone else it is the responsibility of the driver to make sure there is valid auto insurance on the vehicle be…fore driving it. ( Full Answer )
Of course not! It wasn't stolen or wrecked, it was takenfrom you for failure to pay on the loan! Be sure to cancel the insurance.
Absolutely. When you purchase and finance a vehicle you sign a legally binding contract. Perhaps you should read what you sign. The contract states that you agree to carry insurance that includes comprehensive and collision with a maximum deductible of usually $500. If you let your insurance cancel …then you have broken the contract and therefore the finance company can reposses the vehicle. ( Full Answer )