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If your loan agreement requires you to carry ins (most do) and you drop it, then you will be in default of the contract. You better make SURE the payments get to the lender PROMPTLY so they dont take a second look at your record when the ins. co. tells them you dropped the ins.

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โˆ™ 2015-07-15 18:35:49
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Q: Can you stop paying car insurance on a car with blown motor and continue to pay off loan to avoid voluntary repossession in New York?
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Related questions

If you call in a voluntary repossession do you have to keep paying on the car until its picked up?

If it drives, take it to the finance company and hand them the keys.


Do you have to continue paying your insurance if your car is stolen?

No, as long as you have let your insurance company know they car is stolen.


Steps to cancel voluntary child support in state of Louisiana?

Often, if you begin paying, you have to continue paying, even if you're not the father. See related link


Is an employer required to continue paying health insurance benefits if an employee is short term disabled in New York?

No. They are required to continue to offer coverage, but they are not required to continue paying for it. You would be responsible for the full premiums.


If you sell your car should you continue paying insurance until you get another car?

no


Do you still have health insurance coverage when unemployed?

Assuming you had health insurance when you were employed, you may continue that insurance through the COBRA program by paying the applicable premium. Those premiums will be much larger than the ones you were paying while you were employed.


When paying for Anthem health insurance through your job how do you cancel it when you are are putting your notice to quit in?

If a person is paying for Anthem Heath Insurance throug their job and they are quitting, the compaby will cancel the insurance. A person will also recieve a letter in the mail, which will ask if they want to continue paying full price for their coverage.


If your car was stolen and totaled can the bank list it as a repossession and make you continue to pay insurance on it?

IF the car was stolen, reported as stolen to the cops, the ins. should be paying the loan off. IF the ins. co. does not think the car is stolen, they wont pay and its as if the car was NOT stolen. So, you have to pay notes and insurance on the collateral. Bottom line??? HELP the ins. prove it was stolen and the problem will go away. MERRY CHRISTMAS.


What causes a car repossession?

not paying your monthly bill on it


How do you stop paying the IRS?

Try being dead. I'm not kidding. If you just stop paying them (assuming you don't have an employer that automatically takes out your taxes) you can look forward to a lifetime of harassment, repossession of your house, a lien against your wages, all kinds of fun stuff. You might have heard that paying taxes is voluntary, and in the most technically legal sense it is, but that doesn't mean you can't get away without paying it one way or another.


How big of a market is there in automobile repossession?

There is a huge market for this because alot of people buy cars that they can not afford. Or they buy the car and due to certain curcumstances they are unable to pay for the car, but they continue to drive it without paying for it.


If you voluntary turn back in a financed auto and the auto has been in an accident and you had no insurance coverage what are you libel for?

You are liable for everything. Fixing the car, paying for the car (the balance of the contract) and repo fees.


Can you be arrested for not paying the deficiency owed after car repossession if you have a co-signer?

NO


How long does a repossession remain on a credit report?

7 years if there is no "new action" on the particular account. "New action" means if you were to start paying on it or if the financier were to get a Court judgment on the loan. By the way.......A voluntary repossession (turning in the car before it go to collections) is the SAME as a regular repo. It will be listed on your credit in the same manner unless tou have negotiated a new termination clause wiyh the lender.


Is it the same thing as repossession if you call the loan company to pick up the vehicle since you can no longer pay for it?

It will show as a VOLUNTARY repo but still a repo. It will indicate to other lenders that you know when you are over extender and that you DO NOT attempt to use their collateral without paying for it. It IS a good idea to do so.


If you have gap insurance will the left over amount owed on a care in repossession be paid off?

Gap insurance is for in case of an accident your car is totaled.Gap takes care of the difference between blue book and the balance of your loan, so you end up even and not paying a loan payment on something you no longer have.


Will your be son be responsible for the mortgage on the property left to him in your will?

Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.Yes, unless you arrange for insurance to pay the mortgage in the event of your death. Your son would inherit the property subject to the mortgage. He would need to continue paying the mortgage or the bank will take possession of the property by foreclosure.


How long does car ins have to pay a claim on burned vehicle?

The insurance company will run an investigation as to its cause, particularly since they do not want to pay for a vehicle that someone has burned the car to fraudulently avoid paying for the car or who is in the midst of repossession.


Can anything be claimed after paying supplemental life insurance for nine years and and you've just been made unemployed?

If the life insurance was provided through an employer group policy, the coverage usually terminates when your employment is terminated. Some insurance policies through employer groups could include a portability feature, meaning that you can continue the coverage by paying (sometimes a higher) premium, directly to the insurance company, not to your former employer.


What are some tips for finding the best deals on mortgage insurance?

You really cant shop around for private morgatge insurance, PMI. Depending on your lender they will include the PMI in your monthly payment. it is just an insurance that will insure you will continue paying you morgatge because you do not have a lot invested in it.


How late can a vehicle payment be in Virginia before repossession?

I am a repossession agent in Virginia it takes 2-3 months of not paying before the repossession status occurs.AnswerI am a repossession agent in Virginia it takes 1 missed payment then repossession status occurs.


How does one get a repossession off their credit report if they were not responsible for the repossession?

One will have to prove to the CB that one wasnt responsible. It will likely involve paying an attorney. Good Luck.


Should I continue paying car insurance if the car is totaled and have it removed from my policy?

If you plan on continuing the coverage on your new car then the answer is yes. If you don't get a new car then STOP!


Is paying income tax a forced process or voluntary?

Income tax is not a voluntary process in any way. Paying tax levied by the government is definitely compulsory. Many people have been jailed for not paying income taxes and this would not have been possible if it was voluntary. There have also been many court cases that have resolved anyone who has tried this type of approach to income taxes.


Can you get your vehicle back after repossession?

The first step is to contact your lender. They will have those answers. It usually involves making up past payments, and paying the repossession fee, and perhaps storage.