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Can your car be repossessed if the payments are up to date however the insurance has expired?

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2015-07-15 18:36:28
2015-07-15 18:36:28

it depends on the stipulations in your contract. in most cases any breach of cantract can be grounds for repo

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No. However, if it's parked on a public roadway with an expired registration, it may be impounded, however.

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Yes, your car can be repossessed by a company if you are behind on payments. However, it has to be a licensed repossess to be able to do this.

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In MOST cases, if you pay the repo fees and catch up on your payments, you can get the car back. Sometimes, however, the bank will want you to pay the entire balance.

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Actually, if you move quickly, you can still secure insurance on the vehicle. Here's what you do:You will need the vehicle registration, so if you are like the 99% of us out here who leave it in the glove box, go claim your property and get the registration.With the registration, get your insurance.renew your tagsClear it with the court.If after a couple days you do not intend to redeem the vehicle, cancel the insurance.

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Yes, your truck can be repossessed even if you are using it to earn an income, however, you can tell your creditor that you are earning money with your truck, and that if the creditor does not repossess the truck you will use that income to make payments on your loan. Of course, if you are not making payments, and spending all of your income on other things, then the creditor has no motive to let you keep the truck.


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