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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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Can your car be repo if you have no insurance?
The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.
If your car has been repossessed do you have to keep car insurance on it?
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.
Can you repo an auto in Mississippi for no insurance?
Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.
Will your insurance go up if you voluntarily give up your car?
If you give up your car, cancel your insurance, as you don't need insurance if you don't own a car. If you are talking about a voluntary repossession, the answer, is possibly, on another car. A repo is a repo, no matter if it is voluntary or not. Your credit will be damaged for 7 years, and this may effect you insurance rates. Don't do it or let it happen. Contact the lender and work something out if possible.
If your insurance is up to date what is the soonest the car can be repo in the state of nc?
Insurance has nothing to do with it. Read the contract you signed when you took out the loan.
If a car is parked in the garage can the repo guy take it for no home insurance?
A repo guy is likely to say anything to get your car. If he's looking for it, you owe the money and he gets to take the car. Hiding it in the garage will keep him at bay for only a short time. Whether or not you have homeowner's insurance does not factor into the equation.
Does a lender have insurance to help write a car off when they can't find it to repo it?
They might. The liability of the person who has hid the car will be the same.
What can I do- I live in GA. Contract for my roommate to buy my used car was made. Title and insurance is in my name-with roommate added as a driver. roommate has moved-not paying-what can i do?
If the contract is legal and binding then repo the car. You can hire a repo company.
Can a loan company in California have your car repossessed if you haven't been able to carry car insurance?
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
Is there any way to get a repossessed car back without paying the car insurance?
Not Unless you can prove that you already had the required insurance.AnswerNo. as soon as you have no insurance on a leased vehicle, the lein holder has the legal right to repo it.
Can reposession company file a claim with your car insurance company to fix preexisting damage?
If your lien holder repo's your vehicle, they can file a claim against your insurance for damage to the vehicle. The repo company itself would have no claim, because it's not their vehicle.
Will able to purchase a car after a repo?
Will i be able to purchase another car later on if my car is repo
