Does buying a repossessed vehicle raise your car insurance?

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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.
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Where can you buy repossessed cars?

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 ( Full Answer )

When your car is about to get repossessed do you still need to have car insurance on it or can you just take the vehicle off of your insurance policy?

%REPLIES%. Answer . Daleann, take the car to the lender, get a reciept for the car, then drop the ins. IF it got stolen while in your possession(before repo) your LOSS would be much greater without ins.. Answer . aS LONG AS THE CAR IS STILL IN YOUR POSSESSION, KEEP THE INSURANCE. ONCE THE CA ( Full Answer )

Can a car dealership get a repossession company and a constable to repossess your vehicle?

%DETAILS% YES, its called 'writ of replevin" and takes days, not months. If the repo-man has the proper documents he/she may take it lawfully WITHOUT POLICE PRESENT. The police usually only attend for a "Keep the Peace" call if the repo-man suspects trouble. The police are usually notified of such ( Full Answer )

How do you buy a repossessed car?

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 ( Full Answer )

Can a vehicle be repossessed for insurance lapsing?

Answer . \nI would not think so, but, your lender does require that you carry collision insurance on the car, which is the lender's collateral. It depends on what the note you signed says about this. Read it.

Can your car get repossessed for not paying your insurance?

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 ( Full Answer )

What type of insurance do you need in Wisconsin to do vehicle repossession work?

Answer . Not sure if Wisconsin requires any special type of insurance, however, most states do have a minimum required limit. Check with your state department of public safety. Also, many lenders won't use you unless you have $1,000,000.00 plus insurance, $1,000,000.00 plus professional liability ( Full Answer )

How do you buy a government-repossessed vehicle?

Answer . The government does not make auto loans, and therefore does not repossess vehicles. The IRS may seize vehicles for tax delinquencies and the police at all levels will confiscate cars used in the commission of a crime. These are often sold at auction, sometimes by sealed bid, and someti ( Full Answer )

Can you buy another car after a repossession?

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 ( Full Answer )

When your car is repossessed when do you cancel your insurance coverage?

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 ( Full Answer )

Can your car be repossessed if you don't have insurance?

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 ( Full Answer )

Can your car be repossessed if you do not maintain insurance coverage on the vehicle?

An automotive loan usually contains a clause that says the loan recipient must maintain insurance on the car for the life of the loan. Usually, this includes not only the legal minimal liability insurance, but also theft, collision and fire insurance. If you are in breach of the loan agreement, you ( Full Answer )

Does a car company have the right to repossess a leased vehicle if it is fully insured and all payments are on time and are you obligated to take it back if it is unlawfully repossessed?

Answer . if a vehicle is unlawfully repossesed, you can get the vehicle back, and claim back all monies you have paid, and keep the vehicle without any further payments being made as long as you have proof you were up to date. Answer . \nYou are never relieved of the responsibility of payin ( Full Answer )

How do you get a car back after repossession for no insurance?

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 ( Full Answer )

If you buy a car and insure it and it turns out it is a stolen vehicle should insurance pay for it?

You're screwed . This is one of the diciest situations that can happen to somebody purchasing a vehicle. Frequently, the last purchaser of the stolen vehicle is screwed. Hyper-technically speaking, you received stolen goods, which makes you a fence! But those cases are rarely prosecuted, if th ( Full Answer )

Can a car get repossess because of no insurance?

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 ( Full Answer )

Can a car be repossessed due to no insurance?

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 ( Full Answer )

Who insures vehicle after repossession?

The party that purchases the vehicle from the lender. You are done with this vehicle once it is repossessed. Here is some information you may find helpful.. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid ( Full Answer )

How can you buy a repossessed vehicle directly from the bank?

Answer . Banks often keep repossessed vehicles in their parking garages. or in an appropriate storage area a reasonable distance from the bank. Walk into the bank and ask for the person in-charge of repossessed vehicles. Once onto the right department, state that you wish to purchase a particular ( Full Answer )

Can a car be repossessed if it is the buyers only vehicle?

You bet. The lender does not care if it is your only vehicle. They want their money. When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed co ( Full Answer )

What if your car repossessed with gap insurance?

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 ( Full Answer )

What is the catch in buying repossessed cars?

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 ( Full Answer )

Where can you buy repossessed cars from?

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 ( Full Answer )

What are your rights for buying back a repossessed vehicle?

It varies by state and by the company. Go back and read through your contracts. Usually you have to do it within 30 days. Some companies will let you catch up the payments, plus a repo fee and let you have the car back. I've also seen them tell a customer that they would have to pay the car in full ( Full Answer )

You received a ticket for no proof of insurance and expired tags However the car was then repossessed by the bank So you cant obtain insurance on the vehicle to show the court How do you clear this?

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 in ( Full Answer )

Does insurance help with rental when car repossessed?

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.

Does insurance help with buying a new vehicle if your car gets totaled?

Yes, they will help, but they won't buy you a new car. Once your car is deemed totaled, the insurance company will usually pay you the value of the car before the accident minus your deductible. You can either buy back the totaled car and repair it or use the money towards a new car.

Can my vehicle be repossessed for no insurance?

It is not outside the realm of possibility; however, it would need to be a provision in the original sales contract. Since all of the US states require insurance of some sort on all vehicles, it is possible that a lender has written this in to the contract. It would protect their collateral in the e ( Full Answer )

Can you insure a vehicle you buy if you do not have your licese?

In the United States the answer is "Yes" you can buy Auto Insurance without a license. In fact you are required to be insured before you take your driving test to get your drivers license. There are many Insurance companies in the United States that will issue your Auto Insurance Policy without y ( Full Answer )

Can finance company repossess car for no insurance?

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 ( Full Answer )

Can your car be repossessed due to lack of 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 ( Full Answer )

Can a car only get repossessed for no 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 ( Full Answer )