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I'm not sure what your question/situation is but... The Finance company can do what's called "forced insurance" meaning if you do not have insurance they will put insurance on the vehicle at a hefty cost to you. They can also repossess the vehicle even if you are up to date in payments but do not pay them their insurance rate.... and that money is still owed after the repo.
Yes they can repo if they catch the insurance lapse. Most financed vehicles have a Full Coverage clause that you signed and agreed to when you contracted to finance the vehicle.
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.
who ever was in possession of the unit. I assume the repo company was in possession and if they are legit, They have more than enough insurance to cover any damages.
No one has the right to enter your property to repo a vehicle. I your vehicle is out in the street, then its fair game. If you see the repo man coming but has not hooked up to your vehicle, you legally still have possession of the vehicle. Once the vehicle has made contact with the truck the vehicle belongs to him.
You give the repo man the keys to the vehicle and let him take the vehicle.
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.
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.
Yoy will need a business license, insurance, a tow truck, a SECURE storage lot, customers- and a knowledge of repo laws in your state. Can of pepper spray is optional.
If the bank made a mistake they will return the vehicle to you, the repo company is under a hold harmless and work the accounts the banks give them.
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.
Of course. If you don't meet the obligations of your finance contract they have the right to reposess the vehicle. Your main obligations are to pay the payments as agreed and keep insurance on the vehicle as agreed. Read your finance agreement. I have seen many occasions when companies have to repo a vehicle because the customer won't keep the insurance on it.
you have to first be liscenced as a reposessor in most states, you need reposessor insurance as well. not a cheap thing to get. if you were to go and repo a vehicle and the cops are called without the proper license, insurance, and the documentation from the lender including a copy of the title you aren't walking away fom it.
One car isn't where you left it and the other one is gone. He's not supposed to move another vehicle, but if no damage was done, you're not going to gain anything by sueing him. You'll be spending money for a lawyer when you're going to need it to pay the repo fees and any judgment you MIGHT win won't cover the attorney's fees.
Wayne, Personally as a Repoman, I see 4-5 orders a month to pick up a vehicle that the bank has no proof of insurance on. I believe there is something in a car buying agreement that requires you to carry the insurance.
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
Call the repo guys OR the lender.
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.
A repo worker does not normally pick up a vehicle unless he has an order from the lien holder (usually the creditor who financed the vehicle). If you own your vehicle outright with no liens against it, the repo person probably picked it up by mistake.
Yes they can, as long as it is the correct vehicle.
Yes, if the Lien Holder of the vehicle gives them permission to repo.
There is no company with the name "Repo Truck", but "repossession" of a vehicle simply means the financial lending company "takes back" the vehicle, because monthly payments on the vehicle have ceased.