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Repossession
Insurance

How can they repo your car when you have insurance and have not been late on payments?


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Wiki User
2015-07-15 21:39:01
2015-07-15 21:39:01

what else are you in 'default" of in the contract?? Did the car get impounded?? Is it in possession of a 3rd party? Is it being used in criminal activity? I dont know..

There aare statements on the back of your contract called "acceleration clauses". Insurance is probably one of those items.

kayton www.learntorepo.com

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They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.

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Read your CONTRACT. You have to be in DEFAULT of the contract for the lender to repo. If you are current on payments, what else can you be in default of?? INSURANCE coverage?

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IF you are the REGISTERED OWNWER, NO. You cant steal your own car. They can REPO it.

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Usually there is a grace period for late payments; however it is not a requirement.

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No. Based upon your lending agreement, you agreed to pay the payments on time. There is NO required "Grace Period" for auto loans. They can also repo it if you don't maintain valid full coverage insurance.


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