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.
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.
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?
IF you are the REGISTERED OWNWER, NO. You cant steal your own car. They can REPO it.
Usually there is a grace period for late payments; however it is not a requirement.
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.
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.
A car can be repossessed in the state of New York if payments are late or defaulted. The only way to not get a repossessed is to make your payments on time.
In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.
You need to have a lien on the vehicle and reasonable cause to repo it, whether it be late payments, risk of losing the vehicle in impound, etc.
Read your contract. One day. As long as you are in default of the contract, the lender can repo the collateral. That could include no ins. coverage.
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.