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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.

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โˆ™ 2015-07-15 19:47:22
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Q: If the car insurance is cancelled on the loaned vehicle can the bank repo the car when all payments have been on time?
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Related Questions

Can your car be repossed if you miss several insurance payments?

YES. The bank or lender, who owns the vehicle ( You don't own it until ALL the payments have been made ) are within their rights to take it back as you are not insured if you don't PAY for the insurance. You are risking THEIR property, the car, by not having insurance coverage on it continually. Remember, you DON"T own it until ALL the payments have been made in full. Until then the company that LOANED you the money to buy it , OWNS IT.

Does your liability auto insurance cover you in a loaned vehicle?

No. Liability insurance follows the vehicle so the person who owns the vehicle you are borrowing needs to make sure that they have insurance and also needs to add you as a driver on his or her policy. You also need to make sure that this is done because if you drive the vehicle and get stopped you will get the ticket for driving without insurance. If you have an accident and are not added as a driver his or her insurance company may deny the coverage for material misrepresentation and guess who will be sued by the person you hit? Both of you will be sued and both will be responsible. Insurance companies to do not like vehicles to be loaned to unknown drivers.

Can a car dealer take your car back?

If the dealer holds the lien and is the one that loaned you the money to purchase the vehicle he can repossess the vehicle if you fail to make your payments on time. Otherwise the selling dealer has no claim on the vehicle whatsoever.

In TEXAS can an uninsured licensed driver drive another's insured vehicle without penalty?

It depends on the insurance company. Some insurance companies will cover the vehicle when it is loaned to someone else. Many have restrictions that they will only cover someone of a certain age or older.

Who has to have insurance on the car the cosigner or the buyer?

You insure a vehicle. The buyer. The only thing the cosigner is responsible for is paying the bank back the money it loaned if the buyer doesn't. The principal driver of the vehicle who should also be the buyer.

Who is the lien holder of your car?

The lender who loaned you the money to purchase the car and to whom you make the payments.

Are loaned vehicle owners liable for vehicles busted in drug busts?


Can you get car insurance on yourself if you do not own a car?

You can obtain liability insurance if you do not own a car. It is often called "non-owners coverage" and will generally provide protection regardless of the car you are driving. However, you must have an insurable interest in the vehicle in order to get physical damage coverage. An insurable interest is a "stake" in the continued existence of the vehicle. Therefore, if you are a co-owner of the vehicle, loaned money on it, or otherwise have a financial interest in it, you have an insurable interest sufficient to support an insurance transaction.

Can a car get repossess because of no insurance?

No. Most (99.9%) of the lenders require you to maintain Comp.& collision Ins. on the vehicle the money was loaned for and secured by. If 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 the vehicle by the lender will be quite high, and it is then added to your payment. If you get your own Ins., the lender will cancel the ins. they placed on the vehicle.

Who initiates a foreclosure?

The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.The bank that loaned the money initiates the foreclosure when the debtor fails to make the payments. Generally, the bank is represented by a law firm that specializes in foreclosure and the law firm begins the procedure.

Is the owner of a vehicle liable when it is loaned to someone who gets drug busted during a search at school?


Will insurance cover my car damage if I loaned my car to an unlicensed and uninsured driver?

My insurance canceled uninsured person hits someone in rear what happens to me

What happens to a car loan if owner becomes disabled and cant drive it or make the payments?

Whether a car is drivable by the owner or anyone else is typically irrelevant to the company that loaned the owner the money to purchase the car. Once payments stop coming in, the company will often make one or two attempts to contact the owner, then repossess the vehicle under the terms of the security agreement.

Does home owners insurance cover the theft of loaned items?

I loned my car once to a friend and while he was driving it, he wrecked into a pole. Since I had LOANED the car to him, the police said that they couldn't do anything about it. But it doesn't hurt to try to get the insurance to pay for the item. I hope ths adds some light on the subjct.

If before you cosigned you drew up a contract between myself and another person stating if they failed to make payments the vehicle would be in your possession do you have rights to the vehicle?

Unfortunately, when you cosign you are actually "the lender" of the money you loaned out from your banking institution and you are 100% responsible for that. Cosigning is cosigning and it doesn't really matter what contracts you set up between the two of you. If the contract wasn't done by the banking institution or a lawyer it is null and void. If this person fails to make payments you have every right to the vehicle and do what you want with it but, you must pay off the total amount (including penalties) of that debt. You have the choice of selling the vehicle and paying off what you can on the loan, or you can keep the vehicle. Marcy

What does if mean if your vehicle could be repossessed?

It means the bank, or whoever loaned you the money for the car, will send people out to take it back.

Can a creditor add insurance on a financed vehicle and roll that into your loan?

In general, yes. Usually, finance agreements provide that the borrower will keep the vehicle insured and will show the lender as a "loss payee" on the insurance. This means that the insurance settlement check will be issued with the lender's name on it too, as well as the insured's. The lender is concerned that there arefunds available to pay for the repair of the vehicle in the event of a collision. The lender loaned money on the vehicle based upon its undamaged condition, and will wish that the vehicle retain its value. Therefore, if the borrower has not kept the car insured, the lender will generally obtain "single interest" collision coverage, which will protect its interest in the collateral as discussed above. The cost of that insurance is initially paid by the lender, but charged back to the borrower by an additional amount added to the loan balance.

Which insurance covers the damage when your daughter loaned her car to an insured friend who hit a car in an intersection due to poor visibility and the driver of the other car was arrested for DUI?

More than likely your insurance. Check with your insurance carrier for the answer.

Is your neighbor who has a valid drivers license insured while driving your insured car?

Answer from a General AgentNo, your neighbor is not a covered driver under your Auto Policy. The good news is that any accident your neighbor has while driving your vehicle would be covered because "you", the policy holder are covered for any liabilities that may arise out of the ownership or operation of the scheduled vehicle. including liabilities that may arise when you loan the car to another person.If you loaned it to your neighbor and had no insurance, the neighbor would have to seek coverage from his own auto insurance policy. The liability portion of your auto insurance follows "the driver" to another vehicle as secondary coverage.Other answersYes, as long as you have given permission to the neighbor to drive your car he is insured whilst driving a car, because the insurance is on the vehicle and not the person.In case of an accident which involves your car, the vehicle damage portion will be definitely on your insurance policy. Thus your insurance cost will increase. Secondly, if the neighbor does not have an insurance policy than your car insurance policy will also be responsible for the liability damages if any - i.e. if some third party files a suit.

Do you owe the bank anything if you stop making mortgage payments?

If the bank loaned you the money for the morgage and have not repaid it all then yes you do. Or any other outstanding debts you may have with them

Can a loan company reposses my car they do not have the transfer of lien on?

If that loan company loaned you money and you used the car as collateral and failed to make payments on time, they can, and will repossess the car.

If you return a motorcycle 30 days of purchase from a dealer what can they do in North Carolina?

You cannot just return a vehicle you bought. It is yours or the lender's who loaned you the money to buy it. There is no cooling off period on the purchase of a vehicle.

How many syllables in the word loaned?

The word loaned is one syllable.

If vehicle is uninsured and allows someone else to drive that uninsured vehicle who is responsible if the vehicle is damaged but no other vehicle person or property is involved in the wreck?

In the eyes of the law....YOU would still be liable....unless you have evidence that shows the driver of your car operated it in an irresponsible manner....(remember it has to be, "Beyond a proponderance of a doubt.") otherwise, YOU allowed someone to drive a vehicle belonging to YOU, and YOU loaned that vehicle to another person knowing their was no insurance on said vehicle.....see where this is going?? I was a Police Officer in the United States Air Force for a few years..... Hope this helps even though I know it is not what you were hoping to hear... Randy G.

Difference between balance of trade and balance of payment?

Balance of Trade is the accounting of goods and service imported and exported. Balance of Payments is the accounting of money owed and loaned other nations.