You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
Was the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney for state/case specific advice. None, just because you paid the overdue balance don't mean nuthin to the lender.
Prepaid insurance is amount paid in advance that's why it is an asset of business and like all other assets accounts it also has debit balance as normal balance.
Prepaid insurance go to balance sheet as it is paid in advance and current assets of business.
Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.
If you owed money on the car (which is probably why it was repossessed), you need to pay what they demand. Check the paper you signed when buying the car if you think they are 'demanding' something different than you signed. Your girlfriend was smart to cancel the insurance, since a repossessed car does not need insurance. You cannot sue your girlfriend for calling the car lot, or for cancelling the insurance, because you cannot show DAMAGES to yourself.
Depends on insurance.
Start by reading your contract. Then CALL the lender who sold it to get the balance due.
Yes it happened to a friend of mine he wasn't even aware that the insurance had been cancelled and when he got stopped at a check point they told him that his lincence had been suspended because he did not have insurance he paid a huge fine.
Some do, most do not.
It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.