answersLogoWhite
Repossession
Insurance

If you have bad credit no insurance no property or residence and your car is stolen what will happen if you stop making payments?


Top Answer
User Avatar
Wiki User
2015-07-16 18:04:59
2015-07-16 18:04:59
  1. 1, FILE a stolen car report with the cops. Then IF it was really stolen, the lender can collect the ins. and then your bad credit will go to Worse credit. And they cant find you 'cause you have no residence.

Well, given the situation you describe, likely all the lender could do is get a judgment against the debtor. IF the debtor ever works, they could garnishee their wages.

Related Questions

User Avatar

There are several insurance companies that offer insurance for busineses much like yours. Progressive, Allstate and Geico are just some examples. Also, you can get insurance on the property and the valuables even if you dont own the property and depending on your residence you can recieve a tax credit as a business expense.

User Avatar

debit insurance premium expensecredit cash / bank

User Avatar

Decent credit history, a steady job, a steady residence, and no delinquencies/missed payments.

User Avatar

Yes, they will report the late payments to the credit bureaus which will damage your credit score, and if enough payments are missed can commence a foreclosure action on the property.

User Avatar

You will need a property and casualty license. Now, after saying that ... you should check with the Georgia Insurance Commissioner. I nave been licensed to sell business credit insurance in 5 different states - they all required property and casualty licenses. In most cases very few people knew what business credit insurance is. Be very careful to specify that you are wanting a license to sell Business credit insurance (as apposed to consumer credit insurance e.i credit life insurance).


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.