When a car has been repossessed the person paying the insurance should cancel it.
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.
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.
Same as any other repossession, CALL the LENDER. Work something out.
Not only does Honda have insurance on the vehicle, so does the repossession company, the storage company, the transport company, and the aution agency.
Yes. Even after the vehicle is sold, you'll still owe them the remaining balance of what you borrowed, and they'll continue to call.
I have a welding machine on the truck they repossessed can they keep that?
Every driver is not required to have an SR-22. The SR-22 is only needed for those individuals that have been caught without insurance and are not required to have this added piece to their insurance.
YES, if you are in DEFAULT of the contract (NO ins. coverage) they can repo.
No, you are not required to sign up for insurance of that sort. There has been no healthcare bill passed. But thanks to Obama, he is trying to get one passed saying that you do, and insurance it expensive.
All State. But seeing as how you have been in three accidents and them all being your fault, they will continue to be the most affordable but they may just increase your monthly. All plan a little more.
Yes, if there is a breach of the lending contract, such as non payment of late fees or penalties, lapsed insurance coverage and so forth.
You should have it anyway!
The owner of a vehicle that has been repossessed, cannot afford to make their payments, so it makes sense that they cannot afford to perform the required scheduled maintenance on the vehicle. This is not always the case but IMO, I would never buy a repossessed vehicle, unless it had extremely low mileage of say less than 20,000 miles.
In some states yes. In some state the lender is not required to give any notice at all before or after. In some states, the lender is only required to give you notice after the vehicle has been repossessed.
Every insurance agent is required to be liscensed. Check out the state board in your state to make sure that he or she has been properly vetted.
Talk with the adjuster and explain the situation and I'm sure they will work something out. They may still have to issue the check to you and the lienholder because you are the person who has the contract with the insurance company.
IF the ins. co. told the lender the policy was canceled, then you were in DEFAULT and the lender will repo.The lender and the ins. co. will have to get that straightened out.
They might be able to garnish your payments for the money that you owe them , but nothing more since vehicle has been repossessed.
You do not owe money for a car if it has been repossessed, so your wages can't be garnished for that reason.
RepossessionCall your local dispatching service for your law enforcement. The Repo man is required to report the repo immediately to them. You could also call the bank or company that has financed your loan. In Illinois, we are required to report repossessions immediately to the police. In some cities, the police want to know BEFORE we repossess. So when you call your local P.D. to report your car stolen, they can let you know if the car has been repossessed.
The ticket will only get dropped if you have proof that you HAD insurance at the time of the ticket had been issued. You may get the ticket fine lowered with proof that you now have the required insurance.
i heard u can
Absolutely. What you have is a financial contract. It is the same as any other finance agreement. You are required to continue to make payments and interest will continue to accrue until the balance is paid off. In order to keep whatever is left of your credit rating you should be advised to make your normal payments the same as you have been doing in the past.