Once your car is repossessed, it is covered by the repo companys and the lenders VERY expensive ins. No need for you to maintain coverage UNLESS you plan on redeeming it ASAP.
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.
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.
An SR-22A is an endorsement on an auto insurance policy that is required by the state. A person who is required to have an SR-22A is normally someone who has trouble keeping his or her insurance in force. They have often been caught driving without insurance. The insurance itself is usually not more expensive than regular insurance but generally the premium is required to be paid in full or at least more retrictive. The insurance company is responsible for making sure you have insurance for the full policy term or must at least give the state more notice time if you are going to cancel.
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.
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