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Yes, you can let them repo the car. NO, that wont be the end of it. YES. they have other legal options.

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โˆ™ 2015-07-16 19:24:10
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Q: If your insurance got cancelled and you were in a wreck can you just let the bank repossess the car and let that be the end of it?
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Related Questions

What if you wreck a car without insurance and owe the bank payments?

Then you still owe the bank.


What happens if you have a wreck without auto insurance and still money to the bank?

You'll be ticketed for driving with an invalid registration and driving without insurance, and you still owe that money to the bank.


Your home insurance was not paid by the mortgage bank last month The insurance policy has been cancelled Does the bank have to insure you now?

The bank must make payments of these items from the account on time, if you kept an escrow account with the bank and carried out regular deposits for the taxes and insurance payment. If the bank does not pay the insurance premium on time and the insurance policy is cancelled, the bank must either get in touch with the insurance company and make them reinstate the policy, or buy a policy with another company. Nevertheless, within this time you keep being liable for continuing the insurance payment through your escrow account.


If you have two car loans at one bank can the bank repossess both even?

Yes they can repossess everything that you got a loan for.


When can a bank repossess someones car?

As long as the bank is listed as the lienholder on the title and as long as you owe them money and haven't paid they can repossess the car.


When can a bank repossess someone car?

when he has a credit


Can the bank holding the lien on a car find out if you have only liability and can they repossess if they require full coverage?

Absolutely! The insurance company should be sending the lien holder a copy of your policy and if you are not providing full coverage they will either repossess the car or purchase Lender's Single Interest Insurance (very expensive policies) and add the premium to your loan.


Can a bank repossess a car who's registration is past due?

no


Can a bank repossess my car if I am making some sort of payment?

If you aren't paying in full they can repossess the car. To a bank " some sort of a payment " doesn't count. Call them and make arrangements.


If the car insurance is cancelled on the loaned vehicle can the bank repo the car when all payments have been on time?

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.


Can a bank draft be cancelled?

Yes


How much has to be owed for a bank to repossess a car?

it is up to the bank to decide. Legally, as little as 1 cent.


Will the bank repossess your car if it has been stolen and in an accident and the insurance was expired?

As long as you continue to make the payments, you are OK. If you fail to make the payments, they will repossess the car, sell it, and you will then owe the difference in what it sells for and the balance on the loan. The previous answer overlooked one important point. INSURANCE WAS EXPIRED If they don't repossess it, it is only because it is worthless after the accident. What they would prefer to do in this case is "accelerate the payments", i.e. make you pay the remainder of the loan immediately. Then you can worry about disposing of the carcass.


Can the bank repossess your home when child is in full time education?

yup


When can a bank repossess someone's car?

When the owner defaults on the loan payments


If a person dies can you give car back to bank?

If the bank holds the loan, then yes. If the payments are stopped, the bank will repossess anyways.


Can a bank refuse a payment on a auto loan?

Absolutely. There are other reasons other than a late payment for a bank to repossess your car. Cancelled insurance or a big drop in your FICO score. If you seem like a credit risk to your bank all they have to do is wait for you to become delinquent once and they have the legal right to default the loan and get the asset back. At that point they can refuse payment and keep the vehicle in most states. The only way is to pay off the full amount of the loan within 10 days.


Can a bank repossess if the borrower defaults and there is a cosigner on the vehicle?

The cosigner becomes the target next. If you default, it is up to the cosigner to pay the bill or both of your credits are ruined and the bank takes their usual steps to repossess a vehicle.


Can a bank take a car that some else as a lien on?

Yes, the bank has the right to repossess the vehicle if you are in arrears on payments.


Can the bank repossess a vehicle even if the payments are current?

Not IF you reaffirmed the loan with the creditor.


Can a bank repossess a motorcycle?

Yes, unless there is a another previous lien holder.


Does the bank have to notify you before they repossess your car?

I have NO IDEA, WHY look here if there is NO ANSERS


Can the bank repossess a car after 8 months of asking them to get it and no action from bank?

YES, as long as the car is collateral for a loan, they can repo it.


If you are in repossession status and are making efforts to pay on your late payments can they still repossess your vehicle?

Once the loan is in default the bank has the right to refuse payment and repossess the vehicle.


How soon will a bank repossess a home?

Banks can foreclose in as short as 90 calendar days.