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Insurance

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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2015-07-16 19:24:10
2015-07-16 19:24:10

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

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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.

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

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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.


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