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Most finance/lease contracts allow the lender to either take the car back or purchase insurance and then charge the customer for it on their loan. The insurance the lender would buy is very expensive.

As far as I know, there is not a grace period.

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โˆ™ 2015-07-17 17:33:57
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Q: What actions are typically taken by a lender if auto insurance is cancelled or expired and how long is the grace period?
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