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What is your liability if your finance company repossesses a damaged car?
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∙ 15y ago
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∙ 15y ago
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What does the finance company do when a car is totaled and there is no collision insurance?
If the driver was uninsured or only had liability insurance, they would be liable to still pay the finance company back or face a lawsuit.
If a dealership assigns a car to a finance company and the finance company says you don't owe them can the dealer repossess?
If the finance company has been paid in full, then why would the dealership (or the finance company) want to repossess your car? If the loan hasn't been repaid and is long overdue, then the dealer and finance company will probably decide who actually repossesses the car. Either way, it's up to them, not you. Best thing to do is check the fine print in your loan agreement (which you signed when you bought the car) and see what it says about overdue payments, repossession, etc. If you've lost it, call your dealer and ask for a copy.
If your vehicle is financed what type of coverage is needed?
You need to carry full coverage, Liability and Comprehensive and Collision. the finance company wants to make sure that if there is a total loss, they will retrieve the loan amount. Additionally, they want to make sure that the vehicle will get fixed if it is damaged.
Is bonds payable a liability account?
Bonds are the form of finance which a company issue to external investors to get finance for running of business and bonds are issued to raise capital to use for investment or daily operations as it is a long term debt that;s why it is the liability of the company to payback to original investors at specific future time for which debt is raised.
Can a repossession company in Maryland repossess a vehicel from a bodyshop without paying the repair bill?
Yes, they can. The car, while the finance company holds a lien on it, is the property of the finance company. As the person who damaged the car and brought it in to be repaired, responsibility for the bill falls on you.
What can you do if your car loan was sold to a different finance company and the original company repossesses car without grounds to do so?
Contact a local attorney and have your paperwork ready. If theres a dollar to be made, they will tell you quickly. Dont be surprised if you find out the ORIGINAL lender had to take the loan back when you were in default. Its called 'recourse".
Who is a recovery agent?
A recovery agent is a person who repossesses or takes things back for financial institutions. If a person is financing a car and quits making their monthly payments, a recovery agent may come and take the car from the person and give it back to the finance company.
A Finance company to finance sales for your Company?
My company doe's home improvements.Need a finance company to finance
Do you need auto insurance to buy a car?
This will depend on the location you live in but generally the answer is yes. Most place legally require liability insurance in order to register a vehicle of drive on public roads. Secondly, if you finance a vehicle the contract will require that you obtain and keep physical damage insurance to protect the interest of the bank or finance company even if you don't care about your own loss if the vehicle is damaged.
When was Home Finance Company created?
Home Finance Company was created in 1990.
What is OASIS finance?
A finance company. Location:
Where do finance leases go on the balance sheet?
Finance lease is shown as an asset in asset side of balance sheet as well as shown as a liability under long term liability section of balance sheet.
