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If not having ins. puts you in default of the contract, that may be why they are going to repo the car. lenders insist that the collateral be covered by ins. to protect them, not you.

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โˆ™ 2004-05-23 12:51:47
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Q: What will happen if you do not have insurance on your car and the lender is about to repossess it?
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Related Questions

What will happen to you if your car is 6 months behind in payments and you still have possession of the car?

The lender will eventually repossess the car.


If you repossess your car do you have to continue insurance coverage on that vehicle?

I take it you mean, if your car IS repossessed. In that case, IF you dont plan to redeem it, NO. NO car, NO insurance. Once the lender repos the car, they are responsible for the insurance coverage.


Your car was seized on a judgment now your lender wants to repossess it from the sheriff and give it back to me can that happen?

No.


How late can your payment be before repo in North Carolina?

In North Carolina, a lender can repossess a car when just 1 payment is missing. They can also repossess it if you let the insurance lapse and are current on your monthly payments.


Can a sheriff repossess your car for your lender?

Well to put it simply..... YES


What can you do with a lender when you can't pay for the car anymore?

You can contact them and sometimes you can work out a deal with them. If not, you can allow them to repossess the car. Contact the lender and they will tell you where to take the car.


Can a car dealership repo your car if you already have a lender for the vehicle?

The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.


If you are threatened with a repossession can you pay the balance before they repossess the car?

IF the lender accepts it you can.


Can a lender repossess a car if you do not pay down payment?

Yes, you made a financial pbligation by signing the documents for the sale of this car. So, they can legally repossess that vehicle.


Can a lender still repossess your car after a lawyer told you to tell them that you were claiming bankruptcy?

The lender has to get the STAY lifted before they can repo.


How long after you dont pay your car payment is a car repossessed?

Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!Depends on the contract you signed with the lender. Read your contract. The lender does not want to repossess your car. Contact the lender immediately and work this out. The worse thing you can do is not do anything. Let your car be repossessed and you will ruin your credit for 7 years and pay the difference in what the lender sells the car for an the balance on the note. Bad idea. Work it out!


Does the lender have to send you a letter to notify you that his repossess your car in G.A.?

yes because they have to notify the owner


Do you have to have insurance to repossess a vehicle in South Carolina?

No, you dont even need keys to repossess a car in South Carolina


What should you do if the lender obtained a judgment to repossess your motorcycle eight months ago and they have yet to pick up the motorcycle and you are in Wisconsin and the lender is in Texas?

Nothing..... it is the responiblty of the lender to arrange someone in your state to repo the bike (or car). Keep your insurance on the bike just in case something happens to it in the meantime.


Can lender reposses car or lack of insurance?

Yes, if you don't have full coverage insurance the collateral is in jeopardy. In other words if you were to total your car the lender has no collateral.


Can auto repossession be negotiated?

The company repossessing the car has no authority to negotiate terms with you. They are simply there to repossess the car. You must negotiate with your lender. Hopefully, you will do this before the the repossession order is submitted by the lender.


Can they repossess your car the day after they receive a partial payment?

As long as you are in DEFAULT of the contract, the lender can repo the collateral.


How does a lender get a judgment against you for a loan when they repossess a car?

You owed more money than the car was worth and they wish to collect the balance.


What type of insurance should a cosigner obtain on a car?

The insurance reuire by your lender.


Car not paid for but i have car title?

You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.You have the title, but I bet on that title the lender you own money to is listed as the lien holder. He can repossess the car at any time if you miss payments. Having the title means nothing.


You have paid your car payments but have late fees can they repossess the car?

Yes, late fees indicate that payments were not made on time, which renders the original agreement invalid and allows the lender to repossess the vehicle if they so choose.


Does the lender on a car loan have to notify the cosigner before they repossess the car in TN?

They should since they are just as responsible for making payments as the primary.


If you are filing bankruptcy and your car is damaged and the lender will not repossess it what should you do with it?

Notify the LENDER by cert mail that they have 10 days to remove the car or you will have it towed by a wrecker company. IF they dont p/u the car, call a wrecker co. to come get it.


Can they still repossess your car if you get caught up on the payments?

Depending on the state of residence, it is possible for a lender to still repossess your car if you get caught up on the payments. Certain states allow a lender to request full payment of an auto loan when borrowers fall behind, even if they have caught up on past due payments.


Can lender sale car repo without knoledge in tn?

If you have failed to make payments on time and they repossess the car then you have no legal claim to the car. They can sale their car when and how they choose to recover their investment.