1 mil
no, but it is recommended. the repo co has insurance and is bonded for this type of situation. you will have to provide proof of repo to your insurance co.
The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.
It depends, usually the repo man will come to the dealerships and tell them a price they'll repo a car for. The company I work for charges roughly $150 a car, but if we have to go unusually for to get the car the price goes up accordingly. Like if we have to fly out of state to get a car the dealership pays for the plane ticket plus a few hundred.
Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.
I'm not sure what your question/situation is but... The Finance company can do what's called "forced insurance" meaning if you do not have insurance they will put insurance on the vehicle at a hefty cost to you. They can also repossess the vehicle even if you are up to date in payments but do not pay them their insurance rate.... and that money is still owed after the repo.
bonded .... no.... but you must have the correct insurance... ask any insurance agent for help with this.... i am a repo man and to work for any Bank you must carry a million dollar insurance policy.... yes... i said 1 MILLION DOLLARS
6.25, 7.25
Insurance has nothing to do with it. Read the contract you signed when you took out the loan.
Yes they can repo if they catch the insurance lapse. Most financed vehicles have a Full Coverage clause that you signed and agreed to when you contracted to finance the vehicle.
If your lien holder repo's your vehicle, they can file a claim against your insurance for damage to the vehicle. The repo company itself would have no claim, because it's not their vehicle.
It can vary from repo company to repo company. but on average in the ny area storage fees can range from $15-40 a day. It depends on the arangement the repo company has with the bank
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