answersLogoWhite

0

The legal definition may vary from state to state, but in general, it means intentionally hiding a vehicle when the payments are past due so a repo agent cannot find it.

User Avatar

Wiki User

16y ago

What else can I help you with?

Continue Learning about Finance

You paid off your car debt and the collection agency still has not sent your title?

Sue them for wilful noncompliance and harassment.


What does SCONE stand for in retail security?

Selelection Conceal/ Concealment Observation non payment exit


What is concealment of property?

Just what it says. Someone is wanting your property and you hide it so they can't get a lien on it or get it by other legal procedure. hiding it may be against the law in certain cases.


What does the Anti-money laundering regulations focus on?

Anti-money laundering (AML) regulations focus on preventing the concealment of illegally obtained funds and ensuring that financial systems are not exploited for criminal activities. These regulations require institutions to implement measures such as customer due diligence, transaction monitoring, and reporting suspicious activities to relevant authorities. The goal is to enhance transparency in financial transactions and mitigate risks associated with money laundering and terrorist financing. Compliance with AML regulations is essential for maintaining the integrity of the financial system.


Can an insurance company deny a finance company payoff on a vehicle that has been total by a driver that is not on the insurance policy?

Accident involving a driver not coveredYes! there are certain occasions when an insurer can deny coverage. Especially when the accident involved a driver who was not covered under the terms of the policy. All regular and occasional drivers are required to be listed on your policy. All vehicle owners are required to be dosclosed. Concealment of vehicle owners or permitted drivers on an auto policy is the most common form of Auto Insurance fraud. If the company can determine it, They can deny any and all claims based on the fraudulently obtained policy.AnswerThe answer to your question comes in two separate parts. First, it's important to understand that in general, anybody whom you have given permission to drive a car on your policy is covered by your insurance. This is regardless of their relationship to you and regardless of whether or not they live in your household.With that said, you must also understand that nearly every auto insurance policy covers losses on an actual cash value basis. This means that there is a deduction for depreciation and/or use of the car...e.g. - The older a car is the less it is worth. (Unfortunately, even a brand-new car is never quite worth what somebody has paid a dealership for it. This often results in being "upside down" on your car note because you owe more than what it's worth.)The bottom line is that when a person is upside down on their car note, if the car gets totalled in an accident, the insurance company only has to pay what the car is worth, not what you owe somebody for the car.

Trending Questions
What is difference between equity and preference share? How can I sell my car privately instead of trading it in or selling it to a dealership? What do the letters under status on a jail search mean? Can you explain what does "in credit" mean in financial terms? Does Wells Fargo offer free personal checking? I recently found out that my husband fraudulently gained a 32000 credit card consolidation loan by having someone call the credit card company posing as me How can the credit co get away with this? Can a royal bank of Canada debit card be used in UK without charges in Canada? Can someone get approved for a prepaid debit card with bad credit? What is payment methods in international trade? Cosigning on merchant account for someone with bad credit history? How do you reserve resources? What are the most common red flags to watch out for when trying to avoid llc scams? Is life insurance a pyramid scheme? What is the difference between fund based and non fund bases financing? How do you negotiate a credit card lawsuit if you don't have the cash? Where can I go to get smaller bills? How do you calculate percent of income spent in one area like housing? Do commercial companies hire dental assistants for insurance and sales positions in large numbers true or false? If you have a second mortgage but your first mortgage was foreclosed on do you still have to pay back the second or would it be rolled into the first mortgage? Banks cannot use your money to make loans to people or to make investments. true or false?