If your friend takes over your payments while the car remains in your name can he get full coverage insurance and list the lien holder you make payments to?
Your name must be on the Title or Loan in order to get car insurance under your name. Otherwise this is considered Insurance Fraud. It is punishable by the law.
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Answer . The answer varies by state..
The title holder has no job license or insurance as cosigner you are making payments what can you do to get possession of the car?
Answer . IF you are NOT on the TITLE, contact the lender, explain the deal and ask them to repo for you, take the buyer OFF the loan and let you take possession. That will… NOT get the payments off you but will give you room to work. You are not the first person to have the problem and most lenders will ways to solve it..
It is best to have the person buy the vehicle off you straight out. Then in turn, with the money you receive from him/her you pay the remainder of the loan. It gets too compli…cated for someone to take over car payments and you sure don't know this person. They could well leave the country and leave you holding the bag. Good luckMarcy
Answer . \nObviously all cars/drivers need to have some legal minimum insurance, generally only liability (essentially protecting others body/property). Not collision, wh…ich protects your own property. Without the later, wreck it you lose it.\n. \nBecause a car has a lien, which means it is pledged as security for a loan, does NOT mean it needs to have more insurance in itself. \n. \nHowever, virtually any lender will require you to have insurance adequate to cover the loss of the asset you have pledged...since if you wreck it he doesn't want to own, or try to collect what is owed, against a wrecked worthless car.
You are trying to take over payments on a friends vehicle but have bad credit can she leave the loan in her name and just have you make the payments to her then pay the difference on her insurance?
Answer . Not only would she leave the loan in her name but she would also have to leave the title in her name and this would cause a huge problem in the event that you wer…e involved in an accident.She would be liable!Also,this is a sure way to end a friendship.
If you bought a car and the title and loan are in your name but you allowed a friend to take over and now the friend has stopped making payments can you take the vehicle back?
Answer . As long as the title and loan are in your name the car is yours. Any payments missed will effect your credit. Take the vehicle back, now.
Answer . \nTotal nonsense...They are trying to get their car back. Scare tactics.. He can say anything. . \nBut that does not make it true. Failure to make payments on… a loan is NOT a felony. You are defaulting on a loan and they have every right to repossess your vehicle, sell it, and you pay the difference in what it brings at sale and the total left on the loan. You will also be assessed repossession fees. Of course your credit will be ruined for 7 years, but you for sure are not going to be charged with a felony.
Do I owe back payments for full coverage since a tire on the highway caused 6000.00 damage and my insurance company stated I only have liability even though there is a lien on the car?
Answer . No you don't owe any back payments to the insurer for coverage you never had. If you only purchased liability then they will not be paying for the damage you desc…ribed. . It is not a good idea to expect your insurer to have psychic powers when it comes to the coverage you need. They were not present when you signed you financing contract. . Your Automobile finance contract required you to obtain full coverage. It is your job to do so. Your financier does have the right to repossess your vehicle if you fail to maintain the type of coverage you agreed too in your finance contract.. If you are lucky enough to have an insurance company that is willing to retroactively provide you with comprehensive coverage then that insurer does have the right to expect you to pay for that retroactive coverage.
I am the lien holder of a car I sold to a friend who has not made the contractual payments how do I reclaim the vehicle?
The best way to handle the situation is to simply ask for the carback. If that fails, then you can contact the police to assist youwith getting the car.
Yes, a person can sell a car and remain a lien holder until all thepayments are made. This is done once in awhile and works well ifyou don't have to repossess your car.
They will not repossess a vehicle unless you have defaulted on the loan. Defaulting on the loan is being late with the payments. Call the lender and talk to them.
This is usually a situation where someone owes money on their car, but cannot make the payments or they want to get a different car. They will offer the car up to you in excha…nge for you taking over the car payment. Essentially, you just take over paying what they owe and you own the car.
You just had a car repossessed because you can no longer make the payments or maintain full insurance coverage Now the lender keeps trying to call you What should you do?
Depends on if you intend on paying the lender any money. Unless youfile for bankruptcy they can call your house requesting that yourepay them. At some point (saying you owe en…ough money to make itworth while) they can bring you to court and sue you. I think thestatue of limitation for this type of lawsuit is 2 years (if theydo not try to sue you in this time period then they cannot comeafter you ). If you plan on paying the lender, you can most likelymake a deal that will only allow you to pay .50 on the dollar thatyou owe (the lender would rather receive half then nothing). If youdo not intend on paying the lender, your best option is to notcommunicate to the lender (when they call).
Yes, with the agreement of the finance company.
How can I get auto insurance and the car title in my name if I am making payments on a vehicle that my friend is selling to me but is still making payments on?
1st you will need to take yourself to the insurance office and get insurance in your name...you can tell the agent you are buying the car and have to have insurance in your n…ame before the transfer is done. Then you take the title completed by you and your friend and the form 130u completed by you and your friend to your local tax office. Your friends name will be filled in in the box that asks for the lienholders information. This will allow you to have a title issued in your name but it will go to your friend until you pay them off. After which, they can sign to release the lien and there you go...it protects everyone. . If you have any questions please call 2815363857 or email me at email@example.com
I had a deferred payment and my car was stolen and never recovered. Will my full coverage or gap insurance cover the deferred payment?
Most gap insurance policies do not cover deferred payments. NOTE -do not accept an offer to settle on the deferred payments. This mayreflect on your credit bureau that the deb…t was settled for lessthan the ballance in full.