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Absolutely. The finance agreement that you sign when you purchase a vehicle states that you agree to carry full coverage on the vehicle and to list them as the leinholder. By them being listed as leinholder they get notified of any cancellations, late notices, and renewals on the policy. It also gives them some special rights such as a 20 day notice before cancellation instead of 10 days. You pay for the extra 10 days notice. The finance agreement also states the maximum deductible that you can have on the policy. Remember that the finance agreement is a legal contract. if you break any part of the legal contract they have the right to repossess the collateral (the vehicle). The agreement also states that you are responsible for a repossession fee in order to get the car back. There is probably storage fees involved as well.
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∙ 12y ago
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If I am financing a car and is the only person on the loan. but my brother drives it and he has full insurance on the car. so the insurance is under his name. can the finance company repossess my car?
Yes
Can a finance company repossess your car if you have no insurance?
No, but depending on which state you live in your division of motor vehicles (or equivalent) can fine you hundreds of dollars for not having insurance.
Can dealership repossess car if i bring it in for service?
No, but the finance company can.
My car was in an accident and is still at the body shop which hasn't been paid yet he finance company wants to repossess the car. Can they repo it from the body shop?
Yes, the finance company can repossess the car from the body shop. They would likely wait for the car to be fixed before they repossess the car.
Can a finance company repossess your car for no insurance but they knew the car had transmission and brake system problems.You got the insurance on the first like you said but still can't get it back.?
I believe all they can do is fine you for not having insurance
What happens if you no longer have the car and the finance company trying to repossess?
Someone has the car and the finance company has a lien on it. Any sale would have been fraudulent.
Can a finance company repossess a car if more than half has been paid?
They can repossess with any amount owed if unpaid.
Can a finance company repossess your car if your license is suspended?
They won't repossess it for your license being suspended, but they can repossess it when you fail to make payments, regardless of what the current status of your license is.
Can a finance company repossess your car when you lose your job?
Only if you stopped making payments and are behind on your on your payments.
Who get the money if the car is totaled and the car is on chapter13?
The insurance company will pay the finance company not you.
If a car on finance is stolen and insurance pays out but then the car is recoverd what happens to the car?
It belongs to the insurance company
When your car gets towed and you have it finance but have no insurance or DL. can the finance company pick up the car for you?
ABSOLUTELY.
