A lienholder may purchase what is called Collateral Protection Insurance in the event the debtor fails to provide collision insurance. Remember, the lienholder is not concerned with the liability insurance policy that the state requires. They are only concerned with you maintaining insurance that protects their investment in the vehicle. If you are pulled over by the police, the Collateral Protection Insurance will not be adequate insurance for the polie. The police are looking for you to maintain liability insurance.
Whether or not a lien holder can repossess a car if there is no insurance depends on the contract, local law, or both. In this state, a verbal contract is valid. You will need to check local law.
Yes unless your insurance covers it.
Yes. Being on the insurance doesn't make someone the car's owner. Only the deed holder or the lien holder can be classified as the owner and can claim that the car is stolen. yes
only if the lien holder caused the collision
The lien holder is the person or firm, you borrowed the money from to purchase the car.
If you are the lien holder, yes.
You don't. The only one who can fill out a lien relese is the lien holder. As the owner of the car you are not the lien holder. Take the title to whomever holds the lien and they will release it.
AnswerPay off the lien holder and they wil sign a relase, putting the vehicle in the free and clear. It depends on the type of lien. Lender's lien or mechanics lien.autolienservice.com
A lien holder on a car title or car loan just means that person is the full owner of the car. If your car gets totalled or goes into default, the lien holder can retrieve the car from you because they have full ownership of the car. Lien Holders are used for lending purposes. This means the lien holder has no liability responsibility. The registered person on the car is required to have liability coverage on the car according to law and not hold the lien holder liability on the car if the car gets damaged or totaled. Lien Holder means they fully own the vehicle until the loan is paid off.
If an insured car is totalled the insurance company will issue a check made out to the lien holder and the owner jointly, both the lien holder and the owner have to endorse the check to cash it. If the value of the car is more than the lien, the lien gets paid off and the owner gets the remainder. If the value is less than the lien, and therefore, the insurer pays less than the outstanding balance on the loan, the lienholder will be entitled to it. Additionally, the owner will be liable for the balance owing after insurance proceeds are credited.
you will have to find out who has a lein on it have them fill out a fourm of lein satisfy. In most states a lien holder is recorded on the title and the lien holder will keep the title until the lien is paid off. After the lien holder is paid off, they will sign the title to release the lien and give/send the title to the owner. The title office can tell you who has a lien on the title.
The owner of the car listed on the insurance policy.