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Absolutely. As a matter of fact and contract you probably are required to specifically carry physical damage coverage with no more than a maximum deductible. Read your finance agreement that you signed with the bank or finance company when you purchased the vehicle. The state you live in specifies if you must carry liability insurance and the leinholder agreement specifies that you carry physical damage coverage. Common sense should also have a play in there some where as well.
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∙ 11y ago
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If you are the lien holder on a car can you reposs a car if there is no insurance on it?
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.
Do you still have to pay lien holder if car is a total loss?
Yes unless your insurance covers it.
How to get rid of a car when lien holder died?
You need to obtain a release from the estate of the lien holder. Which means you have to satisfy the lien. That should allow you to obtain clear title.
How do i sell a wrecked car i still owe money on?
You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.
If someone is listed as a driver on the insurance policy can they be accused of stealing the car?
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
What do you do if a car title has a lien on it and the title is lost?
Apply for a replacement or duplicate. You can apply for a replacement, but the title will most likely be sent to the lien holder. If that happens, you need to call the lien holder to let them know that it will be coming and to let you know when they get it. If it is sent to you, then you will need to take it to the lien holder and have them sign off on it again.
Is a lien holder responsible if the car owner has an accident?
only if the lien holder caused the collision
Lien holder on your vehicle?
The lien holder is the person or firm, you borrowed the money from to purchase the car.
Can i repossess a car if have a lien on the tile?
If you are the lien holder, yes.
How do you fill out lien release form for a car?
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.
How does a lien protect the lien holder on a car?
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.
Does auto insurance pay lien on totaled auto?
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.
