0
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
Wiki User
∙ 8y ago
What does your GAP policy say? Do YOU have it or the LENDER? Normally, lenders place it on a loan to cover the lenders losses, not yours.
If you hav GAP insurunce On you Insurance will pay of whatever the car deler does not
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
What options do you have if your car was repossessed in California you paid the overdue balance but they auctioned it anyway?
Was the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney for state/case specific advice. None, just because you paid the overdue balance don't mean nuthin to the lender.
Does prepaid insurance carry a credit or debit balance?
Prepaid insurance is amount paid in advance that's why it is an asset of business and like all other assets accounts it also has debit balance as normal balance.
Does prepaid insurance go on income statement?
Prepaid insurance go to balance sheet as it is paid in advance and current assets of business.
My girlfriend canceled my insurance and called the car lot My car was repossessed to get the car back they want to be paid off in full what are my legal rights do I have any options?
If you owed money on the car (which is probably why it was repossessed), you need to pay what they demand. Check the paper you signed when buying the car if you think they are 'demanding' something different than you signed. Your girlfriend was smart to cancel the insurance, since a repossessed car does not need insurance. You cannot sue your girlfriend for calling the car lot, or for cancelling the insurance, because you cannot show DAMAGES to yourself.
Is prepaid insurance a debit or credit balance?
Prepaid insurance is that amount which is paid in advance and no benefit has taken yet that's why it is current asset for business.
If a car is repossessed and resold for more than was originally paid for it do you still have to pay it off and where can you find out what is owed?
Start by reading your contract. Then CALL the lender who sold it to get the balance due.
Can your licenses be suspended if you were the person supplying insurance on a repossessed car and you cancel the insurance?
Yes it happened to a friend of mine he wasn't even aware that the insurance had been cancelled and when he got stopped at a check point they told him that his lincence had been suspended because he did not have insurance he paid a huge fine.
You billed an insurance code d8090 for invisalign they paid a portion of it do you need to rebill them for the rest of the balance with a different code or will they automatically send payments?
Depends on insurance.
Does your partial downpayment have to be returned to you if you never paid the balance and the dealer repossessed the car a few weeks after purchase?
NOT unless the contract stipulates that it will be. Otherwise, it is a contract in DEFAULT with the collateral in the lenders possession.
Can you sue a co-debtor for the balance remaining after your repossessed car was sold if the co-debtor was declared responsible for the debt by the court but never paid?
Yes, you can sue a co debtor for at least half of the remaining balance. You would owe part of it as well.
