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If you have gap insurance will the left over amount owed on a care in repossession be paid off?
Wiki User
∙ 16y ago
Gap insurance is for in case of an accident your car is totaled.Gap takes care of the difference between blue book and the balance of your loan, so you end up even and not paying a loan payment on something you no longer have.
Wiki User
∙ 16y ago
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If a car was totaled by the insurance company after it was repaired per the insurance company what is owed for a voluntary repossession?
In most states, you will owe whats left owing after the ins. co. pays.
How will a repossession affect your credit report?
A repossession is a significant derogatory mark against your credit. The account appear with a similar status as any collection or charge off account. In repossession, the collateral is often re-sold with the amount received being applied against any remaining amount owing on your loan. If the collateral is sold for less than what you owed, the amount left over, called a "deficiency balance" is still your debt. The creditor can actively collect on this, report it on your credit report and sue you to recover the amount.
Who gets paid if a financed car gets totaled?
If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.If a car with an outstanding lien gets "totaled" in an accident the insurance company will pay the finance company. Any amount left on the loan after the insurance payment must be paid by the owner of the car. Gap insurance purchased at the time of the loan will pay any deficiency.On the other hand, any amount left over after the loan has been paid will go to the car owner.
How long does a repossession stay on your credit score?
A repo will stay on your credit report until the remaining balance is paid off or settled, you still owe the amount left on the vehicle even though the car is not in your possession.
Does the repossession debt get immediately charged off?
No, the vehicle will be sold at auction and after expenses are paid, any money left will be applied to the loan amount. You will still be responsible for the remaining amount of the loan. If you don't pay off the remaining amount of the loan, the debt will be turned in to a collection agency and possibly court action will be initiated.
What are the benefits of long term life insurance?
You will have a greater sense of well being and security for yourself and your family today and into the future because it will provide financial resources to pay for care at home or other care settings. You and your family will also have caregiver support services, namely personalized telephone and website assistance regarding your caregiving questions and concerns. You are not left alone to provide the desired care for yourself or a family member. Long-term care costs are not covered by Medicare or regular health insurance. Consider long term care insurance as "retirement savings insurance." It is an essential part of your retirement planning.
What do repossession companies do with the license plates on repossessed cars?
Depends on the state. Some states require that the plate be left with the debtor. Others say the plate stays with the vehicle. Some states seize the plates if the insurance was lapsed on the vehicle. Best to call the state atty gen. where you are and ask.
What do you do with your auto insurance when you sell the auto?
You need to call your insurance company to remove the vehicle from your policy. If you are getting a new vehicle, you need to add that vehicle on. If you are not getting a new vehicle, the insurance company will send you a check for whatever amount of money you had left on the policy that was not earned because you did not have the policy for the full term.
How is life insurance paid off in the case of a death and is it taxable?
Life insurance proceeds are not taxable when they are paid out as a death benefit. Depending on the amount of the insurance policy the payout options should be either lump sum, annuitized, fixed monthly payments for a period of time, or left with the insurance company in an interest bearing account with check writing privileges.
What if you were hit by a drunk driver who was speeding and arrested but you were making a left hand turn?
If you were making an illegal left hand turn this might be comparative negligence. If you were making a legal left turn then obviously he would be at fault. Do the usual accident procedure: Call the police, get names, insurance information, etc. As far as his legal problems go, that's between him and the courts. Your insurance (if you have full coverage) should take care of everything provided you comply with what the insurance says, and if you don't have full coverage his insurance should pay for your car and injury. If he is uninsured, you can try and file a lawsuit.
Can you set up payments for what is left after a voluntary repossession and the vehicle is auctioned?
You can always make an offer, but its up to the lender whether its accepted.
Is balance billing legal in la especially to medi care patients?
Balance billing is illegal and prohibited in la especially to medicare patients. The states have regulated the billing and accept the insurance payments so the patient does not have to pay the balance left after the insurance companies contribution.
