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You usually have to have insurance in case you have an accident. The finance company can then retrieve the debt from the insurance company. If you do not have insurance then they will have to retrieve the debt from your other assets such as your house if you have one! If they perceive that you are a bad risk they may look at getting the car back if there is enough equity in it but they will still want any outstanding dues. Better to keep up the insurance. They may not know the insurance has lapsed unless you notify them.

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Q: Can finance company repo your car if your insurance lapses?
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Related questions

Can your car be repo if you have no insurance?

The repo man will not care if your car has insurance or not. If you haven't been paying for your car, the finance company or bank will take their car back.

Can you be charged a repo and insurance fee when the original owner never notifid you of the repo and drove the vehicle away herself?

I'm not sure what your question/situation is but... The Finance company can do what's called "forced insurance" meaning if you do not have insurance they will put insurance on the vehicle at a hefty cost to you. They can also repossess the vehicle even if you are up to date in payments but do not pay them their insurance rate.... and that money is still owed after the repo.

Your vehicle was repossessed and the finance company charged you ''storage'' fee on the invoice to get your vehicle back can the repo agent still charge for storage?

no because the storage fee that the finance company charged you was what the repo company charged on the invoice. the finance company had no other reason to charge storage fee's they did not store it

Can you repo an auto in Mississippi for no insurance?

Yes, If your auto finance contract requires you to have insurance on the vehicle and you fail to meet that obligation they can certainly repo the car for violation of your contract terms.

Can a repo agent be charged with grand larceny?

Only if they do not have the correct paperwork from the finance company whom has the right to repo the vehicle.

A finance company is trying to repo your car in Tennessee can you get in trouble for hiding it?


Can you pay the tow truck driver for your repo fees?

It might be possible. Depends on the company and their agreement with the finance company.

Can a your car be repossessed if you are not late?

Yes. There are finance agreements that have other requirements other than make the payments on time. For example, if you finance a brand new vehicle the finance agreement will more than likely state in it somewhere that you maintain full coverage insurance on the vehicle. If you drop it to liability or let it lapse completely, they can repo the vehicle. Some agreements state that you must maintin the registration on it, if the registration lapses, they will repo it. I would suggets going back and re-reading the agreement, word for word, line by line.

What do you do with a vehicle when a finance company has refused to repo it?

state of Michigan automobile the has abandon for two yrs

How do you go about getting your car that has been repo?

Contact the finance company and pay the bill[S{

What does the DMV need from when car is repo?

They need the REGISTERED owner to come pickup the car and provide I.D. and insurance. Also call the finance company to find out how you can make the payment to be allowed to reclaim your car.

Can reposession company file a claim with your car insurance company to fix preexisting damage?

If your lien holder repo's your vehicle, they can file a claim against your insurance for damage to the vehicle. The repo company itself would have no claim, because it's not their vehicle.