0
The first thing that they will do is to put forced place coverage on the vehicle. This is a very expensive type of insurance that only protects the banks interest and only pays the bank. The premiums are added to your account and you are responsible for paying for the insurance. This insurance only provides physical damage coverage and will not pay for damage to your property or anyone Else's. It does not provide liability and does not meet the state requirement to allow it to be driven on the street. The second thing they will do is to repossess the vehicle because you have violated the contract that you signed with the lender to keep the required coverage on the vehicle. Oh yes, and the cost of impounding and storing the vehicle after it has been repossessed will also be charged to your account.
Still curious? Ask our experts.
Chat with our AI personalities
Ezra
Maxine
JudyAdd your answer:
Earn +20 pts
If you have GAP insurance will the leftover balance be paid off when your car is repossessed?
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
What is a good place to quotes from car loan lenders?
There are many places where one could find quotes from car loan lenders. One could check online sites such as Bankrate for information regarding quotes from car loan lenders.
What happens to your title loan if your vehicle is stolen and wrecked?
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
Where to get a car loan without a job?
if you are having any other sources of income show that proofs to your lender.it proves that you are able to pay car loan. today there are so many lenders available which provides you car loan..go online and search for car loan lenders giving loans without a job.
What type of title insurance is requested by lenders?
A Lender will require a Lenders Title Insurance policy if they are extending credit on a property. The Lenders title insurance policy is based off of the Loan amount that the borrower receives. It will only protect the lenders interest in the property if a problem arises on title.
What are the terms and conditions for obtaining a car loan?
The terms and conditions for obtaining a car loan typically include factors such as credit score, income verification, down payment amount, interest rate, loan term, and insurance requirements. Lenders will assess these criteria to determine eligibility and the specific terms of the loan.
You can buy and insure a car without a license?
A license is not required to purchase a ca; however, you will have to have a valid license to get insurance. Most lenders require A valid license before they will loan money on a car.
What are the requirements for obtaining a 2000 car loan?
To obtain a 2000 car loan, you typically need to have a good credit score, stable income, and a low debt-to-income ratio. Lenders may also require a down payment and proof of insurance.
What are the requirements for obtaining a car loan for 2000?
To obtain a car loan for 2000, you typically need to have a good credit score, stable income, and a low debt-to-income ratio. Lenders may also require a down payment and proof of insurance.
What are the requirements for obtaining a car loan of 2000?
To obtain a car loan of 2000, you typically need to have a good credit score, stable income, and a low debt-to-income ratio. Lenders may also require a down payment and proof of insurance.
If you cosign your son's car loan must you be named on the 'pink slip' and if so do you need to be named for insurance purposes?
This may depend on the lenders requirements. I would want to be on the "pink slip" if I was on the loan. Just in case.........
How do you find out if insurance will pay the car off if your spouse dies?
It is unlikely that a car loan has death benefits stipulations included. The best option is to contact the insurer and the lender ask about the terms of the loan agreement and the insurance policy. Or simply read the original agreement made with the lender and your auto insurance policy. Actually, it's not at all unusual for a car loan to have Credit Life and Disability attached. The lenders make a lot of money on these policies and I have never gotten a loan where this was not offered.
