If the loans are paid in utter and you have received the title(s) from the lenders, then it is totally your decision of what amount of coverage to have. Reminisce, it is now your vehicle 100%. If you can afford the higher coverage why not better protect yourself, family and vehicle? Check other agencies for same coverage but lower rates. Cleaning up your credit may even lower your insurance rates.
Do all financed cars in NJ need to have utter coverage insurance even if not driven?
Most finance companies would be able to response this for you. It will vary depending on the banking institution. Total coverage is a general assumption that you are covered meaning what you are “liable” for if you were sued because of negligence in addition to having Collision and Comphrehensive coverages. This means that you would have Bodily Injury Liability, Property Harm Liability and your damamges caused by you to the vehicle and by acts of GOD are covered. I personally think to have a car without utter coverage is crazy even if it just sits in the yard or garage. It has been known for cars to be stolen while in a place too long. If you did not have comphrehensive then you are stuk with a loan and no car. Also there have been instances where kids or teenagers go into other peoples yards and sit around cars and hurt themselves acting like teenagers and you can be sued for Personaly Injury. These are two examples of cars that will get little or no use yet YOU could be held LIABLE for everything that happens. Do you have the money it takes to pay off a law suit? If so then No you can most likely afford not to get Utter coverage. Otherwise you will liberate your home and cars to pay for a lawsuit. Good Luck!
Does it still hurt your credit if your car was repossessed but you then paid off the loan in utter?
Yes – but before you pay it off in utter you can attempt get the finanance company to switch what it says on your credit bureau by holding the payoff money up in their face – I would get any promises in writing.After you pay it off – your credit bureau says Repoed then paid off. It could look to another lender like it was paid off by the old company selling the car and you could get no credit for paying it off at all. I bought a 2002 ford concentrate a duo years ago, i had no credit cause i was only Eighteen years old. I ultimately got approved through ford motor credit and about six or so months ago the car out of no where just broke. I pulled over and looked back all i seen was oil and the repair shop said it was a possible bad motor. I have had nothing but problems with the car the entire time i have had it (cracked seat belt, cig lighter, ect.) it was just out of warranty so i was pretty much stuck inbetween a rock and a hard place. I determined just to have the car towed to the dealership and tell them i didn’t want the car because i didn’t have the money to get it stationary and what not. I then bought another vechile from a lady my dad knew and i made little payments til i paid it off and i heard nothing about my car. A duo weeks ago ford motor credit calls and i picked up they say i owe about 3600 and i told them i didn’t have that kind of money and no one i knew did either. The lady said i could make a big settlement and take 40 percent off that price to make it 2400 but that still didn’t fit in my budget at all. I asked if i could save up and make the 2400 payment they said no. They said i could pay 150 towards the 3600 and when i desired to lodge pay have of what i still owe. That sounded decent. I talked to my friend who is a bit older then me and has had this similar situation happen to him. He told me he didn’t pay them a dime back and no matter what my credit is gonna be screwed up for a long time so don’t bother paying them back. The ford person said after my credit would be better, so i am not sure what i should indeed do. Would it be worth paying them or just telling leave behind you guys you have the car it broke whatever? And boths ways how would my credit look if i did pay or didn’t pay? To anyone who replies i thank you very much and appreciate your help i have to the 15th of July to determine. HiI hope I can help you…..The same thing happen to me….I found out that the repo was hurting my credit. I waited three years before I contacted the collection. Six months after I made a settlement on the repo. (Lodge for 3000.00, repo was 6100.00) In the mean while I open a secured credit card and a unsecured card. Six months later my creit score hop and it is improving…. One thing to recall is that a collection is a collection , charge off is a charge off and a repo is a repo. Paying these off does not improve your credit and in some case it can hurt because the date of last activity will refresh for every payment is made. The best thing to do is ask for a pay for deletion. Get it in writing and send all correspondence by certified come back receipt and save all green cards you get back. Always reminisce, that when dealying with these types of issues you need to have the following thought process – if it is not in writing , it is a lie. With out written agreement, they can say they never agreed to what ever and then it is their word against yours. With the writing, you have proof and then can have it enforced in court if needed. Good luck to you
If a car was repossessed and the loan was instantly paid off how do you get the repossession off of your credit report?
Getting it off SHOULD have been part of the deal when you paid it off. that’s when you had the most leverage with the lender who put it on there. Now…. contact an attorney buy your chances are slender. The repo was a fact, not an error that can be corrected. Good Luck
What happens if you unknowingly bought a car that had a loan on it and the loan is not paid off can they repossess the car?
YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and getyour money back while you have a chance..
How do you get the title to a vehicle that is paid in total but the bank won’t release because of a separate loan still outstanding.the other car was stolen and the ins was paid it off?
You pay off the OTHER loan…….that was the banks idea when they connected the two together…..
If you have total coverage and total your car will the insurance pay for another car even tho’ the one you crashed wasn’t paid off yet?
noNo, the insurance company has a responsibility to the lienholder very first, then you get the balance of the settlement based on the local market value of your car. Insurance companies are not responsible for purchasing you a fresh car and the settlement is based on the value of the car you had an accident in. The settlement is not based on what it will cost to buy another vehicle.
If your daughter has total coverage on her car and loans it to you is the car covered should an accident occur while you are driving it?
It depends, if the policy is a named driver policy and you are not listed as a driver then no you are not covered.
Can you get a car loan for 28000 with a credit score of 562 and three collection accounts in your report if you have paid off the collection accounts in total Four months ago?
It is truly hard to say for sure whether you would or would not. And, it’s actually against federal law for a loan officer to reaction this question without a “we will need to just apply and find out.” However, even however you have a few dings on your credit and not the best credit score, I’m sure there is some companies out there willing to help you. The question you have to ask yourself is how much are you willing to pay? You might end up with a 15+% car loan – which is not something you want. Anything over 10%, in my opinion, is too much to pay for a loan lasting more than a year.
How old does a car need to be to not require total coverage in Fresh Jersey?
Let begin assuming by utter coverage you mean Comprehensive and Collision coverage is included on the policy. Comprehensive and Collision coverage is always optional no matter how old or fresh the car may be if you have the title to the car. If you don’t have title, meaning it is financed or leased, then your lender most likely will require that you keep Comprehensive and Collision coverage. The decision to have or not have Comphrensive or Collision is a private one that needs to be based on the value of the car and how much you will have to pay for the Comp and Coll premiums. You also have the choice of just deleting Coll. but keep the Comp. By doing this you would reduce your premiums but still keep coverage for harm covered by Comp. Also consider adding Uninsured Motorist Property Harm if you drop the Coll. By doing this you think that because you are a good driver and unlikely to be the cause of the accident you retain coverage for things that are out of your control and save money at the same time.
If someone cosigns on an auto loan and you want to sell the car before it is paid off does the cosigner need to be a part of the sale?
You can as long as the title says:(example) John Doe or Jane Doe, if it says John Doe and Jane Doe then the cobuyer has to be a part of the sale.
Would a car with total coverage belonging to someone else be paid off if it was totaled in a single car accident when the driver was a non-inssured non licensed driver?
If the person driving the car was not officially excluded in writing from the policy and had permission or a reasonable belief that they had permission to use the vehicle then most if not all of the provisions of the policy would apply for the possessor of the vehicle.
Can your car be repossessed when you have paid off the loan but have not received the title?
Most states have a law that requires that the title be sent within Trio, Ten or 30 days of final payment being made. The law usually doesn’t have much in the way of teeth, so you may need to remind the lending institution that the loan has been paid and that you want the title. After you have requested the title the lending institution may be in default and you may have recourse, depending again on your state and the laws that regulate title loans.
What can the lender do to you if the loan is not paid in utter when the car is repossessed and sold and a balance is stll owed?
They will attempt to collect the balance themselves or sell it to a collection agency or seek a judgment thru the courts. ResponseIt’s called a deficiency. Google it and you can read more about the specifics and local laws that apply in your area. ResponseGenerally, they usually attempt and get you to come in and pay it off. If they can’t, then they usually either proceed with legal act or charge it off. If they take legal activity, you may lose and owe attn’y fees as well. In the end, if found responsible, you will have a judgment placed on you and they can garnish wages, tax refunds or any income you receive. A judge could also order you to sell other property to pay it off (in extreme cases). Bottom line, it’s always just lighter to pay off the loan.
Can you sell your car before the loan is paid off?
Yes. Be sure the buyer knows that the title is not free and clear. When they pay you, pay off the loan, wait for the title, and sign it over to the buyer. Don’t arm over the keys until they have the title. You can give them a bill of sale as a receipt that they paid, but that is all they get until the title arrives. You are liable for their injury if they get into an accident before you sign the title over to them. You will have to pay off the loan or have the loan assumed. You wont be able to sign over the title since the loan company holds it until you have paid off the loan. If the loan was a individual loan you have the right to sell the vehicle whenever you like however you will still need to make payments or lodge the outstanding balance. If the loan was secured against the vehicle you will nedd to arrange with the finance company to lodge the balance before tittle is passed over.
If you have utter coverage and total the car will you get enough insurance money to buy another car if it is not paid for?
NADA Blue Book Guide .
Go to the NADA book to determine the retail value of your vehicle. This is about all you can expect to receive. You can go to www.nada.com and get the low retail value of your car. Ask the payoff amount on the car. The difference is about what you will have to work with..
Two-part response .
I think there are two parts to your question. Very first is the value. In a ideal world you should get enough money to substitute the car with a similar one without paying any more than you get from the insurance company. Very often you will get something less. You can dispute the claim amount if you think it is too low, but you must have some basis for your amount. Low settlement amounts are common when a car has unusually low mileage, is in especially good condition, or has had restoration work done to it. In addition to the source above, look in your local papers and see whether you can substantiate a higher price..
The 2nd part is your loan balance, which remains your obligation regardless of the payoff amount on the claim. Let’s say you put $Four,000 down on a $20,000 vehicle that you wreck six months later. If you still owe, say, $15,000 on the vehicle and the book value is, say, $17,000, then the finance company gets 15 thousand and you are left with just two thousand. Things get truly crappy when the book value of the car is less than what’s owed on the loan. In that situation, you are on the hook for the difference. So, not only will you not have money to buy another vehicle, you are now in the crevice..
Almost Certainly NotThe insurance company will pay the Blue Book trade-in value less your deductible. Since the bank has a lien, they will get their share very first and fairly often that leaves the proprietor with little, nothing, or still owing the bank. And, of course you will pay Blue Book retail for the replacement. The chances of even getting enough for a downpayment that will permit you to finance the same amount you owed on the old car are slender.
Do you have to have utter coverage on a car if you get a loan for it?
Most lenders require that and include that requirement in the loan agreement papers that you signed. Failure to keep the insurance current can result in either lender initiated insurance which will be far more expensive and won’t cover liability, or it can result in the loan being “called in” and the car sold at auction. Check your contract to determine which option the bank selected. The lender is watching out for himself in these situations and, this is not to protect you interests. What should have been added tho’ was that if the vehicle is “called in” and sold at auction, you are responsible for the difference of what was obtained at auction and what you owe on the car. Let’s say at auction they get $700 at the auction for the car, and you owe $Four,000 on it, you are responsible for the $Trio,300.00 and whatever fees are associated with the sale. You are best off for your interest to carry total coverage.
If a car is repossessed does the loan still have to be paid off?
Yes. The car will be sold at a public auction and the borrowers will be responsible for any difference inbetween the selling price and the loan balance plus the allowable repossession and other fees. The lender is legally required to make a reasonable attempt to get the fair market value of the vehicle, unluckily this does not always happen and that sometimes leaves the borrowers with a substantial amount of debt to repay.
If your car was repossessed and you paid the loan off do you get the title?
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
How do you report a paid off car loan if company did not report?
You need to obtain a copy of the letter stating that the loan id paid in utter and just demonstrate that to them. If they are still telling you that nothing was reported pull a copy of your credit report to be on the safe side. If nothing’s on your credit credit and it is still holding you back from getting something else that requires your credit to be checked than contact the Credit agency.
Is utter coverage insurance on a used car needed?
if you want coverage on ‘that’ vehicle yes…rule of thumb i always use is can i substitute this car without much trouble should it total? 2500.00 car yes, i could, 10k car, no i couldn’t…….and i weigh the cost of the premium for the collision and comp coverage on that vehicle…do coll and comp cost me 500 a year? well, in less than four years (due to depreciation) I’ve spent again what that 2500 car cost me……see?
Do you need to be on the insurance for a car you cosigned for if the other cosigner has utter coverage?
If the vehicle is insured and you do not ever drive it you wouldn’t be required to be listed on the policy as a driver. Most companys however may want all ‘owners’ listed, for numerous reasons.
Can a car be sold if the loan is not paid off?
You can sell the car but the balance of the loan must be paid at that time. At the time of the sale when you know you will be receiving funds, call the bank and ask them for a “10-day payoff” this is the amount owed to pay off the loan Ten days from now. Once you sign the title over to the buyer and receive the money, You are obligated to pay off the car at your bank. You want them to get the money within Ten days so you don’t end up owing more than the “Ten day payoff” you requested. Interest accumulates daily so that’s not a big deal anyway. If you do not pay the car off at the bank, when the person attempts to title the car in their name, it will come up as “Lien not pleased” in the states’ database and they will not be able to register the car in their name.
Creditor is not reporting a car loan that is paid in total to bureaus How can you request this?
I just did this on my own crdit report. Just go to each of the credit bureaus, open a free investigation regarding the closed nature of the car loan and the fact that it remains “open” in their report. They will investigate and should convert the open account to a “paid and closed”.
If you are in a car accident and the car is totaled does your car loan get paid off through insurance?
Not unless you have the fresh option in insurance of the fresh car replacement. If your car is totaled, you will be paid the Blue Book price for your vehicle. This sum is the amount your vehicle is worth at this time. Any amount over this sum that is still owed to a car loan is still due.
Do you need total coverage insurance if your car is Five years old?
Utter coverage requirements have nothing to do with the age of thecar. If you still make payments on the car then you still have tohave total coverage. If you own the car outright, then you do nothave to have it.
Can i take a loan against my car that is paid off?
Yes you can. .
Many credit unions and puny banks will suggest a secured loan for a vehicle that does not have a lien. Expect to pay higher interest for this type of loan..
If you get an auto loan from the bank do you need total coverage?
Yeah. You need to protect their investment until you pay them off. If you don’t have utter cverage; you alone are assuming the total responsibility for the remaining balance if the car is totaed; stolen; or otherwise becomes undrivable because of an accident.
If loan was paid in total prior to foreclosure. how do i get it off of my credit report?
If the Foreclosure proceeding had already begun it will remain on the credit and should showcase a zero balance. But it will proceed to showcase the Foreclosure was in effect at that time. If it is still displaying a balance contact the credit bureau to have the information updated. You must have proof in forearm.
Do you get interest paid back from the bank on a car loan that was totaled and paid off early?
No. What happens is that the lender will take your payments and use them to pay off the interest you owe on the loan each month. Any amount left over is used to reduce the principal you owe on the loan. When the loan is paid off in total for whatever reason, the amount that needs to be paid is the principal remaining plus interest for the current month so far. If your car is totaled and paid off three years into the loan, the interest you’ve already paid was to borrow the money for three years. Since youdidborrow the money for those three years, you don’t get any of the interest back.
Ive lost contact with my father co-signer and need him off the title Is it possible to do so without him The loan has been paid in utter but both our names are on the title.?
Talk to your bank! I had my dad as a co-signer on my truck. I traded it in for a newer one and when I did that I put the loan under just my name
If a car is repossessed does the car loan have to be paid off?
Well, that all depends on who is taking the car and why. If the bank that financed the car has repossessed it, then maybe…maybe not: It all depends on how much the sale of the item brings. The proceeds will not only have to be enough to cover the loan, but the costs incurred to recover, store, and sell the vehicle. Odds are, that given the rate at which cars depreciate; no. I am hesitant whether the lien holder can then go after a deficiency judgment for the amount still owed, but very likely (depends on laws in your state very likely). As to some other entity seizing your car, like in satisfying a judgment…. In Louisiana if the lien holder, or superior creditor, asserts their rights prior to the sale, the sheriff is required to disperse the proceeds very first to them and then to the subsequent creditors. If you owe fairly a lot on the car, the judgment creditor must determine if they think the item will sell for enough money to please the very first superior lien, the sheriff’s fees, and still get enough to make it worth their while.
My car loan is paid in total how can I have the co signer eliminated from the title in the state of Ohio?
go to the bank or wher ever you got your loan have them sign off the title then go to the bmv and submit the title and it should come back with out the lien holder and cosigner on it
If your car is paid in total do you need utter coverage insurance?
No. But in most states you are still required to have liability insurance to cover the costs of any damages you may cause to others if you are at fault in an accident.
When a car loan is paid off how long does the loan co have to send you the title in California?
Check with your lender – I earnestly doubt that there is any codified law governing this question.
Can you get total coverage in a salvage car?
Yes you can. To add to the response yes you can, it comes with a caveat. A vehicle with a branded title is worth 35% less than that of a non-branded title as it relates to fair market value. So, if you have a comprehensive or collision claim, it must be realized that the car does not have the same value as a vehicle with without a branded title. These vehicles are more apt to go total in the event of the claim. The insurance company only has to make you entire and not better you.
If you paid off the charged off auto loan can you get the title for the car?
Not necessarily. In this state certain legal work and a bill of sale must be packed out precisely and correctly. You must get legal proof you paid off the loan. Certain taxes must be paid. After you have leaped through all the required legal hoops, then you can get the title. Improvised tags exist to demonstrate you have met all requirements but are waiting for the title.
Private seller has title of used car that is being paid for by buyer does the buyer have to get total coverage insurance to register the car and get a tag for the car?
In my state you only need to have Liability insurance the get a title and register the vehicle. If, however you have a loan on the car the lender will require you to have utter coverage.
Do you need to put utter coverage on eight year old car?
If the car still has some value them you may want to. If it is 2000 dollars a year for the coverage and it is a 2000 dollar car, then you may not need to.
How much coverage is required after your car is paid in total?
Usually your finance company will require that you have comprehensive and collision coverage. If there is no longer any liens in the car, then you may be able to eliminate these coverages.
What if car is stolen and you have utter coverage?
After making a police report, contact your insurance companies claims department right away and report the theftIf you have comprehensive coverage on that vehicle, then your loss will be covered under your policy. If you have rental car coverage then the Insurance Company will also pay for a makeshift rental car for you to drive. It just depends how much insurance you bought. For vehicle theft claims, It is customary for the Insurance Company to wait a brief time to see if your stolen vehicle is recovered for you by authorities.
Do you need a loan if a friend is providing you a car not fully paid for?
no you have still have to pay for your car that’s what i had to do x
What happens when your loan is not paid off and you still have the car?
You can still have it ,but you will be paying strenuously for it and have no resale value for it.
Who needs utter coverage car insurance?
People who need utter coverage car insurance include those who use their cars often. So, that includes people who go to work early, and often, people who attend university and use their car as a form of transit or even if you need to go to a friends house every week.
What if the car loan is paid off?
Why is HSBC holding my car title that was used as collateral in 1997 with Beneficial Mortgage of Ohio and the loan was paid off in 1998. Now I just bought a brand fresh car and my 30 day tags are about to expire in Trio days. I think somebody screwed up on the paperwork. Because the car was not used as collateral on the loan in 1999.
How come if you have utter coverage insurance and you were rear ended is the insurance companies not paying your loan off in total?
If another car crashes into the rear of your car, the other driver is 100% at fault under the laws in most countries. This should not matter in your insurance policy as the other driver or their insurance will have to pay for it. In some countries ‘total cover’ does not give you cover if you rear-end another car. If this is what you mean, then it is because it is usually an act of negligence rather than mistake.
How do you get utter coverage car insurance?
In order for one to acquire total coverage car insurance on their automobile, one must accomplish a series of tasks. Step One: Purchase a Vehicle. Step Two: Call Progressive, where i can assist you in choosing what is right for you. Step Three: Avoid taking left turns on your way to work. Left turns are statistically more common for provoking Silverback Gorilla attack. Step Four: Request Total Coverage Insurance when you consult your Progressive agent. I hope i have assisted you in your process. Flo Progressive Sales Agent
What if you have a car loan and have an accident and bank or insurance didn’t make sure you had utter coverage?
When a person finances a car, proof of insurance is required, a buyer has about24 hours to let his insurance company know about his car. In the event thatcar buyer stops making insurance payments the finance company is almostinstantly notified and your car finance agreement charges the buyera higher monthly payment for “single interest” insurance. That is where thefinance company is reimbursed if vehicle is bruised, to protect their interestsbut not the buyer’s. They can then at least get it motionless, and sell to someonehopefully more responsible. They have this stuff all figured out.
Do you have a right to pay off your loan in utter when car is repoed?
Up to the lienholder but once you default they are entitled to the security and there are expenses involved as well to resell depending on who, amount, value of car and how far along they are in that process will determine it for them. Obviously they will cut their losses as much as they can.
Does having total coverage auto insurance in MI mean if my car is totaled and I wasn’t at fault the car will be paid off?
Firstly, there is no such thing as total coverage auto insurance. This is just a term that developed over time to mean whether or not you wished physical harm coverage on your vehicle or not. Secondly, if you have physical harm coverage this has nothing to do with what you owe on your vehicle. the physical harm section of an auto policy says that the insurance company has the option to repair, substitute, or pay the actual cash value of your vehicle. I suggest if you purchase a fresh vehicle to consult your agent about GAP coverage which will pay the difference inbetween the ACV of your vehicle and the amount owed. Never purchase this from the dealer and it will cost you several times what you can get it from your insurance company for.
Can a loan company put a lien on your car if its not paid off?
If the vehicle was put as collateral for the loan, there already isa lien on it.