WHEN A CAR HAS NO INSURANCE AND IT IS STOLEN WHAT HAPPENS TO THE TITLE OF THE CAR
2007-11-09 12:40:33 · 7 answers · asked by SUPAVIP 1 in Cars & Transportation ➔ Insurance & Registration
The bank keeps it. Then they go through the reposession process, so if it ever turns up they have clear and full title to it. Unless, of course, you keep making your payments. If you keep making your payments, when it's paid off the bank will release it to you.
2007-11-09 13:55:19 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
If you own the car, the title is yours. If the Bank owns the car, (you are making car loan payments) the title belongs to the bank. Until the car is recovered, you will make the payments or you will be in default. If the Insurance company pays, they pay the title holder the estimated actual value of the car. You may still have some payments to make if the settlement does not satisfy the loan agreement.
2007-11-09 12:47:10 · answer #2 · answered by ToolManJobber 6 · 1⤊ 0⤋
If the bank had the title, that means the car is financed. If the car is financed, that means you were required to keep full coverage insurance on it with the bank named as the payee in the case of loss. If you didn't keep insurance on it, you keep making your payments. When the final payment is made, they will send you the title and you can do whatever you would like with it.
I'm surprised the bank didn't put insurance on it and bill you for that.
2007-11-09 13:48:38 · answer #3 · answered by oklatom 7 · 1⤊ 0⤋
The bank comes after the person who should have maintained insurance "full coverage" You are still responsible for the car payments until you have paid off the car loan. SORRY when you get done you have title to that stripped out hulk that was set on fire to hide the finger prints of the engine and transmission removal... Want to buy a set of seats cheep?
2007-11-09 12:48:36 · answer #4 · answered by John Paul 7 · 1⤊ 0⤋
Just a guess, but I think the bank will STILL WANT THEIR MONEY.
So since you didn't keep up on the insurance, you will now continue to pay for the car.
Maybe you will get lucky and the cops will find it.
2007-11-09 12:46:58 · answer #5 · answered by Anonymous · 3⤊ 0⤋
bank can not keep title with out insurance.
IF or BUT happens
'titleholders can bear the loss.
2007-11-09 13:44:11 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it goes to your insurance comp then they write it off as a loss and its tossed out..
2007-11-09 12:45:18 · answer #7 · answered by Anonymous · 1⤊ 0⤋