My daughter had a loan on a car and after her grandma moved to another state ( the grandma was carring her on her ins policy as a rider) she lost her insurance and the bank put a liability policy on the car and now the car has been stolen does my daughter still have to continue to pay for the car or will the banks liability ins pay for it and she doesn'rt owe anything else on the car?
2007-12-19 14:28:20 · 3 answers · asked by bresbailey 1 in Cars & Transportation ➔ Other - Cars & Transportation
Liability only covers if someone else is injured. not theft coverage at all. yes she will have to pay for the car.
2007-12-19 14:30:44 · answer #1 · answered by Aloha_Ann 7 · 1⤊ 0⤋
Yup, this will be a very valuable lesson in responsibility. The bank covered itself for liability and your daughter will learn how ignorant it is not to buy car insurance.
2007-12-19 16:25:55 · answer #2 · answered by G T 6 · 0⤊ 0⤋
Not sure what happens if the car is NEVER recovered?
But if the car is recovered they will assign it a value. (Even if it's mostly wrecked or stripped) I.E., if the loan is for $10,000 and THEIR appraiser decides that stripped down car is still worth $2,000? Then your dtr would be expected to pay that $2,000. [That's what happrened to me.] Be prepared: the banks are very aggressive and very savvy about this. If they can squeeze blood out of a turnip, they will. They won't cut you any slack, especially as we are headed into a Bush-led recession. :( Good luck!
2007-12-19 14:40:19 · answer #3 · answered by jbloor@att.net 5 · 1⤊ 1⤋