In many cases you would still be covered, but not usually for the amount by which your loan is in default and not for any extra charges and interest applicable to that default amount.
Does GAP Insurance cover uninsured vehicles in a wreck?
If the lender has compelled insurance on a loan does it cover you if you get stopped?
Can a repo order be sent if the loan is not in default but you have no comprehensive and collision insurance?
What can you do if your car is stolen and you still have a loan on the car but your insurance does not cover theft and they recover your car totaled?
YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also..
You should have had total coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn’t that expensive and would have covered theft.
If you accidentally burn your car up due to cigarette falling on floor will your insurance and GAP cover your entire loan?
Can you still get a student loan if you are in default on another loan and you just filed bankruptcy?
If your vehicle get stolen and the auto insurance pays the blue book value would the gap insurance cover the rest of the payment on your car loan and what is the limit?
When a car is under lien and stolen/wrecked, the very first payee is ALWAYS the lienholder. You will receive nothing, and the lienholder gets reimbursed for the value of the car. Any outstanding would be your debt. Most insurers make deals with Lienholders to indemnify and lodge up the loan. Not always tho’. MAKE sure to ask the Insurance company how much was paid to lienholder, and ask for proof too!
Can a loan that was defaulted on 9 years ago still be sent to a collection agency?
This must have been written by a collection agency. The statement is false if you owe a debt and never paid it you owe it for life. Wrong – you are protected according to certain state laws that limit the collection of debts except debts due the government.
You had no insurance and an uninsured driver hit you so now what should you do Will gap insurance cover?
I’m sorry to say that you are going to pay out of pocket for the harm to your car or attempt to sue the uninsured driver that hit you for the money. Gap insurance only covers the difference inbetween what you owe on the car and what your insurance paid you when your car was totalled. Since you don’t have any insurance your gap coverage is futile. Furthermore if the car wasn’t totalled in the accident then gap insurance wouldn’t come into play regardless.
If you default on your auto loan will you still owe money?
Yes. Not being able to pay a loan doesn’t absolve you from it. They may repossess the car if the situation calls for it, but you’ll still own any back payments.
How do you get another car loan or will you have to wait until the loan is closed if you have a loan on a car that was totaled and insurance and GAP insurance will pay the total loan balance?
If you are not sated by the deal you are getting for a 2nd loan on your car, attempt looking for a payday loan.
Can a creditor garnish your federal taxes to cover a defaulted car loan?
Not Unless It Was Court Ordered. Child Support & Student Loans Can Be..
If a garnishment order is sent by the courts to garnish your wages your employer will most likely obey with the order. If some nut bag creditor attempts to garnish your federal taxes it is unlikely the IRS will obey. As far as the IRS is worried is that is their money and they intend to keep it.
What does gap insurance cover?
Does gap insurance cover downpayment on a fresh vehicle?
No, GAP insurance covers the “gap” inbetween what oyu owe on the vehicle, and the vehicle’s current market value. This is only for upside down loans. For example, you owe $20,000 on a car but it’s only worth $15,000 and you total it, the insurance will only pay the $15,000 since they only go u to current market value. Without GAP, you would be stuck with the remaining $Five,000 because once you sign that contract, that loan has to be paid no matter what. GAP would take care of the $Five,000 and you would be left with $0 in the end, but you wouldn’t owe money on a car you can no longer drive either.
What is loan default?
If you don’t pay a loan when due, you default on the loan.
Does gap insurance cover the remainder of a loan from a voluntary reposession of a vehicle?
What happens when you default on your loan and the insurance company pays out on your loan?
Your car is a total loss and pay off is about half of the amount of your loan you carried some from a prior car will your GAP insurance cover the majority or all of the remaining balance of the loan?
Bottom line – read the insurance plan document you got from the company, or visit the car dealership you bought the car from and pick up a pamphlet..
Good luck to you!
Does home owners insurance cover the theft of loaned items?
Why loans are defaulted?
If you are in default on your student loan and you file taxes with your spouse can they still take your tax comebacks?
Does gap insurance cover a repossession?
If you refinance an auto loan with gap insurance within 30 days do you get a refund?
If you have Gap insurance on your loan for your vechicle do you need to still have comp and collision or can you just insure yourself?
You have gap insurance and total coverage insurance but your beau totaled your car and he is not on your insurance will your insuances still cover your car?
If you make three consecutive payments on a defaulted car loan are you still considered in default?
Can you still get federal student loans if you have defaulted on other student loans that are now deferred?
If you default on a loan and the company charges off your debt can they still sue you?
My student loans have defaulted but i am still in school what should i do?
Will gap insurance pay off the balance of your loan if your vehicle is totaled?
Can I still get help if my loans are in default?
Does gap insurance cover theft?
If you total your car after your insurance is canceled will GAP insurance still protect you?
If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void..
GAP coverage only pays in conjunction with your Auto Insurance Policy..
No Auto Insurance! No Gap Payment
Does gap insurance cover repossession in the state of NY?
Will gap insurance covers repossession in the state of FL?
Can 20 year old student loan default still be considered present default for home mortgage application?
Contact your collection company or student loan servicer and request to come in the rehabilitation program. Most people qualify, but I have seen some refused when the default is over Ten years old. In the rehabilitation program, you will need to make 9-12 on-time payments in addition to your garnishment. After the 9-12 on-time payments, they should stop the garnishment, but you will stay in a default status until your Rehabed loans are sold to a fresh lender. In the past, that was an effortless process, but in these turbulent financial times, other lenders are not buying rehabed loans. So, with this option your loans will stay in a Default status for the forseeable future. .
The 2nd way you can get out of default and have your garnishment lifted is to consolidate your loans. These days very few Federal lenders will consolidate defaulted loans and your lender will most likely not release the loan for consolidation while in a garnishment stage. The good news is, there are a few companies out there that will help you get a garnishment lifted and find a Federal lender to consolidate the loans. One good example is Default Management Services, Inc. They are the cheapest I have seen and give a 100% money back ensure on their services. You can Google the company name to get the phone #. Ask for Doug.
Does your insurance still cover you if the roads are closed?
A student loan has been in default will collection agency still garnish tax comeback?
Gap insurance is from the auto loan or your insurance on the car?
Does gap insurance cover if your behind on car payments?
If you get a loan from a credit union and they put gap insurance in it can you get a refund?
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?