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Message
White trash white person problem (car insurance/financing question)
Posted on 8/5/23 at 11:26 pm
Posted on 8/5/23 at 11:26 pm
Ever reduce coverage on a financed vehicle to comprehensive? I owe $12k on a 2021 car that I don’t want to pay off because 0% financing. For various reasons I want to leave it at our rental house across the country from our primary residence. My insurance agent turns on and off our various vehicles with an email. So that part is easy.
But just curious how long it’s going to take our lender to threaten to get its own insurance or call the loan. I’ll just pay it off if they do. But would be nice to slip under the radar until balance is lower.
But just curious how long it’s going to take our lender to threaten to get its own insurance or call the loan. I’ll just pay it off if they do. But would be nice to slip under the radar until balance is lower.
This post was edited on 8/6/23 at 4:59 am
6
Posted on 8/6/23 at 10:29 am to McLemore
Probably pretty quick. Lender will get notification of a lapse in insurance and start sending forced place letters.
That being said, they aren’t nearly as on it with cars as they are homeowners insurance. I’ve had the wrong bank as a lien holder on a policy for years without anybody asking me to change it.
Worth the shot IMO. They can’t force place without proper notice to you.
That being said, they aren’t nearly as on it with cars as they are homeowners insurance. I’ve had the wrong bank as a lien holder on a policy for years without anybody asking me to change it.
Worth the shot IMO. They can’t force place without proper notice to you.
This post was edited on 8/7/23 at 10:23 am
Posted on 8/6/23 at 11:27 am to Im4datigers
Thx man.
And Wow 12 downvotes. MT has apparently gone OT.
And Wow 12 downvotes. MT has apparently gone OT.
This post was edited on 8/6/23 at 11:27 am
Posted on 8/6/23 at 11:55 am to McLemore
quote:
And Wow 12 downvotes. MT has apparently gone OT.
The MT, right or wrong, feels very strongly about contracts. When you financed your vehicle, you signed a contract saying that you would carry a certain minimum of insurance coverage for the life of the loan. What you're talking about is an intentional violation of the terms of that contract. Thus, the downvotes.
Posted on 8/6/23 at 2:44 pm to McLemore
quote:Good luck with this.
My insurance agent turns on and off our various vehicles with an email.
You get hacked or have a bad actor in your life…..
You did warn us in the OP though.
Posted on 8/6/23 at 4:16 pm to McLemore
It won't work. But, please, do it and report back with your findings.
Posted on 8/6/23 at 4:44 pm to McLemore
I’m pretty sure the insurance company will report it to the lender as soon as you cancel it and are required to do so.
Posted on 8/7/23 at 7:40 am to McLemore
So if you were paying 3% interest, paying off the note would be worth it to save the collateral insurance portion, but it's not worth paying off the balance to save the collateral at 0%?
It's an opportunity cost. Pay off the note if you want to drop the coverage.
It's an opportunity cost. Pay off the note if you want to drop the coverage.
Posted on 8/7/23 at 9:32 am to McLemore
Keep the full coverage. I wouldn't want liability only on a vehicle kept across the country. Practically every event that could go wrong won't be covered... theft, vandalism, etc.
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