I have a question, I lost my insurance on my xA because the payment on it arrived late so they cancelled my policy. I found a cheaper insurrance and gonna go with them but it won't be for another month. I have the car in a locked garage off the street but will TFS try to repo the car behind this? I tried to call them but I get left on hold all the time.

And another thing, can I keep financing the car without insurance eventhough I decide to keep it in storage for a while?

 

if theres a lien on it, most banks and lenders require full coverage at all times, even if your not going to drive it.

 

Who's gonna tell them?

 

the insurance company most likely, when you get insurance they ask if theres a lien, and they get the lien info. im pretty sure if theres a cancelation of coverage or anything they mail out a letter.

and the lender probably periodically checks with the insurance company to make sure you have the required coverage

 

and i may be wrong but i believe if they find out its not covered they insure it for you and just add it to the amount you owe them. and it will most likely cost you more than if you insured it. the lender isnt concerned with the lowest cost coverage, bcause they will just add whatever it costs to your loan and make more money off you

 

Sounds reasonable. Just was'nt sure. Seems like he will only have it uninsured for a few weeks

 

also uninsured is just a real bad idea, theres always the chance of something. what if someone broke into your garage and stole it, youd be screwed. or if there was a fire, tree fell on garage and crushed your vehicle, and such n such.

 

TFS won't find out about it. They tell you that you are required to have full coverage, but they never check. You can actually cancle all but liability, you'll just be stuck with a very large bill if the car ever got totaled.

 

al_dates

I noticed that you live in New York. You have to turn in your license plates if you don't have insurance. The insurance company will notify NY that you don't have insurance and you WILL get a one day suspention of your registration for every day you have the license plates without insurance. You can turn in your plates and get new ones after you get insurance again.

 

Most insurers can insure you the instant you apply. Why the month delay?

 

that's gotta suck

and florence scion is right alot of my friends get rid of full coverage after awhile cuz they cannot afford it. they've yet to get in trouble , not that i'm gonna do it , just stating.

 

Thanks for the help guys, Florence Scion I did not know all that about TFS, I remember I had to sign a promissory paper to keep the car insured. Looks like repo is the last of my worries




I know about that. It's suspended for each day if you don't turn in the plates, but New York lets you keep the plates if you pay the Civil Penalty of $8.00 a day until you get insured again but not past 90 days or your suspended indefinitely. I would have turned in the plates but Im out of days off at work for now and NYS DMV is a biatch. Trust me, I rather pay the $89.50 to re-register the car than the $120.00 for me keeping the plates the time the car is uninsured.