PlantersCa
Weird/awful situation. Co-signed on car loan with a longtime "friend" when he broke off and started his own business. His business tanked, as did his personal life. Lost his job, his business, everything. He's now about a year behind in payments, and the bank is coming after me. Since it's destroying my credit (and life), I'm paying off the loan. The bad news continues. Apparently he loaned the car to his brother, that has disappered and isn't returning it, and the car is nowhere to be found. So now I own nothing. Worse, I'm terrified that whoever has the car could wreck it, and I'm liable. So now I have to get insurance, for a car I don't have possession of, and report it stolen. Who in the world would ever insure me????
Help! What do I do???????
Answer
I doubt that reporting the car stolen would work due to the circumstances. It won't hurt to speak with the cops though. Whose name is listed as an owner of this car? Don't let anyone tell you that you cannot insure this car. Since you have an insurable interest in the car, you should have no trouble insuring it. See below:
"An insurable interest means that the policy holder (or the beneficiary) must stand to suffer a direct financial loss if the event (against which the insurance cover was bought) does occur":.
What do you do from now on? That should be obvious. N E V E R N E V E R be a co-signer on a loan..... NEVER !
I doubt that reporting the car stolen would work due to the circumstances. It won't hurt to speak with the cops though. Whose name is listed as an owner of this car? Don't let anyone tell you that you cannot insure this car. Since you have an insurable interest in the car, you should have no trouble insuring it. See below:
"An insurable interest means that the policy holder (or the beneficiary) must stand to suffer a direct financial loss if the event (against which the insurance cover was bought) does occur":.
What do you do from now on? That should be obvious. N E V E R N E V E R be a co-signer on a loan..... NEVER !
car insurance???
k
damn. i hit a car this morning. a brand spankin new one. i made a dent on the front bumper. I'm 21 and fortunately pay 50 bucks a month for full coverage insurance. does anyone know how much i will end up having to pay now??? she told me the damage was worth 1K+
some one give me good news :) I'm a hopeful girl.
Answer
The good news is that
1) Call your insurance... they will take care of reporting the accident and all the paperwork. You will need to give them a statement.
2) WIth full coverage, any damage to your car will be covered less your deductible. Any damage to the other persons car will be covered.
3) Minor downside is that if you have had other accidents, your premium may go up next year.
is that good news or not?
.
The good news is that
1) Call your insurance... they will take care of reporting the accident and all the paperwork. You will need to give them a statement.
2) WIth full coverage, any damage to your car will be covered less your deductible. Any damage to the other persons car will be covered.
3) Minor downside is that if you have had other accidents, your premium may go up next year.
is that good news or not?
.
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