Need car insurance help!?

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 !

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?

.

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What is an example of an illegal car mod?

car news report image

mustangcra

I was watching a local news report on street racing and the cops found a bunch of different street racers were illegal car mods. Can you give me a few examples? I cannot even guess what would be illegal and why?

Answer
Each state is so different then others. Have to check your local laws but can be but not limited to

No catalic converter(s)
To loud exaust
Removing Smog pumps
Car to low to the ground
Lights under the car while driving
Neon rings around the headlights
Neon lights inside while driving
Running Nos on the street
Not using DOT approved tires OR Rims

List can go on and on

What type of Power of Attorney is standard or acceptable for a car loan?

Geek with

I am refinancing a car loan. The lender is requiring me to sign a Power of Attorney that allows full unrestricted rights to sell the car and collect the proceeds without any stipulations. I don't recall ever signing something so broad before when getting a car loan (but this is the first time I have tried to refinance). I attempted to at least write a note on the document that stipulated the purpose of the POA (i.e. did not change the the rights granted but at least documented the reason for it). They rejected that and want a new one that gives them unrestricted rights.

Is that standard thing (I live in Texas)? This is a reputable company, one we have borrowed from before. Can somebody point me to some authoritative reference that describes what is standard and non-standard for this type of loan? I don't want to be paranoid but we have all heard the news reports of "reputable" companies doing unscrupulous things when borrowers were least expecting it.

Thanks in advance.

Answer
Basically, they could just sell the car out from under you without any notice, even if you're still making your payments on time? I'm not sure if it's standard, but I would not sign that...

I'd look into selling the car and buying something cheaper.

Powered by Yahoo! Answers

What is an example of an illegal car mod?

car news report image

mustangcra

I was watching a local news report on street racing and the cops found a bunch of different street racers were illegal car mods. Can you give me a few examples? I cannot even guess what would be illegal and why?

Answer
Each state is so different then others. Have to check your local laws but can be but not limited to

No catalic converter(s)
To loud exaust
Removing Smog pumps
Car to low to the ground
Lights under the car while driving
Neon rings around the headlights
Neon lights inside while driving
Running Nos on the street
Not using DOT approved tires OR Rims

List can go on and on

What type of Power of Attorney is standard or acceptable for a car loan?

Geek with

I am refinancing a car loan. The lender is requiring me to sign a Power of Attorney that allows full unrestricted rights to sell the car and collect the proceeds without any stipulations. I don't recall ever signing something so broad before when getting a car loan (but this is the first time I have tried to refinance). I attempted to at least write a note on the document that stipulated the purpose of the POA (i.e. did not change the the rights granted but at least documented the reason for it). They rejected that and want a new one that gives them unrestricted rights.

Is that standard thing (I live in Texas)? This is a reputable company, one we have borrowed from before. Can somebody point me to some authoritative reference that describes what is standard and non-standard for this type of loan? I don't want to be paranoid but we have all heard the news reports of "reputable" companies doing unscrupulous things when borrowers were least expecting it.

Thanks in advance.

Answer
Basically, they could just sell the car out from under you without any notice, even if you're still making your payments on time? I'm not sure if it's standard, but I would not sign that...

I'd look into selling the car and buying something cheaper.

Powered by Yahoo! Answers