by Guest » Sun Apr 01, 2012 11:30 pm
From Colorado: I am a lienholder and have been asking for over a year now that the individual to whom I sold an auto to have me listed on his insurance as the lienholder. Currently, no lienholder is listed on his insurance documents, putting me at risk for payouts to the individual without my knowledge. Can I repossess the car for lack of having this done? Please respond, this is now urgent. Concerned in Colorado.
Posted: Mon Apr 02, 2012 12:26 am Post Subject:
1) This has nothing to do with insurance and is a legal question.
2) What are the terms of the contract with the buyer?
3) Do you know who the person has insurance with? If so (and you should not have allowed the person to take the vehicle without insurance), simply call them and add yourself.
4) You've been asking for a year? I'd imagine after asking 2 or 3 times over a month that you would have moved in to the next step... not kept asking.
5) You should have the right to force place insurance on the vehicle with yourself named as the payee. You can then add this to the buyers dept. I'm guessing you added this provision in your contract?
Posted: Mon Apr 02, 2012 05:24 am Post Subject:
You cannot repossess the vehicle for lack of insurance. You can only repossess for failure to make payments on the purchase contract. If your purchase contract does not mention a requirement for insurance AND provide you with the right to apply insurance at the registered owner's expense, you are also out of luck.
The fact that you've waited a year to do something about this is evidence that you have no idea what you're doing when it comes to being a "lienholder".
Add your comment