car insurance cancelled on a financed vehicle in massachusetts?

  • Thread starter Thread starter ajoy
  • Start date Start date
A

ajoy

Guest
my car insurance was cancelled today on a financed car through the bank. how soon will my bank be notifiieid that i have no car insurance, can they take my car away. i will be making my car insurance payment on my new policy on december 10th.. so i will have no insurance for approx 10 days.
 
When the policy was canceled, the insurance company notified the finance company. It may then take them a couple days to get ahold of you, but expect a phone call soon. Certainly an urgent notice in the mail within the next couple of days. If you don't have insurance on a vehicle that's financed, the finance company can call the loan due and payable immediately, if that's in the fine print in your contract. But, you may be able to talk your way into them letting you slide until the 10th.

However, if anything happens to that vehicle (wrecked, stolen, whatever) before you get the insurance, you're liable for it. And, unless you have the cash to pay back the loan, or fix or replace the vehicle, you'll then probably be looking at the loan being called due and payable. You'll then have to work out some kind of repayment plan that will probably mess up your credit rating. So, good luck buying another car for a while.
 
Back
Top