Auto loan/insurance questions.

[JoshieDoom]

A. In Kentucky is it required that if you have an autoloan out that you must have full coverage?


Reason is my gfs parents are feeding the poor girl a web of tangled lies about insurance and other BS and I keep catching them in lies. She wants to pay off her moms loan on her car(what is left) and trade it in on a 00 'bird and start making the payments herself on whatever is left. My bank in the same town(200 feet away.. not kidding) told me its required to have full coverage in kentucky on an auto lien. I was going through all her stuff and found out she has liability only... heres the biggie(why im mad) She told her that she cant sell her car for 5 years as part as a stint on the lien..

So next time its open were going to the bank.. seeing how much is left on the loan.. seeing what the real deal is.. and going and hopefully getting the bird..

Why would you lie to your kid that pays for everything and had a job since 15, when you yourself havent worked in over 10 years and suck off the government.

lots of comments. opinions and everything wanted on this...

[Tide]

Doesn't matter where you are. If you have a lien on a vehicle, insurance is required. Reason being, if you wreck it, they want their money. Insurance will pay off the vehicle, then if need be, come after you for any overage (i.e. if more is owed than the car is actually worth).

Edit: Also, there's not normally a penalty for pay off on any loan these days, unless the loan was originated through a section 8 lender. In which case, she's probably getting drilled for 20plus percent interest. It's still rare though. If she sells it and gets enough money to pay off the loan, the loan company doesnt care as long as they get their share (the principle).

[JoshieDoom]

Im going to the bank and showing it has liability only... to ruin their month

[nitrox28]

It is required to have full coverage insurance if you are financing a vehicle in this state.

[The_Wretched]

Full coverage is a must on Lease/Loan vehicles. No exceptions. Unless you are one dumb box of rocks...

[Smkn_TA]

No bank will allow you to take an auto loan without full coverage. In fact you have to show proof of it to the bank at some point, so she must have switched it over to liability after the fact.

[txz28]

an old coe worker of mine didnt have full coverage on his loan but he did pay the bank a lil more each month on his note i forgot what he called it but the bank offered it so long story short he only had liability. but like i said he had to pay a lil extra each month on his notes

[Tide]

Im going to the bank and showing it has liability only... to ruin their month

It won't run their month.

They will ruin your year.

Showing them (if they find out) that you only have liability insurance is a bad (read: incredibly stupid) idea. They have every right to take insurance out on the vehicle and tack in on to your monthly premium. And they'll do it, not out of spite, but to protect their asset (the car). And they can take insurance out with ANYONE they want, best price be damned.

[SeVeReDiStOrTiOn]

Does anyone read the contract before signing anymore?

[Spaz]

Doesn't matter where you are. If you have a lien on a vehicle, insurance is required. Reason being, if you wreck it, they want their money. Insurance will pay off the vehicle, then if need be, come after you for any overage (i.e. if more is owed than the car is actually worth).

Edit: Also, there's not normally a penalty for pay off on any loan these days, unless the loan was originated through a section 8 lender. In which case, she's probably getting drilled for 20plus percent interest. It's still rare though. If she sells it and gets enough money to pay off the loan, the loan company doesnt care as long as they get their share (the principle).

paying off little early is different...

[Tide]

Yeah, I forgot to put "early" in there between "for" and "pay". Usually there isn't one, but it depends on the lender.

[JoshieDoom]

EXACTLY... its my gfs car and SHE pays the insurance... which means they fucked over her and have been using her money for other shit. I want it to ruin her fucking parents lives. Her mom has been committed before and its time for round 2.

It won't run their month.

They will ruin your year.

Showing them (if they find out) that you only have liability insurance is a bad (read: incredibly stupid) idea. They have every right to take insurance out on the vehicle and tack in on to your monthly premium. And they'll do it, not out of spite, but to protect their asset (the car). And they can take insurance out with ANYONE they want, best price be damned.

[third_shift|studios]

i love this state...

[ls1blackbeauty98]

your lender gets a copy of the insurance you have on a vehicle, so if she does have liability only, the bank already knows. they get updated information every 6 months i wanna say. you cannot take out a loan for a car without full coverage, in any state im pretty sure. (ive been in the car buisness and with customers from MD,PA,DE,NJ, NY its all the same....)

also on a side note, u can walk into the bank and they arent going to tell you (or her) ANYTHING unless her name is on the loan. if its just her mom, nope. federal laws prohibit the bank from telling you anything without u being directly involved (name on the papers)

ive never heard of a contract that says you cant sell the car after the debt is paid, once its paid its yours no questions asked. the bank could give two shits what you do with it after they get their money

[ls1blackbeauty98]

EXACTLY... its my gfs car and SHE pays the insurance... which means they fucked over her and have been using her money for other shit. I want it to ruin her fucking parents lives. Her mom has been committed before and its time for round 2.

sweetheart, if her name isnt on the loan, technically speaking...its not her car. she could have paid the whole damn thing doesnt matter, in the "eyes of the law" its not hers. the title will come with mommys name on it, UNLESS her mother CO-SIGNED for her... then she has a fighting chance to do whatever she wants with the car, because then it is (technically half) hers.

if her name isnt on the loan, and u really wanna screw the mother over (not that im condoning this in anyway id NEVER do this to my mother) stop paying the payments. they repo

oohhh one more thing then im done, if she wasnt on the loan, has never had a loan... shes prolly gonna need a co-signer for a new car and let me say this before u make another thread DO NOT CO-SIGN FOR HER! im done

[hoss 2000 z-28]

Looks like you guys beat me to it... Good info, blackbeauty!

[JoshieDoom]

Her name is on the title and insurance. BTW. If they repo it oh well. Their loss. Ive got good credit

I think here parents need to be beaten with a barbed wire baseball bat soaked in urine .

sweetheart

[Spaz]

Her name is on the title and insurance. BTW. If they repo it oh well. Their loss. Ive got good credit

I think here parents need to be beaten with a barbed wire baseball bat soaked in urine .

sweetheart

i'll pee on them too... wait... of her mom!!!

[JoshieDoom]

google insane cunt... there ya go

[Spaz]

google insane cunt... there ya go