How can i convince my lean holder to let me get liability?

fire4511

The fact is that the lien (not lean) holder has a security interest in the vehicle. It is collateral for the loan. The lien holder wants to be protected in case something happens to the vehicle.

When you signed the finance contract, you agreed that you would have full coverage insurance, with the lien holder as loss payee (which means that they have a claim against any insurance settlement in case of damage to the car.

You can pay off the car, and drop the coverage. Until then, the finance company will require that you keep the coverage that you agreed to carry when you signed the contract.

Bobbie

you can't they have to protect there merchandise

vicki g

You can't change the lien holders rules, but you can shop around for a better insurance deal.

Tom R

pay off the car and then they wont care

Uncle Jed

You cant get just liability until the car is paid for. The reason they want full coverage on a financed car is if you wreck and total it out they will get there money( from insurance) you owe them paid back...........So if you want just liability than pay it off and you can do what you want.............md

Jen

You have a right to provide what is being called "full coverage" insurance from a company you choose, which you do. There will be a clause in your contract that you will provide insurance and if you let it lapse the loss payee will be notified. The finance company has the option to provide insurance for you if you fail to do so. This will probably be higher that you now pay. If you do not provide insurance the finance company can decide to call the loan due and seek to repossess the vehicle.

entidtil

I don't think you can unless you post a bond with the lien holder equal to the cars value so they can take the bond in case of a total loss of the car. spell check

kevin v

Nikkie, Nikkie, Nikkie:

You can't convince your lien holder to let you get liability only. Maybe you could shop around for cheaper insurance.

Pay off your car loan and then shop around for basic coverage.

You probably got taken advantage of in some used car dealer's finance office.

Good luck.

hbouhl@ymail.com

You can't. The Lienholder OWNS the vehicle and therefore, you have to have FULL coverage on it. If you want liability only, then pay off the car. If your car were 15 years old and you had a lien on it, you'd STILL have to have full coverage. The bank owns that car, not you.

frediwhite@verizon.net

I don't know where you live, your age, etc. but it seems to me you are being ripped off big time at that price.

The lien holder can require you to carry insurance, but you should be able to select your own policy, and I would bet you can do better.

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