i used a car i had as collateral but i stopped pay the insurance or tags but still pay my loan off on time the company never said anything about me no longer having insurance on it but my apartment is towing it because its not non opt will there be a problem even if i just continue to pay my loan on time??
In: Other
>i stopped pay the insurance
Depending on the nature of your loan/lease/note; your lender may bill you for CPI (collateral protection insurance; or ‘force-placed insurance’). And they may have the contractual right to *retroactively* charge you for said insurance, which will be absurdly higher than what you would have been paying for private insurance.
Latest Answers