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I am trying to get more details on the collateral protection…

I am trying to...

I am trying to get more details on the collateral protection insurance, i am listed as a co borrower in a auto loan and the primary ower deceased recently, i just sold the car on 12-march, and got a notice from lender asking for proof of insurance by 15th march to avoid CPI, the problem here is that i do not have my name in the title so i cannot provide any insurance for the same and i just came to know that the insurance on the car has lapsed on january 6th, given that the car is sold now ( the buyer is yet to submit the payment to lender and close the loan) what are my options related to the CPI

Lawyer's Assistant: What state is this in? And how old is the car?

The car is 2016 corola the car was in texas i am from IL

Lawyer's Assistant: Has anything been filed or reported?

No there has been no accidents after the coverage lapsed on jan 6th

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No i guess

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Answered in 1 day by:
3/15/2018
Wendy
Wendy, Moderator
Category: Consumer Protection Law
Satisfied Customers: 1
Experience: Moderator at JustAnswer
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I'm a moderator for this website. I'm so sorry that an Expert has not connected with you yet. I wanted to reach out to see if you still needed assistance with your question? Please use the reply box below to let me know if you'd like to continue or cancel.
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Customer reply replied 5 months ago
I'll wait for a day more and see
Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 43,072
Experience: Attorney,17 years experience in consumer protection areas
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

Have you notified the lender that the vehicle has been sold and provided them with the buyer's information?

.

Who has the vehicle in their possession right now? (please don't say the buyer if they haven't paid for it and don't have insurance)

.

How are you able to sell it if the title is not in your name? Are you executor of the estate?

.

.

thanks

Barrister

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Customer reply replied 5 months ago
The buyer is car max, they are paying for the loan. And the car is with them they have provided the sales agreement copy to me. There was no will or spouses involved, and he only has his sister she signed the affidavit of heirship form and sold the car to them. As far as I checked with car max the sale occured in 12-march and I will not be liable for the car after that. The only liability is that if there is any increase in loan I need to pay them the difference...

Ok, then I would suggest that you get a copy of the sales agreement and then forward it on to the lender so they are aware that the vehicle has been sold and is in CarMax's possession so there is no need to do the forced place insurance. I am not sure how CarMax works but in a normal sale, the seller doesn't turn over the vehicle until they are assured that they have received payment or the payment has been tendered to the lender to pay off the car.. So if it were me, I would be contacting CarMax to see if they can send something to the lender to confirm that the car is insured under whatever umbrella policy that they have for all their cars as that should satisfy the lender.

.

.

thanks

Barrister

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Customer reply replied 5 months ago
Thanks for the information. I will check with car max .I have provided details to the lender with sales agreement let me see how it goes. Thanks again

You are very welcome. And just tell CarMax what the situation is and they should be able to provide info on their insurance that they have on all vehicles they own to satisfy the lender..

.

It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

.

If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

.

.

Thanks much

Barrister

Ask Your Own Consumer Protection Law Question

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 43,072
Experience: Attorney,17 years experience in consumer protection areas
Verified
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