Legal Question in Banking Law in California
car repo
my car was repossed because my finance company placed insurance on my car w/out my knowledge. I already had insurance on my car and they were informed. Now they are trying to make me pay for the storage and towing of my car. Please help.
1 Answer from Attorneys
Re: car repo
I have seen this issue many times before. Typically under the sales contract a finance company has the contractual right to add insurance to protect their collateral if the consumer does not purchase insurance, provide a copy of the policy, or purchases inadequate coverage. In your situation it does not appear this occurred. If you have a valid policy in place with the appropriate limits and the finance company had knowledge they would not have the right to charge for additional insurance. The repossession would then be inappropriate. You have certain rights under California law, which would protect against this type of conduct.
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