Legal Question in Credit and Debt Law in Georgia
If I willingly relinguish my auto tag to my local tax office. Park my car in my yard (NOT being driven at ALL) continue making the car payment. Can I legally be made to keep insurance on the car? The car was bought for my teenage daughter. She is no longer driving the car. I can't sell the car because of negitive equity in the car. However, I would like to get from under the $200 a month insurance payment.
1 Answer from Attorneys
Read your loan agreement. You are required to keep it insured to protect the lender. What happens when a tree falls in it or tornado hits it, etc?
Incidentally, under many city and county ordinances consider a vehicle parked in your yard without a tag to be a junked vehicle and you might get ticketed for that.
You probably can get a reduced insurance rate based on the car not being driven (talk to your agent). But you cannot drop insurance.
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