I'm also contemplating filing for bankruptcy in the near future (not sure which, as of yet), AND I also plan on giving this car to my son, who is about to move to New Hampshire, where having car insurance is NOT MANDATORY...will I or my son have a problem with our car lender regarding car the insurance? (Btw, the car is in perfect condition.)
If you have financed the car, then the finance company has legal interest in keeping the car insured as long as money is owed. I will bet the ranch that you will find language in your finance contract that requires insurance and provides that if insurance is not provided the fiance company will obtain insurance for its interest and add the premium to your payments. I also guarantee you that the premium they charge back to you will be dramatically higher than what is cost you to buy car insurance in Trumbull Ct. Nor will this insurance pay you anything if there is an insured loss.
If you do not make these payments you will not have made your "car payments on time" and the finance company will have its rights including repossession.
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