Quote:
Originally Posted by SLVRSRFR
Confirmed: most lien-holders require insurance to be in place on the vehicle for the duration of your financing, or until paid off.
The vehicle is technically their asset, in your name, until it is paid off (which is why they have the right to repossess for non-payment). They do not want to risk you having THEIR asset stored in a garage, and the unlikely scenario of a fire or something like that destroys the asset. Who would reimburse if there's no insurance?
Ran into this a couple of years ago when I stored my BMW for (most of) the winter.
|
Varies from leasing/financing company. Leasing generally a no but I have experienced financing where it was allowed by the financing company.
Best to contact the leasong company directly. But if you do switch to financing you get used car finance rates which can kill the savings as a result.