Questionwithin my family, there are 4 drivers and 4 vehicles. we all live in the same house. all cars and drivers are covered by the same insurance policy. is it true that all of the drivers in a house have to be listed on all of the cars? For some reason, an employee from Chrysler financial calls DAILY wondering why my parents are listed as drivers of my brothers new truck. we were previous told by our insurance company that all drivers within a household have to be listed on all vehicles. please help, as they have threatened to reposess my brothers new truck because of this, although all of the payments have been made on time, and the vehicle is insured.
Answer
Hello again, Mike,
Well, now we have another problem brought into the mix. That is the right of a secured lender to repossess the secured property in the event something triggers a risk that the lender did not agree to.
In this instance, I agree with you: an insurance requirement cannot, by law, cause the lender to deem itself insecure and thus to justify repossession of the vehilce.
It is time to deal in writing and via certified letters only. First, contact the insurance commissioner http://www.settlementcentral.com/links.php and get his understanding of the requirement from your insurer.
Be careful in how you phrase the question inasmuch as I am sure my previous answer is correct and your phrasing is wrong vis-a-vis having all drivers named as principal on all vehicles, versus listing all drivers on the policy and having but ONE named as principal driver for any particular vehicle (with the others being secondary drivers).
THAT situation CANNOT, BY LAW, cause your lender to deem itself insecure so as to justify a repossession. So make sure the lender understands it is just as I have said, and NOT as you have twice now posited the issue.
In the letter to the lender, tell them that this arrangement is REQUIRED by all insurers in your state, is approved by the state insurance commissioner, and thus they cannot, by law, deem themselves to be insecure so as to justify repossisson, AND, that any such action will not be peaceful, will be resisted at the scene (this makes them go to court first, thus giving you notice and a chance to respond), and will subject the lender to a lawsuit for a bad faith business practice in violation of consumer protection laws of this state, AND, FURTHER, that you will seek award of attorney's fees, costs, and exceptional damages as authorized by law.
Make it via letter only, and make it certified. Let me know ASAP if they give your family any more trouble after sending that letter.
Best Wishes,
Dr. Settlement, J.D. (Juris Doctor)
http://www.SettlementCentral.Com
