Can they really require 6mo prepaid insurance???

[MommaOf4]

What is the name of your state? Nevada

Hi,
we just got the reaffirmation papers for our vehicles. The one for our truck says that it requires 6 months prepaid full coverage insurance? Can they do this. I cannot afford 6 months prepaid full coverage. What can I do about this. Thanks for any help

 

[Ladynred]

Unfortunately, they CAN do it and they DO get away with it.

Question... do you REALLY want to reaffirm on the vehicle ?

The reason I ask is because you could let it be included in your bankruptcy, but as long as you keep paying on the loan regularly
and on-time, the chances are pretty good they'll be happy to let you keep the car, and without the ridiculous prepaid insurance requirements. What does this get you ? Well, you can keep the car as long as you can stay current on the payments, but if, for some reason, you can't keep up with it, you can walk away from it with NO liability for any of it. Ask your attorney, see what he/she says about it.

The loan company won't bill you because of the automatic stay, you'll just have to send in regular payments on your own. Most, it seems, have special mailing addresses for bankrupcty payments, so you should find out what that is.