UNINSURED MOTORISTS VANISH
Everybody’s Uncle
Well Jim, it looks like my only option is voluntary repo. I was in two car accidents. Both times I was hit by drunk drivers with no insurance in the same month. As a result I lost one of my jobs and I received no compensation from either driver, they just disappeared. So now I'm stuck with a huge car payment which I CANNOT afford at all I just want to know what’s going to happen. After voluntary repo will I be sued will I have wage garnishment how does it work? Thank you for your time Jim.
Steve
Steve,
Sorry for your unfortunate situation, but perhaps all is not lost. Check your own auto insurance for “Uninsured/Underinsured Motorist” coverage and if your state requires it. If you have such coverage, determine what is required to collect – court judgment?
When cars are financed, a smart lender requires collision coverage, usually with a low deductible. If you have collision coverage, your insurer should respond as required. In a best case scenario, your insurer “eats” the cost of repair or “totaled” value. This can be used to repair or replace the vehicle that was hit. The insurer has recourse against the “disappearing drunks” but you are more or less “off the hook.”
If you have no insurance - see columns below for the ugly realities of auto repossession and brace yourself.
Let me know,
Uncle Jim
