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I financed a new car recently for personal use directly from the dealer. My wife drives the car. Sometime in the next few years I may register this car for TLC. I asked the dealer if there would be any problem with the loan if I register the car for TLC. He said "you'll probably be okay, it's up to the bank".
 

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hey everyone -

Received a letter from the bank where I am financing my car and they are asking for updated insurance. I cancelled my regular insurance during the TLC process and added commercial liability plus a separate insurance for collision.

Since this wasn't a commercial auto loan, I just went to a regular dealership, is it going to raise a red flag when I send them the commercial insurance info? Are they likely to take back the loan even though I have full coverage?

Thanks.
You don't have much of a choice. Your bank will place their insurance on it if they don't think you have any and then you get charged their inflated rates.
 

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Discussion Starter · #4 ·
I financed a new car recently for personal use directly from the dealer. My wife drives the car. Sometime in the next few years I may register this car for TLC. I asked the dealer if there would be any problem with the loan if I register the car for TLC. He said "you'll probably be okay, it's up to the bank".
Thanks for the response.
 

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So would it be wiser to let them place their own insurance instead of submitting mine and running the risk of the loan being revoked?
I don't think they would revoke your loan. That would surprise me. If they have a problem they'd most likely have to present you with an opportunity to quit first.
 

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Everyone I know gets car out for personal use insures personally for 2 months then gets tlc plates on it. As long as you dont get it serviced your good and pay lower per month than straight up getting a car for work. NYC life.
 
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