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Voluntary Repo and Collateral protection

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Posted by danny ( on September 17, 2002 at 01:07:10:

I bought a car a while ago and I didn't add comprehensive insurance. The Finance Company added collateral damage to my payments. It is supposed to protect the interests of the bank in case of damage or reposession. Has anyone ever heard of this. The letter sent to me claims that if a ever a repo occurs on my loan I would not be responsible for the outstanding balance. Tell me whta you think if I have it in writing.

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