No. INSTRUCTIONS > Lenders must complete boxes. If Lender is selling vehicle, Purchaser information is required in boxes. BORROWER. LENDER.The policy would cover the lender's interest in the motor vehicle, which is the collateral pledged to secure a loan. Repossession is the process of taking back a car after the owner defaults on their auto loan. Consumers who fail to make timely car payments or maintain insurance on their financed vehicles may face repossession. If you let your insurance lapse, and your car was totaled, you are still responsible for the payments until the loan is paid in full. It provides instructions on filling out the form and required documentation. Glens Falls Insurance Co., 93 N.J. Super. Glens Falls Insurance Co., 93 N.J. Super. (Universal) seeking coverage.