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If your car was stolen and totaled can the bank list it as a repossession and make you continue to pay insurance on it?
Wiki User
∙ 8y ago
IF the car was stolen, reported as stolen to the cops, the ins. should be paying the loan off. IF the ins. co. does not think the car is stolen, they wont pay and its as if the car was NOT stolen. So, you have to pay notes and insurance on the collateral. Bottom line??? HELP the ins. prove it was stolen and the problem will go away. MERRY Christmas.
Wiki User
∙ 8y ago
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Does gap insurance cover a repossession?
Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.
Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?
Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.
Do you have to continue paying your insurance if your car is stolen?
No, as long as you have let your insurance company know they car is stolen.
If your car is stolen or totaled and you bought extra insurance with the purchase of the car will you be liable for the rest of the payments?
no unless there is some exclusion. (read the fine print)
What happens when someone not on your insurance drives your car leaves the keys in the ignition and your car is stolen will the insurece company pay if my car is totaled or can they refuse to pay?
Read your policy.
How long does it take to get insurance money for a stolen car and the car was found?
You will get the car back and plus they will give you the money to repair all damages on the vehicle. You will not get a check for the full amount of the car unless its totaled. You must have comprehensive in order to have coverage on a vehicle that has been stolen.
Can you register a car being repossessed?
The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..
Can a creditor seize your checking account on a secure loan if the property has been stolen?
There are situations where this is possible. The one that stands out is this: Your car was stolen. You stopped making payments on it thinking, "I don't have it anymore, so I don't need to pay for it." You turned in the report to the insurance company and they paid out, but you did not pay the lender off. Or, you did not have insurance or failed to turn in the claim, so received no money. In the mean time, the lender puts the vehicle up for repossession because you have defaulted. When you are contacted you tell the lender or repo agency the car was stolen, and continue thinking it is not your problem. The lender does not really want the car, they want the money you contracted to pay, so they sue you. You continue to refuse to pay, so the lender attaches your checking account. Yes, they can do this.
Can you be charged with a stolen truck if you get behind on payments?
If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.
Does homeowners insurance cover stolen motorcycles?
Homeowner's insurance WILL NOT cover stolen motorcycles. Motorcycles is an automobile. Sorry!
Can a coowner report a car in repossession stolen inn Vegas?
No. Namely, because the car wasn't stolen - it was taken back by the rightful owner (the financier), via a repossession agent. It's not the financier's fault - nor the repo agent's - that you neglected to make your payments.
Can a car be reported as stolen because the loan went into default?
Can it? Yes, by the lender in some case. If the debtor is actively attempting to hinder repossession in many states, or if the vehicle is in possession of a third party who is not on the loan or vehicle registration, then a repossession agent may file a stolen vehicle report. Most will not, preferring to allow the lender to take such action instead.Can it be reported stolen by the debtor once repossession takes place? Often vehicles are reported stolen after repossession happens. However, this is a cautious area. Most debtors already know the vehicle is being sought, and law enforcement takes a dim view of filing false or malicious reports.
