Car stolen and No Insurance. Well that indeed depends on what you do.
As you know Failure to maintain the necessary coverage is a breach of the contract that you signed with the finance company.
You were responsible for the note and you are still liable for the unpaid balance.
Usually the finance company will give you the chance to pay off your debt if just you ask them. If you fail to pay off the debt then the insurer will have little option left but to sue you in court for the unpaid balance and breach of contract. They may be able to recoup their loss by way of a court judgment and any available property or salary liens.
What if your car is about to be repossessed but it gets stolen who is then responsible?
YOU are responsible for the debt that is secured by the “stolen” car. Be sure to make a police report on the ‘stolen” car..
What can you do if your car is stolen and you still have a loan on the car but your insurance does not cover theft and they recover your car totaled?
YOU pay off the loan like you agreed to in the contract. You likely agreed to have ins. that covered theft also..
You should have had total coverage on a car with a loan on it. Sorry, you have to pay the loan off and now you own a totaled car! Comprehensive coverage isn’t that expensive and would have covered theft.
If you car is financed and stolen what is the responsibility of the possessor with reference to making payments and how is the process treated by the insurance co What if the car is never found?
The insurance company will pay the lender to the policy thresholds. This payment will only be made if you have theft coverage and not just minimum coverage. I believe you still have to make the payments, albeit I am not sure.
If you totaled your car and still owe on it and don’t have insurance is it possible to give up it to the finance company?
yes, u can give up a car back to the bank at any time, at this time it is up to the bank on weather it is worth picking up or not. then they will determine if it will go to auction or not.i hope i helped some. just call the bank and see what they want u to do. but it will take alot of pushing for them to pick it up, they usually would rather you pay for it….good luck.
Why bother???Keep making the payments if you can.The “voluntary repo/capitulate”does not help you at all in this situation.
What do you do if you had no insurance on a financed car and it was stolen?
Keep making payments on a car you don’t have and learn your lesson about not letting your insurance lapse.
What happens to the loan when the car is stolen?
The insurance should pay the loan (if your fortunate it’ll pay all of it) If there was no insurance then you still have to pay for the loan. I had a car stolen and I had to keep paying for it until the insurance eventuallypaid it off and I was left with $50 in the end to get a fresh car with.
If your car is stolen can the loan still proceed and a fresh car be bought with the insurance money?
The loan on the original car was secured by the title of the vehicle. When it was stolen, your insurance company should have paid the value of the vehicle very first to the lender then any remaining money should go to the holder. If the proprietor is “upside-down” in the vehicle he/she will be required to pay off the remainder of the note at that time or make arrangements to pay it off. No, the loan cannot be applied to another vehicle. A fresh loan must be negotiated.
You signed a contract for a used car and got it financed but never took the car out the lot nor insured the car is the contract still binded?
If you signed the contract, the car is yours. The dealer can have the car towed at your expense if you don’t take it away. it depends on the laws of the state in which the sale took place. a deposit on a car for example is always 100% refundable. no matter what any payment given to the dealer prior to delivery, either to “hold” the car or for the downpayment and the contract wasnt signed all monies are 100% refundable. if the contract was signed and the customer never took the car off the lot then the each state has its own laws about money being refunded. if the customer signed a contract, insured the car and drove the car off the lot then the car is 100% the property of the customer. and unless specifically noted in the sales contract may not be returned. this is know in the car business as a “cooling off period”
What do you do when you total a car and still owe the finance company more than the retail value that insurance will pay and you have no gap insurance?
Response 1 .
I hate to have to be the one to tell you this, but there is not too much you can do. If you feel the insurance company’s valuation is wrong, and the settlement is unfair, you could discusss your situation with one or more ATTORNEYS [“usually,” a very first visit is free]. Don’t go to any attorney that doesn’t suggest free very first consultations, as there are many who do..
Otherwise, you’re just going to have to make the best of a bad situation. In order to do that, I sugguest:.
1. Discuss your situation with your finance company and, with a entire lot of luck, they MAY forgive PART of your note..
2. UNLESS there is a PREPAYMENT PENALTY clause in your loan note, take the ENTIRE settlement money and pay it ALL to the finance company. This gets your balance as low as possible..
3. TO PREVENT Harm TO YOUR CREDIT RATING, AND a lot of continuing collection pressures, proceed to make your payments until your loan is fully paid off. Not only will this protect your credit record, and prevent a lot of harassment, it is the right thing to do.
Will homeowner’s insurance cover a stolen car?
The ordinary reaction is NO. Homeowners policies will specifically exclude any vehicle licensed or intended for road use. To get coverage you will need to have Comprehensive coverage on your auto insurance policy.
What do i do get if my car gets stolen?
Stolen Car .
The response should be very obvoius: CALL THE POLICE! They will take a description of your vehicle and they’ll put it in the database of stolen cars. IF you have an auto tracking device such as lojack, give them your VIN and they’ll activate your lojack and track your car on a computer and they should be able to find it.
What happens if someone without insurance gets into a car accident?
There are legal requirements that all drivers be insured- as well as licensed and carrying decent registration documents- separate from the driver”s license and of course obligatory license plates.
If a car is stolen does libality cover the insurance?
No. Liability insurance only covers harm you do to someone else’s property. What you are liable for.
How much do you get from your insurance company if your car is stolen?
Most insurance companies will give you at least the low kelly blue book price. But it indeed depends on what you are insured for.
What happens if your car is stolen?
If your car is stolen you should automatically have reported and what time it had gone missing.
Your car is on finance and its been wrote off by a bus which was at fault will the insurance pay your finance off and wil you still be without a car?
You mean you owed more than the car was worth. An insurance company will only pay you for thevalueof the car – what it’s worth depending on age, condition, etc. If you owed more than that – were upside down on the loan as it’s known – you are still responsible for the payments, and are without a car. It’s unfortunate, but it happens fairly often..
Yes your car will be paid off since the accident wasn’t your fault albeit it most likely would have been paid for either way since most car lenders require you to have total coverage while going through the loan. Anyway, your the buses insurer will pay you the book value of your car minus what’s owed because lenders have to get paid very first. Why you ask? Lenders are the ones who lent you the money to buy the car and since they technically hold the title they have to be paid very first and it’s ALWAYS in an auto loan contract. Hopefully you have some equity in your car, meaning what it’s worth is more than what you owe. For example if you owe $14,000 on a car and at the time of incident it was worth $16,000, the insurance company would send you a check for $Two,000 which is the net difference. Now if it was the other way around and you owed $16,000 while the car’s only worth $14,000, you would have to end up paying $Two,000 out of pocket unless you had GAP from the dealer which nulls the contract in case the car is upside down in the loan and it gets totaled. It deepthroats but that’s auto loans for you.
What happens if you get a car repossessed and it gets stolen while in the palms of the seller or person who repoed it?
THE REPO COMPANY IS LIABLE FOR THE COLLATERAL, CARE CUSTADY AND CONTROL. THE CLAIM WILL BE INVESTIGATIGED, YOU WILL BE INVESTIGATIED. AND IF ITS A LIGIT CLAIM ITS COVERED UNDER THIER GARAGE KEEPERS INS.
What happens if the car gets stolen and its still on finance?
You will still owe the finance company the balance of your finance note. Hopefully you have utter coverage insurance. If you do have total coverage, the Comprehensive portion of your policy will generally pay off the finance company up to the insured thresholds (usually the remaining market value) of your insured auto.
Your finance car was stolen does your insurance claim go to your finance company to pay off the cars debt?
The monies from the insurance company will go towards the car payoff. Now, the insurance company is entitled to pay off the worth of the car. If the car is worth less than you owe, you may have to pay back the rest. For Example, say you owe $20,000.00 on a certain vehicle. The Blue Book(www.kelleybluebook.com) value of this vehicle is $Eighteen,000.00. If they pay utter value of the vehicle $Legitimate,000.00 you may still owe the rest $2000.00 to the loan of the vehicle. This means you were upside down on the loan…
What happens when your car is stolen?
Well to be fair the thief drives is like it was stolen and usually wrecks itSometimes they de-robe it for all it’s useful parts and sell them
Car a finance company report your car as stolen?
Yes, they can. They can’t finance you car if your car is a stolen car. When you put your car from a finance company, make sure that your car isn’t stolen and bought it in a big car company.
Uninsured finance vehicle has been stolen Cancelled insurance because car was being repossessed by finance company?
You still have rights to recover the vehicle. The finance company may help you look for it if they’re desperate enough to get it back. Even if your car was insured, you would legally have to payback the finance company for the car since you broke a tying finance contract.
You signed a contract for a fresh car and got it financed but never took the car out the lot nor insured the car is the contract still binded?
Depending on the state if you never actually drove the car off the lot the dealership cannot force you to accomplish the transaction
Car stolen without car insurance?
You’re out of luck–you’ll need to come up with the money yourself to get a fresh car, or a bike.
If your car gets stolen and you have insurance do you get a fresh one?
if your car get stolen you should instantaneously call the police to search for it. And you don;t get a fresh but you might get money back.
If you finance a car do you need to be on the insurance?
Not where I live (Iowa). Title and loan are in my name, insurance is in girlfriends. And that’s Two diff vehicles.
Do you get a check if you are financing the car when it was stolen?
You will still owe the money even if stolen. Your insurance carrier may give you a check for the difference of what you owe, minus the deductible and the fair market value. It never is equal to what the car was worth however. It is better to keep the car from being stolen. If you have bought the car from a car dealer they will be reimburse you however seek advice from your local citizens advice bureau. If the car was bought privately you will still be liable for the repayments however you should seek legal advice.
Does liability insurance cover a stolen car?
Liability Insurance and the Stolen VehicleNo, Liability Insurance provides coverage for damages or injuriesthat we cause to others. It does not provide coverage for our ownvehicle damages or theft.
What not to do if car gets stolen?
1 stdon’t crank out Two ndCall on-star or the police give them your license plate number and wait
What happens to a stolen car after it is found?
The law requires that the Police Department be notified. The police will then notify legal holder so they can come and claim the property.
What do you do if you agreed and received a buy out from a stolen car but later realize it is unfair because of the financing still owed on the car?
Given the agreement to which you agreed (There is a pattern there) when you agreed to take the payout, its likely that nothing can be done at all, as the lawyers who write those agreements are very careful about making sure it doesn’t leave any ways for you to get more than what was agreed upon. If the payout indeed and truly was unreasonable, you may be able to have the matter heard in a civil court, but again, due the agreement that you gave the OK to, a judge would be unlikely to force them to make any switches.
Car stolen and recovered 6months later but inoperable and the car is repo and finance company lodges with insurance company and then charge me the remaining fee is that legal?
It can depend on that state’s laws but most times, yes, because you signed a finance agreement for a certain amount. Just like if you total your vehicle and you owe more than it totals out for, you will most likely still owe the remaining amount.
Can you finance a car but not be the insurance holder?
In terms of the lender, most likely not. If the car is financed, the buyer/holder has the contract with the creditor. The creditor requires collision and comprehensive coverage for THEIR vehicle which they finance. They do NOT have any relationship with any other person but the person named on the vehicle loan. An insurance policy is only issued when the ‘policyholder’ has a financial interest in the item for which they are requesting insurance. If you apply for an auto policy to cover the freshly purchased vehicle, the insurance carrier will likely deny coverage. If you do not own the car, chances are you do not garage the car at your address of record. This is sometimes acceptable, such as when a child goes off to college, with an insured auto. However, if you simply lend your vehicle to ‘John Smith’ with no specified ending time/date, this is more than occasional use and the carrier would likely deny any claim arising out of an accident John Smith may have. Additionally, the terms of an insurance policy are accepted by the buyer of the insurance, by signing and dating the policy application and likely another document upon issuance of a policy. If you have no financial interest in the insured item (a car in this case) you have no insurable interest.
If a car has finance on it can you still buy it?
Sure. Have proprietor “order” title to local financing branch. Meet holder at bank, exchange funds and get title. Or, pay the proprietor amount over the payoff and pay bank or finance company the pay off. Get a power of attorney signed by the holder which will give you permission to sign their name on title. Most reputable car dealers can give extra info on title laws in your state
Can you cancel stolen car insurance claim?
You can’t just cancel a claim. It is basically up to the Insurance co. to either aprove a claim or deny it. However, it the vehicle was stolen, it is your resposibility to provide a police report proving that the vehicle was indeed stolen.
Do you still have to make payments to finance company on a stolen car?
yes, if your insurance settlement does not sate the outstanding loan balance you are still responsible for the remaining balance- you might me able to work w/ them to lower the payments if its a hardship, if you stop paying it will go to collection, then after awhile and depending on the amt outstanding they will either file a lawsuit against you- which can lead to liens on property or wage garnishment- this varies by state, or they will discharge the debt- but beware if they discharge/forgive the debt you will receive a1099C Cancellation of Debtform, and you must claim the amount as income on your taxes
Can a car be reported stolen if the thief is on the insurance?
As long as the title or registration do not have the thief’s name on them….and even if the thief’s name is a cosigner you should be able to file a theft report. Ask your local registration office or DMV
Does auto insurance cover stolen cars?
Auto insurance will cover the theft of your vehicle if you maintain comprehensive coverage. Comprehensive coverage is generally sold in conjunction with collision coverage. However, unless there exists a lender that requires collision/comprehensive coverage, it is usually not mandated by law as it is considered “first-party” coverage (designed to protect the holder only). Comprehensive coverage also applies to the theft of belongings in the vehicle if they were permanently affixed to the vehicle. For example, if you have an after- market stereo system and sub-woofer that is stolen from your vehicle, it is covered under comprehensive coverage. However, if you leave your purse in the car and it is stolen, it is not covered because it is not permanently affixed to the vehicle.
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then inbetween you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an extra coverage that covers the balance of the loan inbetween the ACV and remaining Balance.
What to do if your car’s registration and insurance papers are stolen but you still have the car?
You should still have the title to the car. If you take the title to the Dept of Motor Vehicles they will have record of your car’s registration and will issue you fresh papers. The insurance company will also have record of your policy and can issue you a fresh insurance card.
Are you insured if your mot has run out and your car is stolen?
if you don’t have an up to date MOT then your insurance is null and void. if your car is stolen then you are only covered if you have fully comp insurance!
Does insurance pay out in total if car is stolen while being financed?
No….only the value ay the time of loss. Gap coverage is available for a reasonable rate on most insurance policies. It can also be purchased through the car dealership.
If a rented car is stolen and insurance pays but then the car is recovered what happens to the car?
The finder is obligated under civil and criminal law to notify the Police and the Holder of the vehicles recovery and location so they can come pick it up. Since the the Insurance Company already paid for it. It belongs to the Insurance Company. If the Rental company wants it back, They will have to attempt and buy it from the Insurance Company. All salvage rights would belong to the Insurance Company because they have already bought and paid for the car. It would now belong to the Insurance Company. If the Rental Car company attempted to keep the vehicle without very first negotiating a purchase or buy back from the Insurance company it would be considered Grand Theft. They would be subject to criminal and civil charges.
Can you get insurance after your car is stolen and it be covered?
If you attempt to get theft insurance after the car is stolen you will go to Jail! The insurance companies have no sense of humour about FRAUD! Penalty for Insurance Fraud in the U.S. is up to 20 years in prison.
Can you finance a car and still make payments on it even however you don’t have insurance on it?
Yes one can, but almost all companies providing financing willrequire you to obtain and have insurance with specified levels ofcoverageinstantly after purchase (if not before evenapproving the loan) if you don’t already have it to protect theirinvestment. If you do not get the insurance required within their time limit , they have the right to call the loan anddemand its utter repayment or repossess the car. For example the CU I financed my very first car with desired proof that Ihad made at least an initial payment on insurance with $250collision and $100 comprehensive coveragebeforeevenapproving the loan. So while it can be done its uncommonly practical to do. Its truly upto the lender. Of course, your state will still require either liability insuranceor posting a bond for the car to be legally driven! But thats aseparate issue from financing when you don’tyethave insurance.
Do you have to proceed paying your insurance if your car is stolen?
No, as long as you have let your insurance company know they car is stolen.
What happens if you don’t pay the finance company for a stolen car?
They will sue you and you will have to pay them plus legal fees, court costs, collection fees, etc. but mainly you will have to pay them and they will ruin your credit. Work out a pay plan with them to kee them glad.
What happens if your car gets stolen and you have no insurance and the car is on finance?
The finance company will want to be paid in total if they find out it’s stolen. The responsibility to please the loan falls on you watching that you failed to maintain insurance.
What happens if your car is stolen and you still owe on the loan?
If the vehicle is/was encumbered by the original loan then it should be insured. If there is no insurance or the insurance does not cover theft the purchaser is still responsible for the total amount of the loan. The issue of the vehicle being stolen does not affect the legal responsibility of the buyer to honor the loan contract.
Will insurance still cover your car if its running and gets stolen?
Very likely but that’s not very clever to leave your vehicle running and unlocked in an area where it may be stolen. You do have an obligation to mitigate damages to your property.