answersLogoWhite

0


Best Answer

NO, it wasnt stolen.

No, why would they report it stolen?

If you default on the loan they will simply have it repossesed in order to sell the car and recoup some (and if they are lucky all) of the funds needed to payoff the debt.

Yes they can actually. If you are leasing or financing you signed a contract. Once you default on that contract, the contract can be deemed void and therefore your rights to drive the car can be terminated. If they are unable to reach you and you are "not cooperating" they have the right to report their property as stolen in order to get the vehicle back.

For further help, look over that contract you signed. = )

User Avatar

Wiki User

โˆ™ 2015-07-15 18:24:59
This answer is:
User Avatar
Study guides

What is rhetorical device

Who was the father of rationalism

What is a cash advance

What is discretionary spending within a budget

โžก๏ธ
See all cards
2.64
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
11 Reviews

Add your answer:

Earn +20 pts
Q: Can the bank report the car stolen if you default on a car loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Does and outstanding credit card loan that hasn't been paid ruin your chance of co signing for a car loan?

If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.If you have a bad credit report from a loan in default a lender wouldn't want your guaranty that the primary borrower's loan will be paid by you if they default.


If a person is 4 months late on a car payment can it be reported stolen?

NOT unless it was stolen. Stolen cars are reported stolen. Cars securing a loan in DEFAULT are reported as DELINQUENT to the credit bureau. If you choose to report the car stolen, go ahead. I would not reccommend it though. Filing a false police report is illegal in most jurisdictions.


Will the bank sue you if you foreclose on your home loan?

Yes, the bank will sue you if you default on your home loan and place your house in foreclosure.


What can you do if husband took car and car loan is under your name?

Call the bank. Explain the situation. Try to get the loan transferred into his name. If he doesn't co-opperate, call the cops and report it as stolen.


Can a parent get out of a co-sign default student loan?

Probably not - the reason a parent had to co-sign on the student loan is so the bank gets its money back if the student defaults. Unfortunately, you are probably on the hook for all the money and the default will be reported on your credit report.


What happens when a car payment go into default for the cosigner?

The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.


Can a co-signer ask the bank to repossess the property covered by the loan?

No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.No. Repossessions are costly. The bank will simply require the co-signer to pay the loan if the primary borrower is in default. If there is a default it will be reported on the credit records of both persons.


If you default on a auto title loan can they report the vehicle stolen?

If you have signed the vehicle title over to them as security for the loan, or they hold some kind of legal paper giving them ownership, yes. If you don't pay back the loan, or fail to surrender the vehicle to them, legally the vehicle belongs to them. ----------------- No, it is a civil matter. They can repossess the vehicle, report as a default on your credit and sue you for defaulting on the contract. ------------------ READ YOUR LOAN CONTRACT! If you default, and then conceal the vehicle from them, or their repossession agents, you have "converted their asset to your own use" - which is the definition of larceny - which is a criminal offense.


Can you get a student loan if a student loan you co signed for is in default?

It will depend on what type of loan it was that you co-signed for and is now in default. The federal government will probably not give a loan, but a private bank may if you can present a good case about why that default is not representative of how you run your finances.


What do you do if you lose the title to your car and it has a lien on it that you are default in?

You didn't have the title to begin with. The loan company or bank does. So, you didn't loose it, but you may loose the car since it is in default . The loan company/bank owns the car, not you.


What can i do if i am listed as a cosigner and my spouse took the car and left the state?

i would report it stolen. if the payments are made the loan company can and probably will come after you for the money. If you report it stolen to the cops you can at least report it to the insurance company and the loan company and that should remove your responsibility.


How do you prevent stolen gold to loan in bank?

cut the chain i will not take the pladge

People also asked