HomeCan the finance company report a car stolen if they are unable to locate it to repossess it?
Wiki User
2015-07-15 21:46:42
2015-07-15 21:46:42
As much as they would like to, NO. It wasnt in their possession to be stolen from. YOU can report it stolen. The Lender has OTHER legal options to get the car, so dont think you will slide forever. LOL
NO. Only the registered owner can report the car stolen, or whomever had the vehicle in their posession. If the lender tells you this, they are only bluffing you, using scare tactics. They will say anything to you in the hopes that you do not know the law, or your rights. Most people don't. You can always call an attorney or the police to pose a question about what is legal.
YES..In the state of Arizona pursuant to ARS 13-18-13 after 90 days of non payment a lien holder can report a car stolen and is a class 6 felony.
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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.
Only if you did not purchase this car. nor signed a written contract.
Locate as much information on your vehicle and then you can contact the dealership, department of motor vehicles, contact the car company, or look through the manual.
I would hazard a guess that he contacts the finance company first.
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""Car was reposssess."" You answered your own question.
Are you really that desperate to be a snitch? I mean, it's a matter between the lessee and the agencies seeking to repossess the vehicle (those being the finance company and the recovery agents). It's none of your business, and the best thing for you to do is to just stay out of it. If they're halfway competent repossession agents, they'll get to the car. If all else fails, the finance company - being the actual owner of the vehicle - has legal options at their disposal. Your intervention is neither wanted nor required, and I'm saying this as someone who has been in the repossession business.
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First, they'll try to repossess the vehicle. If you tell the repossessors that you don't know where the vehicle is, that could give them grounds to report it stolen, although it's a little more complicated than that, and they'd likely just file a missing property report, The finance company has no interest in jailing you - they want their money, and you obviously aren't going to make any amount of money in jail that'll allow you to pay them back. They might take you to civil court.If anyone's going to try reporting a vehicle as stolen, some repossession agents have been known to do it after they've been told, "well, I don't know where the car is", as a pressure tactic. IMO, a pretty underhanded move, but I won't say I would've been above doing it when I did repossessions (although I never actually did this).
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YES, IF YOU CLAIM NOT TO KNOW WHERE IT IS. If you call the bank and say I dont know where the car is its gone, they are going to tell you to report it stolen. If you stop making payments on it then they will repossess, if there is no car to repossess then you are still responsible to pay the monthly payment car or no car If you stop paying and there is no car to repossess then they at that point can take legal action against you. I dont know if its reported stolen but take my word for it you will pay somehow.
re-possesion is just that the dealer or finance company takes possesion of the security item for the debt....it is sold and any loss is reported on the credit report .they always have a loss .
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