well first call the police hopefully they can find the car with the people who stole it then call your insurance company right away! report it and ask about a rental vehicle they usually give discounts if you did not have insurance you really just have wait and hope you get the car in one peace about getting another vehicle well youll have to pay full price for a rental good luck i
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 full 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.
Notify your insurance company and file a claim. Failing this, you will pay the balance owed on the loan. The property that secured the loan, that which was stolen, only acts as security for the lender.
The insurance should pay the loan (if your lucky 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 finally paid it off and I was left with $50 in the end to get a new car with.
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
it is if you report it to the police as stolen
Yes. If you signed for the loan, you signed up to pay it in its entirety. Hopefully, your insurance will cover most of it, but the rest is your responsibility.
No they can not!
If a seller dies, a loan might still be owed by the family of the person that died. In some cases, the loan would be forgiven if the seller died or passed away.
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.
Yes... but make sure you get an attorney. It may get complicated.
Yes. When you pay off the loan, then it goes away.
One of the advantages of having a car loan is that it allows people to purchase a car if they do not have all of the money right away. Another is that they can take years to pay them off depending on the loan.
If you need vast amount of money immediately, you should get a loan. https://www.speedy-paydayloans.com/ helps you find a loan right away if you need a certain amount of money ASAP.
You pay off the OTHER loan.......that was the banks idea when they connected the two together.....
Believe it or not, there is a right time to take credit or a loan, and it is precisely when you do not need it. Starting a business with a loan is only right when you already have the money to start that business without the loan anyway. You can then secure that loan with the money that you already have stored away and have more leeway with your finances. In the same way, taking a loan for a house or a car, especially a car, is best done secured. Have the money already set up in cash, then take the loan against the savings.
Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.
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 first to the lender then any remaining money should go to the owner. If the owner 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 new loan must be negotiated.
When your car is 'stolen", you file a stolen car report with the cops. Then your INSURANCE will pay off the loan. The lender will deal with the insurance co. and alls well. You dont have a car, but no payments either. BTW, the insurance co. HAS to be sure its stolen or they wont pay the loan off.
cut the chain i will not take the pladge
I was wondering the same thing. My father was the loan guarantor of my daughter's college loan, and he passed away a couple of years ago. Letters are still being mailed to an address where he never lived.
This question should be handled by an attorney,Any loan modification paper work signed after bankruptcy proceeding are a new contract which yes make you liable for that debt.
Until the car is paid for, the company that made the loan still has a financial interest in that car for the amount that is still owed. If that amount is not paid, the holder of the loan has the right to repossess and sell the car. If that does not generate sufficent funds to pay the loan balance, they may make a claim against the estate of the debtor.
If you are the executor and heir to an estate with no will, you can you take a loan against the said estate property, but not right away. Lenders typically will not give you a loan on a piece of property until it is in your name.
Basically no not right away ... but if you pay the loan on time every month THAT will help your credit score. Now if you mean will it help you get the loan .. then YES .. the loan company will use your co-signers credit score to help them decide if you can be given the loan