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.
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...
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.
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.