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What can you do if your car was stolen and you still owe on the loan but you need a car right away?

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Wiki User
2015-07-17 17:44:28
2015-07-17 17:44:28

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

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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.

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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.

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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.

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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...

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it is if you report it to the police as stolen


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