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Repossession
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Why is the bank reporting a car as a repossession when it was stolen and totaled and you are still paying for it?


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Wiki User
2011-09-13 15:33:27
2011-09-13 15:33:27

Because the lender repossessed the car from where ever it was after being totaled.IF you had gotten the car back after it was totaled, it couldn't have been a repossession.

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Gap insurance only pays if the vehicle is totaled in an accident or stolen and not recovered. It does not cover the deficiency balance after a repossession sale.

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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.

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The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..

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If they come to repossess it, and you claim to not know where it is, then the repossession agent will report it stolen. At that point, anyone found in possession of it is in possession of a stolen vehicle.

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No. Namely, because the car wasn't stolen - it was taken back by the rightful owner (the financier), via a repossession agent. It's not the financier's fault - nor the repo agent's - that you neglected to make your payments.


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