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.
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.
The tow/repossession company has to notify the police of the repossession so the car can't be reported stolen..
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.
Well, it's not your car you're hiding. The financier is the one who owns the car so long as they hold the lien on it. They can do a number of things, ranging from taking you to court (if they feel it's worthwhile to do so) to reporting it stolen (if a certain set of conditions exist enabling them to do so, among which is you telling the repossession agent that you don't know where the car is).
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.
No they can't. It is strictly a service to recover vehicles that have been reported stolen.
That could be a stretch, but you can possibly be charged with knowingly having stolen property and not reporting it.
No, as long as you have let your insurance company know they car is stolen.