If your car is stolen, found 2 weeks later, but may be wrote off as totaled do you still have to pay the note?
My car was stolen on the 6th of march, I had just purchased it a week before, and I had a 90 day same as cash plan. Needless to say before my 1st payment it was stolen. The police found it a few days ago, but the front bumper is completely gone, its smashed in a little by the front left tire, the wires have been pulled out to hotwire it, the rearview mirror is gone, and they stole the radio. I havent been able to get it out of impound since I dont have the registration papers as they were in the glove box when the car was stolen, when I do the insurance company is going to go pick it up from impound. Now I get calls from the dealership saying they know they found my car and I need to pay the money that I have owed up to this point, but should I have to pay for a car I cant drive and will more than likely be wrote up as a loss?
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Your insurance company will pay for the value of the vehicle. You will be responsible for any difference between what you owe and the value of the vehicle.
When you purchased the vehicle, the dealership or lender may have mentioned "Guaranteed Asset Protection" or GAP coverage. If you purchase GAP, it pays the difference between what you owe and what the vehicle was worth so you can walk away with no liability.
Also remember that the amount the insurance company declared your vehicle is worth is negotiable, despite what they say. Make sure you check valuable resources sites like galves and blackbook to try to justify what you think your car is worth.
stall them/what are they gonna do —repo it/insurance co will pay them/they just want to get the extra gravy from you/dont take their calls/screen them and dont talk to them until insurance is done
You can check with an attorney, but why should the dealership get stuck with the loss. You’re the one with bad parking place picking abilities.
You have to make payments on the car until your insurance declares the car totalled. Once the insurance company does that, they will issue you a check for the amount they say the car is worth. Unless you have purchased additional Gap Insurance, you will be responsible for any remaining balance owed for the car. For example, if you bought the car for $5000, but the insurance says it is worth $3000, you will get a check for $3000 and will owe the dealership the additional $2000.
Just because it was stolen doesn’t mean you don’t still owe the dealership money. Especially since the car hasn’t even been declared a loss yet.
Yes, you are fully responsible for the payments until the loan is paid off – Whether it is by you or the insurance company. Also, from what you describe, I doubt they will total the car out.
And if you don’t have gap insurance and the insurance does total the car, they aren’t going to pay what you owe, they will only pay what they deem it to be worth – You will still be responsible for the balance of the loan in that case.
If the insurance Is getting the car they should get it out of impound and pay for the car as long as you have full coverage or theft , otherwise it is yours to pay and liability won’t cover it only what damage was done by the use of your car to someone else, the impound is bogging it to you for each day they have it, figure at least $60.00 if not more per day and if you don’t get it out they can file suit against you for the charges.
If the insurance company totals it you only owe what is left after they pay their part….It is likely that they will not pay the full amount you owe…
The other possibility is that they will want to fix the car… in which case, they will pay for repairs, and you will continue to pay payments, just as it was never stolen….
Contact your insurance agent.. they can help you get it out of impound, and tell you what they intend to do…
You should do this as soon as possible, because you will be responsible for the impound fees….
Well yeah. No matter what happens to the vehicle: theft/fire/accident/alien car snatching, money was borrowed to purchase it and that money has to be repaid. Even if you never drive it again. Your loan doesn’t say the debt vanishes if the car is stolen.