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My daughter’s car was repossessed, so I thought. She had not made a payment in 5 months and one day we came home and it was gone. We thought they repo’d it. Now the financing company is saying they did not come get it. So now maybe it was stolen? I have to file a police report and say its missing. What are my options legally now? If they don’t find the car what can happen? I am confused. Serious answers only please.
Unfortunately, she only had liability insurance on the car so it isn’t covered for theft.

6 Comments »

1. 

   I think you will be ok. If someone stole it thats not your fault. Maybe they can find it if they run a VIN check on it. Either way you will probably be responsible for what is owed on the car.

   Comment by blueeyes — March 11, 2010 @ 1:50 am

2. 

   If it were stolen, hopefully your insurance company will pay it off; if not, you’re in default to begin with; I guess she stays in default; with a better reason now.

   Comment by wizjp — March 11, 2010 @ 1:50 am

3. 

   This could be trouble. You have a legal responsibility to report your car stolen to the police AND your insurance company within a certain period of time. If you’ve waited too long to report this the insurance company may deny coverage – the longer the car is missing the harder it will be to locate the car. Check with your insurance ASAP.

   Comment by Slipknot — March 11, 2010 @ 1:50 am

4. 

   Wow this is a mess.If you had full coverage on it at the time it came up missing the insurance co. would have paid you for it. Now that it’s this late they probably won’t and you or your daughter will have to pay the note off.

   Comment by Tina Marie — March 11, 2010 @ 1:50 am

5. 

   Depending on what insurance coverage was on the car, the insurance company should give you a check for the value of the car. It probably will not cover the remaining amount of the loan so she will still owe some amount, unless she has some type of gap insurance (insurance to cover the difference between he value and the amount of the loan remaining).

   *EDIT* – If she only has liability, she would be responsible for the remaining balance on the loan.

   Comment by Mutt — March 11, 2010 @ 1:50 am

6. 

   if the cops don’t find it, or they find it and it is trrashed, c’est la vie.

   she still owes the debt.

   without the car to be repo’d and sold to offset the debt, she will end up owning the whole thing.

   she should make arrangements to start her payments again to stave off any court actions.

   Comment by Barry C — March 11, 2010 @ 1:50 am

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