Car got stolen and it was not insured. Do I still need to pay my installment?
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Car got stolen and it was not insured. Do I still need to pay my installment?
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I had a car that was financed. It got stolen and it was not insured. Now, I still owe almost $8000 to bank. Do I still need to pay the whole amount or the bank people could settle on something.
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uthockey32
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No you need to pay. As part of the loan it states you need to have it insured in case something like this happens. |
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Scott H
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You are legally obligated to pay the entire outstanding amount. It is up to the lender if they will negotiate and accept a lower amount. They are not required to do so.
I'll bet those insurance premiums don't seem so expensive now, huh? |
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sweet_truth
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I believe so...my bf's motorcycle got stolen when he only had it for 3 months..he had liability only, so to this day, he's still paying on a bike that he doesn't even have :( ..But hopefully it's different in your situation... |
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Ironball
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Looks like your out $8000. Pay up bub. |
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ras
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I WOULD CONTACT MY INS COMPANY AND ASK THEM ,YOU WOULD THINK THAT WITH A POLICE REPORT THEY WOULD COVER IT. BUT I THINK YOU MIGHT HAVE TO PAY A COUPLE OF MONTHS MAYBE |
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KAS
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pay up |
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dirtytricksracing@sbcglobal.net
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You get to pay for nothing and as you were so smart as not to have insurance if they find it the note holder will make you fix it out of your pocket. |
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David W
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If the loan was secured by the car, you should have had it covered for compt (fire, theft, etc.,) and collision; I'm surprised the bank didn't insist on that.
If the loan was personal, not secured by the car, you still have to pay it back. Either way, you're on the hook for the $8000. |
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