At the begining of this year I got a loan were I put as a warranty one of our cars, but yestarday at a famous store our car was stolen... so I still owe like half of the loan. My questions is do I still have to pay for this loan even though my car disapear hopefully we can find it but what if it can't be found ????
I live close to the border with Mexico, I still need to check the contract but I will get the police report next week & in the mean while I will review the contract on the loan to see what were the arragments to this loan because I can't remember... Any advise on what to do or how does this work ????
2006-10-26 10:00:58 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
This is why almost all lenders require full coverage with no more than a $500 deductible if you get a loan against your car.
Try calling your lender. Some of them have an insurnace built in for this. If not, and you dont have car insurance that covers theft, then pray your car turns up!
2006-10-26 10:06:04 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will ought to put up a declare in your vehicle coverage manufacturer. If you had a mortgage at the automobile I understand you ought to have collision protection. What will occur is the coverage can pay you an quantity of what they suppose the automobile is valued at. Then in case you agree at the quantity they'll ship you a few files, and a investigate. You will ought to signal the files and ship the ones again. The investigate will probably be for your title and alos the financial institution's title. What you are going to do from there may be take the investigate to the financial institution, and if there may be an quantity left over then you are going to get the reminding quantity. See when you've got GAP coverage. If you've gotten that, and the coverage manufacturer most effective can pay you favor one million,000, then GAP coverage can pay for the leisure. Now do not suppose that the under the influence of alcohol motive force is getting away with homicide, when you consider that he ain't. Your coverage manufacturer will cross after him for the volume that they paid. Now you'll regularly cross after him in small claims courtroom. If he does not have the cash, then his wages will probably be usually be garnished. If I have been you I might touch your coverage manufacturer or a attorney, and spot what they suppose. I understand that with a few lawyers the primary quarter-hour are unfastened. I wish that I used to be a few aid to you, and I am sorry for what occurred to you. Some persons simply do not suppose earlier than they do.
2016-09-01 03:07:15 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It sounds like you obtained a personal loan using the car as collateral. The lender could request new collateral or take the insurance money you receive to the extent of the loan balance
2006-10-26 10:04:34 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
Call your insurance adjuster. That's what they handle.
2006-10-26 10:03:00 · answer #4 · answered by Smilin' Fred 4 · 0⤊ 0⤋