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What happens to my car loan if my car is stolen?
"My car was stolen a few days ago and it hasn't been recovered yet. What will happen to my car loan?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You should keep making payments on the vehicle until the situation is resolved, as you’re obligated to do so by the terms of the loan.
A resolution usually shouldn’t take more than 30 days, but if it does, don’t halt your payments. Doing so can create even more problems with your lender, as well as derogatory marks on your credit.
As far as the vehicle itself goes, your
comprehensive coverage
should cover the vehicle whether it’s recovered in the same condition, a total loss, or never found.If it’s a total loss or never found, the insurance company will pay you the cash value of the vehicle before the theft, which you can then use to pay off the balance of your loan.”
View full answer
- Gregory R.
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