Question:

Did anyone stop making payments on a vechile that is stolen and ins co is taking a long time to settle claim,?

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Did anyone stop making payments on a vechile that is stolen and ins co is taking a long time to settle claim,?

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  1. Well, that would be dishonest and dumb.  The bank or whoever you had the loan from would sue you for the money.  It is not their fault the car was stolen and you still owe them the money.


  2. That's not the way to go, doesn't hurt them does it?? Hurts you and your credit.  Credit...hmmmm, you may need that when you have to buy your replacement vehicle..

  3. DONT DO IT.   Your leinholder wont say "oh the insurance is taking too long sure dont pay us!"  They will treat it like anyone not paying for a loan.  It is your responsibility to pay that loan until they get the check from your carrier.

    So sure, if you wanna ruin your credit, and have problems the rest of your life  getting loans, buying house,  getting cars etc.. then just stop paying.   But there will be consequences that are severe.

  4. Well, the papers you signed said you would keep the vehicle in good repair and available to them, which you didn't do since it is stolen.  Stop making payments and they can demand the return of the vehicle.  Since you can't do that, they will demand the full balance.  Also, it you have gap insurance making up the difference between fair market value and what you owe, it will not make up payments you are behind.  Then there is the fact that, if you continue to make payments as due they will be much more inclined to let you continue payments if there is a balance after the insurance settles than if you have stiffed them.

    I guess it boils down to whether or not you are honest and meant what you said when you made the promise to pay.

  5. Worst case scenario - you don't pay - and they file repossesion afadavit papers and "reposses" the car.

    Then, the insurance company settles with THEM and your interests become LESS THAN secondary!

    Typically, an insurance company will not do ANYTHING for thirty days after the theft.

    If you get to the point where it looks like you are behind in payments - they may even think you HAD it stolen!

    Good luck and I hope this helps!

  6. I'll keep paying if I were you. Insurance might see that as a loophole for not paying you.

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