I Bought a car and had it for a moth but it was stolen by a friend and the bank is sueing me to pay the total?

Question

i need help on how to deal with the case or i will loose i lost insurance on the car so the car (that was wrecked in a car accident )so the insurance company refused the claim.How cam i proceed with this

Answer 1

Bad news. You are going to have to pay the loan. They don't care what happened. They lent you money using the car as security. Their security is now worthless, and you are on the hook. It is what it is, so don't stress out about it. You can pay them back in payments if you set that up with them. You seem young, and due to the inmsurance funny business you got mixed up in, I doubt you owe very much to begin with. It may seem a huge sum, but one day, you'll look back on this as a very small thing. Really.

Answer 2

You were in trouble when you allowed the insurance to lapse. You signed an agreement that you would maintain full coverage insurance until the loan was paid off. You need to sue your friend.

Answer 3

>>  but it was stolen by a friend

You sue the "friend" who stole it and get them to pay for it.

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But first get him arrested.

Good Luck....

Answer 4

You should have filed a police report when the car was stolen, now that it has been in an accident there is nto much to do about it. You have to press charges on your "friend" in order for your case to go on your side!

Answer 5

you should find free legal aide, that's messed up.

Answer 6

Your "friend" is liable, having done the damage to it.  Getting him or her to pay may be another story.  If they or their insurance (if any) won't pay -- insurance may question some circumstances of the theft, if they think you allowed the "friend" to take the car, for example -- then you can try taking them to court to get the cash out of them.  You would of course have to press charges for the theft (if you haven't, that's likely one reason why the insurance rejected claim).

Answer 7

same stuff happend here.A girl stole my mothers jeep and wrecked it and was arrested for several charges including DUI and Controlled substance and was sentenced to jail time for over a year but she didnt pay for the jeep .So the jeep company came after mom for the remainder of the balance over 2000 and they got it by trying to put a lein on her it cost us a car and 2500 for some stupid drug up chick who had no respect or or money and a law system that lets the criminal get away with what happend and the court system knew what she did and didnt even try to make her pay restitution for her crime..So in short they can sue you and put a lein on you and make you pay for any other charges incurredduring the time that YOU were VICTIMIZED.....good luck hope that it works out better for you than it did for us

Answer 8

go to legal aid and have them help you sue the insurance company for the damaged vehicle (you DID report it as stolen didn't you? if not, too bad, so sad, your "friend" screwed you once by stealing the car and wrecking it and you screwed yourself by not reporting it.)

next yes, you are legally obligated to pay off the car if the loan is still outstanding EVEN IF your car has been totalled or stolen.  This is why you put a down payment on the car or at least pay the taxes off on it or get gap insurance if you are financing the entire thing because your insurance will only pay you the value of the car at the time of the accident NOT what you owe on the car.

1.  have the "friend" arrested for car theft and destroying the car.

2.  sue your "friend" in civil court for the destruction of your vehicle.

3.  sue the insurance company and make them pay up or give you a super reason why they won't.  continue making your monthly payments so it doesn't go to collections and really s***w your credit over until you get your settlement.

4.  use the money to pay off your outstanding car loan

5.  if there is any money left, use it for a down payment on a newer or new car.

6.  use a different insurance company this time.

edit:

you said that you "lost" insurance on your car?  how do you lose insurance?  Did you mean you stopped paying the insurance and it was not current at the time of the theft?  Then you are out of luck and they don't owe you anything.  

but if you were current on your insurance at the time of the theft then sue, sue, sue and never use that insurance company again.