Repo question??

Question

my next door neighbor car was supposed to be repoed.....but when i was talking to her she told me that she reported her car stolen,it didnt have insurance on so thats why it had been sitting but at the same time i was wondering if she had a police report saying the car was stolen knowing that it was due to be repoed can she get in trouble by the finance company???i think its funny how everything happened but im just curious

Answer 1

And the finance company will still come after her for the balance of the loan.

It is pretty stupid to report a vehicle stolen and have the vehicle sit at your house.

Answer 2

Well either way, because is was not insured,  she will still have to pay for it stolen or not.

If she let them repo it, then she would have had to pay only the amount owed on the vehicle after it was sold at auction.

If she reported it stolen, she is responsible for the total balance due.

Answer 3

The repo people actually file with the police dept prior to repoing a car so if you call the police to report it stolen afterwards they will say no not stolen repoed. If the car gets stolen, damaged, whatever, it doesnt matter to the finance company. You still owe them money. If you never pay the amount due it will take a while but they will cancel the debt. Once they cancel it they will send a 1099C to the IRS and one to you and you will have to report the amount on your taxes as income. If you move and dont get the 1099C tough luck IRS still gets it.

Answer 4

She can get in serious trouble with the police for making a false report.