Finance company to report car stolen

johnnydoe

Hi,

I took a car out on finance and have fallen behind on payments and unfortunately defaulted on the agreement.

The finance company are trying to recover the car and have issued a specialist investigator to locate and retrieve the car.

I have been threatened by the investigator that the car will be reported stolen unless i provide its location.

Unfortunately, I was involved in a collision and now the car is written off and i am awaiting settlement.

1. Does the finance company have the grounds to report the car stolen?
2. Am i obliged tp inform them of the whereabouts of the car
3. Wont the settlement payment go tot the finance company anyway?


Thanks in advance guys

AdrianC

johnnydoe wrote: »

I took a car out on finance and have fallen behind on payments and unfortunately defaulted on the agreement.

The finance company are trying to recover the car and have issued a specialist investigator to locate and retrieve the car.

Was there a good reason that you didn't simply tell them where it was so they could repossess their property?

I have been threatened by the investigator that the car will be reported stolen unless i provide its location.

Doesn't exactly seem unfair.

Unfortunately, I was involved in a collision and now the car is written off and i am awaiting settlement.

1. Does the finance company have the grounds to report the car stolen?

If they don't believe your story, yes. If they think you're trying to permanently deprive them of their property...

2. Am i obliged tp inform them of the whereabouts of the car

Why on earth wouldn't you?

3. Wont the settlement payment go tot the finance company anyway?

Yes, assuming you correctly told your insurer that the car was owned by the finance company. And assuming the insurer don't smell some kind of a rat with a contrived collision to avoid the car being repossessed...

That doesn't that the payout will necessarily cover the settlement figure, of course - if you owed £10k on a car worth £8k (for example) you will still owe £10k-£8k=£2k.

And if the car was about to be repossessed, then I suspect your balance is rising rapidly through fees. The more you string them along with this silliness over "Do I have to tell them?", the more fees you will incur.

Car_54

If you persist in playing silly b***ers you may face criminal charges to add to your problems.

neilmcl

johnnydoe wrote: »

Hi,

I took a car out on finance and have fallen behind on payments and unfortunately defaulted on the agreement.

The finance company are trying to recover the car and have issued a specialist investigator to locate and retrieve the car.

I have been threatened by the investigator that the car will be reported stolen unless i provide its location.

Unfortunately, I was involved in a collision and now the car is written off and i am awaiting settlement.

1. Does the finance company have the grounds to report the car stolen? - Yes, absolutely. It's their car and you are preventing them from retrieving it.
2. Am i obliged tp inform them of the whereabouts of the car - Of course, it's not your car.
3. Wont the settlement payment go tot the finance company anyway? - It's unlikely to cover the amount you owe.


Thanks in advance guys

I would start speaking to them and telling them the truth before you get into any more bother, you're just making things worse for yourself at the moment.

waamo

This article may help https://www.liverpoolecho.co.uk/news/liverpool-news/what-its-like-spending-christmas-15386246

Scrapit

johnnydoe wrote: »

Hi,

I took a car out on finance and have fallen behind on payments and unfortunately defaulted on the agreement.

The finance company are trying to recover the car and have issued a specialist investigator to locate and retrieve the car.

I have been threatened by the investigator that the car will be reported stolen unless i provide its location.

Unfortunately, I was involved in a collision and now the car is written off and i am awaiting settlement.

1. Does the finance company have the grounds to report the car stolen? put it this way, if someone was keeping something of mine with a value as high as your car is worth, I'd be reporting that stolen straight away
2. Am i obliged tp inform them of the whereabouts of the car they, want their car back, they can't get it back without you telling them where it is, so what do you think? Also, why wouldn't you? In an attempt to keep the car that you are not paying for? Solids like stealing to me
3. Wont the settlement payment go tot the finance company anyway?
no. You are insured (hopefully), you'll get the pay out. You will then give that to the finance company (hopefully) and then pay the remaining outstanding (again, hopefully).

Thanks in advance guys

I cannot see why you haven't told them 1. Where the vehicle is, 2
That it's written off. You will be paying for it either way.

TooManyPoints

Tell them where it is. Tell them what has happened. Ask for their co-operation in getting it sorted out.

Anything else will cause you untold aggravation.

Mercdriver

johnnydoe wrote: »

Hi,

I took a car out on finance and have fallen behind on payments and unfortunately defaulted on the agreement.

The finance company are trying to recover the car and have issued a specialist investigator to locate and retrieve the car.

I have been threatened by the investigator that the car will be reported stolen unless i provide its location.




Thanks in advance guys

Bit in Bold - that's going to be expensive for you as the finance company will invoice you for his fees plus interest.

The_Rainmaker

Hmmm........has the car really been written off?

foxy-stoat

Lets hope the "accident" doesnt get investigated as you will be with no car, massive debt and a fraud marker on your record...not that you will be taking out credit for a few years since you have defaulted but with a fraud marker you will find it very difficult to get credit for 6 years.

foxy-stoat

The_Rainmaker wrote: »

Hmmm........has the car really been written off?

It had to be written off as if it was "stolen" it would of been more suspicious.