My mate has had his car stolen it is on finance where does he stand?

hopefully he has insurance that covers it being stolen, most lenders require such coverage. if he has coverage he is only responsible for the deductible assuming it is isn%26#039;t recovered within 30 days (most companies in the US). If he doesn%26#039;t have coverage or it has lapsed due to nonpayment or such he is responsible for paying the finance company even without the car.

My mate has had his car stolen it is on finance where does he stand?

hes ******

My mate has had his car stolen it is on finance where does he stand?

the ins payment goes to the finance company.

My mate has had his car stolen it is on finance where does he stand?

IF HE%26#039;S ON FINANCE, IT MEANS THAT HE OWNS THE CAR AND PAYING MONTHLY PAYMENTS TO PAY OFF THE CAR, SO THE DEALER DOESNT GIVE A CRAP.

IF HE%26#039;S ON A LEASE, HE%26#039;S LIKE %26quot;RENTING%26quot; A CAR AND HAS A CHANCE TO BUY BACK THE CAR AT THE END OF THE LEASE HENCE HE%26#039;S RESPONSIBLE FOR THE VEHICLE ALSO.

ALL AND ALL, HE HAS TO PAY OFF ALL THE FINANCE PAYMENTS OR ALL THE LEASE + THE BUY BACK PAYMENTS

My mate has had his car stolen it is on finance where does he stand?

Bus stop

My mate has had his car stolen it is on finance where does he stand?

If he was fully comp, the insurance should pay for it. if not he is still liable for payments.

On a lighter note, In the Bus queue.

My mate has had his car stolen it is on finance where does he stand?

Report it stolen to the police

Tell the insurance.

Tell the finance company.

The insurance will pay the finace company as he would have had to have insurance to get the finance.

My mate has had his car stolen it is on finance where does he stand?

If he had insurance against theft - he%26#039;ll be fine. The company will pay the finance off.

If he was uninsured - HE is liable for the rest of the money, whether he still has the car or not.

My mate has had his car stolen it is on finance where does he stand?

Usually the lender will require insurance for theft. If so, then the insurance company will pay off the note. If your mate is upside-down in his load he will have to pay the difference.

With no insurance he must still pay the loan.

My mate has had his car stolen it is on finance where does he stand?

Your mate should have his car insured in order to have it legally on the streets. In this case he should file an insurance claim. If he owes more than whats allowed from the insurance co he can either claim on his gap insurance which will pay the difference or he can fight it in court if he feels that the insurance is stiffing him because his car is worth more than they say. However if he only had a Small amount of insurance and not the right kind (as theft comes under comprehension coverage) such as comprehension he is in deep do do. Sorry but that is a fact!!!!

My mate has had his car stolen it is on finance where does he stand?

Depends on his insurance coverage. He should READ HIS POLICY %26amp; notify his insurance company. They will pay either the loan balance or the market value to the lender, whichever is lower (or whichever is higher if he has gap coverage for the time he%26#039;s upside down) and any overage to him less any deductible. If he has rental coverage, they%26#039;ll pay for a rental car for the specified period or until his car is recovered or declared a total loss.

My mate has had his car stolen it is on finance where does he stand?

On the bus from now on.

My mate has had his car stolen it is on finance where does he stand?

Just file a claim with the insurance company. If it%26#039;s financed you are required to have insurance or they will not finance it. Also, it is little known that you have automatic %26quot;third party insurance%26quot; at the finance company itself for %26quot;just in case%26quot; to protect their investment. (Like if you skip town or bankrupt or in jail or flat just can%26#039;t pay etc.)

My mate has had his car stolen it is on finance where does he stand?

Presumably your made was insured. So he will get the insurance money which he can use to pay off the car company. The only loser is the insurance company, except for your mate%26#039;s future no claim discounts.

My mate has had his car stolen it is on finance where does he stand?

the insurance should cover it.

My mate has had his car stolen it is on finance where does he stand?

At the bus stop?

Depends upon the finance deal and insurance.

He still owes money though.