If I was financing a car but have not paid the company in 2 months and have no insurance, can they report the car stolen?
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If I was financing a car but have not paid the company in 2 months and have no insurance, can they report the car stolen?
What type of penalties and fines could i potentially be looking at?
Asked on May 23, 2012 under Bankruptcy Law, Arizona
Answers:
Kevin Bessant / Law Office of Kevin Bessant & Associates
Answered 11 years ago | Contributor
The lien holder should not report the car as being stolen because you have a contractual right to possess the car. When you fail to pay the car note, and in some states provide insurance for the car, the lien holder has the right to legally repossess the car if you are not able to make the back payments.
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