Years Ago Bf Got an Auto Loan, Car Was Stolen But He Didn’t Report It, And Has Been Sent to Collections. Help?
08. Feb, 2010 
6 Comments
He took his car in for maintenance and the shop told him that it was stolen. I don’t know why, but he didn’t report it to the police or his insurance company. He still owed a good deal on the car, maybe around $15,000. His credit report shows several collection companies. Is there anything he can do because this is ruining his credit and he owes for a vehicle he no longer has possession of? (I already got mad at him for being such an idiot.)
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He defaulted on the debt. Of course he owes.
umm, yea that was an idiot thing to do. I really dont think there is much to do. except pay it.
wait a minute. he owed 15k on a car and didnt report it stolen? wtf.
why didnt the creditor try to repossess the missing car before it went to collections.
just my opinion but is it possible the car was repossessed and not stolen and the collectors are trying to getthe balance of the loan owed after the creditor sold the car?
not reporting a stolen vehical with that much on the loan sounds a little strange.
Auto finance is what I do for a living and sorry but your boyfriends story makes no sense what so ever.
When you have a vehicle stolen that you own that much money on and don’t report it to the police or to your insurance company your not a idiot, your brain dead.
In my opinion what happened and makes much more sense is the vehicle got repossessed and now the collection companies are trying to collect the difference between what he owed and what the vehicle sold for at auction plus all fees and interest.
As far as answering your question goes, since he did not make a police report or inform his insurance company then he has no recourse but to pay the debt. Attempting to prove that the vehicle was stolen several years later is going to not only look suspicious but be next to impossible to do.
His car was repoed.He was “upside down” in the loan.(Owing more
than the car was worth).
He is responsible for the deficiency balance.
His car was not stolen.
He could try filing a police report and submitting that to his loan company….This may or may not work, but its worth a try.