Rachel asked: if im 3 monthes late on car payments can a finance company report the car stolen?
my brother and i have been trying to get the bank to refinance the car to him so that the car can get payed off but they wont do it and my brother wont make the payment unless they do because he donsent want them to take the car after a payment… can the bank report the car stolen?
Best answer:
Answer by Steve D
No, but they can repossess it and sell it at auction.
Answer by src50
Repo-Charge-off-Collections-Judgment is the likely scenario. He’s going about “refinancing” very stupidly.
Answer by Dirty Dave
They can Repo it. Why don’t you just go to the finance company with or without your brother and try to work it out with them?
Answer by OC1999
First of all if you are trying to refinance a car no bank is going to refinance it if you are currently late. So your brother is using very bad logic and has backed himself into a corner.
If you don’t pay on the car the bank will Repo it. When they Repo the car that does not mean you no longer owe any money. They will sell the car at auction for a fraction of what it is worth. He will still be responsible for the difference between that and the loan balance, plus the fees involved in the repo and sale. If he does not pay that they could eventually take him to court for the amount.
Answer by ZOE m
no but the can repossess the car, or if you contact the finance company, they will normally enter back into repayments, i was in the same situation and i added the 3 missed payments onto the end of the finance. He needs to speak to them and they should be willing to help him out. Hope this helps.
Answer by bdancer222
Being 3 months late on the car payment certainly isn’t going to ‘make’ the lender refi that car. Your brother needs to pay up all the missed payments plus late fees before the lender just repos the vehicle.
Answer by Anjell
No because it’s not stolen, that’s what police deal with not lenders.
They’ll just repossess it and sell it for what they can. If there’s still more owing on the loan they’ll come after you for the balance.
What is your take?