My Car Got Stolen What Do I Do?

We all have issues with our insurance companies and banks that hold the loan to our cars. Sometimes it is with a premium amount that we pay or the lack of help they give when we are in a car accident. The main thing that we all need to remember is that we remain calm and deal with the issue one step at a time. But what do you do when your car is stolen and you still have car payments on it. That is what happened with Joe from Phoenix, Arizona.

Joe writes,

I have no idea what to do. I got a loan for new car in St. Louis, Mo in March of
2008. Lost my job in Feb. of 2010. I moved to Phoenix, AZ. I was already 2 months late on my car payments, when I was in the wrong place, and someone I didn’t know left with my car, and never returned. I stopped at a police station to see if I could report it stolen. The officer said I didn’t have to, and that I would not look good if I did. I never received any word, and the repo man knocked on my door today looking for me. I told I didn’t where I was, and that I had moved out last month. My insurance runs out on July 25th, but now it really looks like I am trying to commit fraud. I don’t know what to do. Should I report it stolen and call the insurance company, or just call the bank, and tell them? Is my credit is already shot?

First of all your credit is going to be ruined no matter what. You can’t help what the bank that owns the loan of your old car does. That is why it is important to always keep in contact with them. You can tell them all you want that your car was stolen, in a car accident and other things, but they are not going to believe you unless you have documentation to back up your claim. There are several things that you can do in your situation.

1. Report the car stolen – You need to report the car stolen. Tell the police officers that you had it stolen and on whatever date and they will date the police report for that date. To get them to do this, you need to tell them that you spoke with an officer before and he told you not to do it. If you have the police officer’s name, then they will reprimand him. Don’t bring up that your insurance has lapsed.
2. Contact the Bank – Once you have the report in your hand, you need to contact the insurance company. Tell them that you have a police report stating that on (whatever date) your car was stolen and that you don’t have the car anymore. They will process the paperwork. If you have bank that is in your city that holds the loan, walk in and give a copy of the police report.
3. Don’t Give All the Information – Whether you were drunk, stoned, or anything at the time, don’t tell anyone this. You want to come off as a victim of car theft. Almost everyone who is in this situation talk entirely too much and self-incriminate themselves. Cases like yours happen all the time and you need to keep calm.
4. Hire a Lawyer – I tell everyone to do this because you are going to run into walls if you don’t. A lawyer is going to be able to give you the counsel that you need to make your case. He or She will help you build your case against the bank if they refuse to listen to you. I am not a lawyer so that is why it is always good to get that legal representation.

In everything that you do, you need to document it. In a court of law, a judge is going to rule in your favor if you have a lot of documentation that is essential to your case. Many people have the chance to get this documentation and have won because they took the initiative to go and get the forms that you are going to need. Always keep your wits about you and never back down. Insurance companies can be really hard to convince, but you have a sturdy case that you can build and you need to get started now. Good luck to you.

[podcast]http://www.lawadvicenow.com/wp-content/uploads/2010/07/my-car-got-stolen.mp3[/podcast]