Stolen Automobile

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What is the name of your state? New Hampshire

I had recently bought a used Honda Accord, 1996 (August 18th 2003). I bought it through my credit union. Everything was going well, until it was stolen one month 10 days to the day that I bought it. I had only made one payment on it. I made one mistake; I never got insurance on it; I was on my way to the insurance office on the very day it was stolen, believe it of not. I called my bank and let them know that I had filed a report with the police. The news from the bank was not good; I am still required to make my next payment; I will continue paying for this car even if I never see it again. I know it was damn to drive a car on loan without insurance. Is there any law out there that can enable me to get another car under the same loan or I'm I really doomed!!!!!!!!!!!!.

 

[knotcops]

You bought the car knowing that comp and coll insurance was required and the credit union needed to be named as lienholder on the policy. There's no excuse to have let it go 40 days from the date of purchase. Banks require this to protect themselves. I believe you are on the hook for the loan balance.

 

[I AM ALWAYS LIABLE]

My response:

Since you're going to be making payments to the bank under your contract, at least there's one ray of sunshine in this whole matter; e.g., just think of all the thousands you're going to be saving over the life of the loan when you don't have to pay for insurance, gasoline, and all those repair bills for such an old car!

And then, on top of that, monthly bus passes cost far less than your monthly car payment. So, when all is said and done, you'll probably wind up evening things out by NOT having the car and saving all those expenses!

Good luck to you.

IAAL

 

[withonel]

What an usually sunny and optimistic post from IAAL!

 

[I AM ALWAYS LIABLE]

What an usually sunny and optimistic post from IAAL!

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My response:

I think you meant to say uNusually. However, if you read between the lines, this is one of my "usual", double-take, responses.

IAAL