Having your car stolen is never good and it can massively impact your life. But what is worse is if your car on finance gets stolen! This is because you may not own the car yet and the lender will need their money back. Your vehicle being stolen doesn’t automatically stop your payment to the car finance lender, which is why you need to contact your finance lender to let them know your car has been stolen. You’ll also need to inform the police and your car insurance provider if your car on finance gets stolen. Find out more in our detailed guide below.
3 things to do if your car on finance gets stolen:
Having your car stolen can be a really stressful time but you must keep calm and follow the 3 steps below.
1. Tell the police.
The first thing you will need to do if your car on finance is stolen is to inform the police. Just like any theft, the police will need to be made aware and it is also important for the steps that happen afterwards. Unless the crime is being committed right now in front of you or someone is in immediate danger, it’ll be classed as a UK non-emergency. You can report a UK non-emergency by calling 101 or reporting a crime online.
Most stolen cars in the UK
Find out the most frequently stolen cars in the UK! 😳
You will need to give as much detail as possible about the theft and include things like the date, time, and location of the theft, vehicle details and any other information which is relevant. The police will then issue you with a crime number and inform the DVLA.
2. Let your car insurance company know.
Next, you’ll need to tell your car insurance company your car on finance has been stolen. To get the claims process started, you’ll need to let your insurance company know your car has been stolen ASAP! Many insurance companies have time frames in which you would need to report your car being stolen so it’s worth doing it once you’ve contacted the police. The police will have provided you with a crime number and you’ll need to give this to your car insurance provider too.
The insurance company will process your claim and contact you with an outcome. If your claim is approved, the insurance company will then process any reimbursements or settlements. If your claim is denied, you will be given a reason as to why and guidance on the next steps to take.
3. Inform your car finance lender.
Even if your car on finance is stolen, you’ll still need to carry on making your car finance repayments. This is why you need to inform the lender and let them know you no longer have possession of the vehicle. You’ll need to give them the same kind of details and let them know the situation you are in. You’ll need to keep on meeting your repayments whilst the case is ongoing and until a decision is made. If your car is not retrieved, your car insurance provider will settle the remaining finance with the finance lender. If the amount is settled and there is money left over, it will be given directly to you.
If you are a Refused Car Finance customer and are unsure who your finance lender is, reach out to us today with your details and we’ll be able to help!