What if my car is stolen whilst still under finance?

Having your car stolen is awful at the best of times – but what if you’re still paying for it?

Having your car stolen can be traumatic, but there are a few steps you can take to make the resulting hassle a bit less painful.

What is the first thing to do if your car is stolen?

Obviously the first thing to do if your car is stolen is report it to the police and your insurance company. Here are some tips for what else you need to do…

OK, it might sound obvious but, before you panic and dial 999, don’t! Double check first that your car has been stolen. That’s not as mad as it sounds. Does anyone else have access to your car and are insured to drive it? Your partner, son, daughter, friend, work colleague for example. If that checks out, and you haven’t just forgotten where you parked it in the supermarket car park, do call the police, but as it is considered a non-emergency, call 101. Have all of the car details ready, registration, make, model etc.

What will the Police do?

The police will give you a crime reference number. Make a note of this, as you’ll need it when you call your car finance and insurance companies to report your car stolen. The police will inform the DVLA of the theft, and if your car is found again, so you don’t have to worry about that

Let your Car Finance Company know

Then let your car finance company know. With the details you’ve already gathered for your insurance company, you now have all you need to inform your finance company too.Call and give them the crime reference number you’ve been given by the police. You will have to continue paying your finance instalments while your claim is settled by the insurance company. If your car is later found and returned to you, you’ll need to get a letter from your insurance company confirming this.If your car is not recovered and returned to you, you should pay off the amount still remaining on your finance with the insurance payout amount. Once that’s done, your agreement is finished and you’re free to start a whole new agreement for a new car.

Do I need to tell the DVLA about my Stolen Car?

Although the police will inform DVLA of the theft, you need to let DVLA know when your stolen vehicle claim has been settled by filling in the V5C/3 part of your V5C registration document. This is registered as a ‘notification of sale or transfer’.

You’ll also need to send a letter stating when you were paid out, how much you were paid and the name of your insurance company. Then you need to send the rest of your V5C to your insurer.

If you don’t have the V5C because you were asked to send it to your insurance company and you’ve already done that, just explain this in your letter. You should also include the details of your insurance company, the date of your claim, your stolen car’s registration number, make, model and colour.

Looking for a new car? You can apply for a quote for car finance with Match Me Car Finance it doesn’t have any affect on your credit score.