I have a friend that just got his car stolen about a month or so ago. He has insurance so that is not a problem. He even has GAP insurance so even the upside down part is taken care of. My question is will that go on his credit as a judgment as anything that might hurt his credit? or Do the insurance companies not report at all. Also a question not really concerning credit but does his insurance go up as a result of this theft? Even though it wasn't his fault that some low life stole his car? I guess I too am concerned since I just moved out to New Mexico and I am finding that allot of people get their cars stolen. Thanks for the response. Jorge
PAID/NEVER LATE BALANCE $0 "ACCOUNT CLOSED BY CONSUMER" Just guessing...I never had a car loan...so the words may be different...
No, no judgment. Just a paid account, He should make sure everything gets taken care of , the loan is paid off etc. He probably shouldn't change insurance companies for at least a year. It should not raise his rates with his current company, but most companies are a bit wary of taking a new customer who car was just stolen. he sould let a little time go by before he changes. Get the club, or viper, or some other security system for your car if you are in an area where they are frequently stolen. It's worth it!
Jorge, you must be in the northern part of the state. Down here in the southern part, we don't have much problem with auto theft. BTW, welcome to the land of enchantment!!
No snakeboys please. If it weren't for them, I wouldn't be here LOL!!!! Boycott the snakes. Seriously though - check this out for auto security. Alarms are going away. http://www.trackmenow.com/main.html (I have no relationship with this company - just know the technology).
