If your car is stolen, you should immediately file a police report and contact your insurance company. You should also notify the bank of the theft. The bank may require you to provide proof of the theft, such as a copy of the police report.
The bank may also take steps to repossess the car, even if it is in the possession of the thief. This could include hiring a private investigator or repossession agency to track down the car. If the car is found, the bank may be able to repossess it without your permission.
If the car is not found or cannot be repossessed, the bank may still hold you responsible for the debt. You may be required to continue making payments on the loan and could be held liable for any damage or loss to the car.
To protect yourself from liability, you should make sure that your car insurance policy includes comprehensive coverage. Comprehensive coverage will cover the cost of repairing or replacing your car if it is stolen. You should also make sure that you have sufficient liability insurance to cover any damage or injuries caused by your car, even if it is in someone else's possession.
