If a vehicle has been repod by the bank, and then it was stolen, am I liable?
He’s liable if he signed on the loan. Banks always hold you responsible for your debt even if the car is repossessed. They will offer you a chance to resolve the back payments and regain possession of the vehicle. If you fail to do this in the alloted time, the bank will sell the car at auction and apply whatever monies realized against the balance of the debt. Then, you will still be responsible for any unsatisfied portion of the debt. In the case where the vehicle was stolen from impound, it is assumed that the vehicle was still effectively in your possession. This works because you agreed that the bank had the right to protect its interest by seizing the vehicle and holding it until either you honored your debt obligation, or you chose to not fulfill your loan contract, thereby allowing the bank to proceed with selling the vehicle as I described above. Did you maintain your insurance? If so, you have recourse through your theft coverage. Otherwise, you may choose to sue the repo com
