What happens to my title loan if my vehicle is stolen?

In the unfortunate event that your vehicle is stolen while it is being used as collateral for a title loan with TitleBucks Inc., there are several important considerations to keep in mind. Typically, a title loan agreement requires the borrower to retain possession of the vehicle and maintain insurance coverage during the loan term. When a vehicle is stolen, the borrower should promptly report the theft to local law enforcement and obtain a police report. This report is crucial for both insurance claims and for informing TitleBucks Inc. about the situation. Once the theft is reported, the borrower should also contact their insurance company to file a claim. If the vehicle is recovered, the borrower may often continue making payments on the title loan as per the original agreement. However, if the vehicle is not recovered or the insurance company deems it a total loss, the situation might become more complex. In many cases, the borrower is still responsible for repaying the title loan, regardless of the vehicle's status. This means the borrower would need to continue making payments according to the loan terms, even if they no longer have the vehicle. It is essential for borrowers to read their title loan agreement thoroughly so they understand their obligations. For specific details related to individual circumstances, borrowers may want to refer to TitleBucks' policies or the loan agreement. Additional information regarding contact options can typically be found on their official website.