Hi Dave, I encountered this case as well as a car that was totalled. What I have done is ask the client to continue paying until they only owe half of the loan. Then they can reapply for another loan where the half owed is paid off and the remaining amount is used to buy another car (I might offer a $4K Loan). This way, I am giving the client a solution and I am encouraging them to continue paying the previous and the new loan.
Luisa Vilchez Family Counseling Services of Greater Miami -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of Dave Washburn Sent: Monday, November 24, 2003 8:38 PM To: [EMAIL PROTECTED] Subject: [WTW] stolen vehicle Hi folks, I'm interested to hear your experiences and courses of action taken in situations where a borrower's car has been stolen. Obviously, this is a tight spot: no car, still needs to pay the loan. (We don't require full coverage insurance, so in our immediate case I'm assuming insurance won't replace the car.) How have you tackled this? Dave
