What Happens if My Lease Car is Stolen?

Each year, thousands of cars are stolen in the UK, and unfortunately, leased vehicles have not been exempt from this trend. The theft of a leased car can be an unsettling and distressing experience. We understand that this can be a difficult time, which is why we are committed to offering our customers with the highest level of support if this unfortunate situation occurs. In this guide, we explain the steps to take if your lease car is stolen.

Step-By-Step Process

When leasing a vehicle, ownership of the vehicle remains with the finance provider. Should you find yourself in the unfortunate situation of your leased vehicle being stolen, we recommend the following steps:

Step 1 - Inspect for Any Other Missing or Damaged Items

Upon realising that your vehicle has been stolen, it's natural to feel a sense of panic. However, once you've overcome the initial shock of the theft, take a moment to ensure that your other valuable belongings are intact. Check to see if any additional damage has been inflicted on your property during the process of the theft.

Step 2 – Call The Police

After confirming that everything is in order, your initial priority is to promptly contact the police and provide them with comprehensive information about the theft. Share all the particulars of your leased vehicle, including its model, colour, and registration license number. Additionally, report any other items that may be missing or damaged as a result of the theft, along with any other relevant details that could assist in the investigation. The police will then give you a crime reference number and initiate the inquiry process. There is a possibility that the police might even visit you personally as the investigation progresses further.

Step 3 - Call Your Insurance Company

While the police continue their investigation, your next crucial step is to contact your car insurance company. Inform your insurance provider about the theft and provide them with the details, including the police crime number. Your insurance company will assist you through the claims process and provide clear instructions regarding the necessary documentation.

In the event that your leased car is officially confirmed as stolen or non-recoverable, or if it is found but deemed a write-off, your insurance provider will engage with the finance company to discuss the settlement of the agreement. Throughout this process, your insurance company may offer a courtesy vehicle for your use in the interim, although this depends on your insurance policy.

Subsequently, if the insurance payout covers the amount required by the finance provider to settle the agreement, you can initiate a new contract. It is crucial to remember to continue making your lease monthly payments during this interim period until the agreement is fully settled.

Step 4 - Inform The Finance Company

After contacting your insurance, the next crucial step is to get in touch with the finance company that owns the vehicle. If you were to communicate directly with us, for example, we would promptly inform the finance company about the theft and facilitate discussions between them, you, and your insurance company to determine a settlement figure for the contract.

It's worth noting that there may be instances where the finance company and your insurance provider do not reach an agreement on the settlement figure. In such cases, you may be required to cover the difference between your insurance company's agreed amount and the finance company's settlement figure. Payments made during the period between the vehicle theft and the settlement will be deducted from your outstanding balance. This could potentially diminish any remaining shortfall (if applicable).

Tips to Avoid Vehicle Theft

In an era where vehicle theft remains a prevalent concern, safeguarding your car has never been more crucial. Here are some helpful tips to help reduce the risk of you becoming a victim of car theft:

• Secure Your Vehicle: Always lock your car and close all windows when leaving it unattended. Although this might sound obvious, it's easily forgotten at times, especially if you're in a rush.

• Park in Well-Lit Areas: Opt for well-lit and busy parking spaces, especially during the night. Thieves are less likely to target vehicles in areas where visibility is high.

• Be Mindful of Your Keys: ensure your car keys are not easily visible to thieves. This involves making sure that keys are not visible through windows or near doors, reducing the chance of thieves finding and amplifying your key's signal.

• Stay Informed: Stay vigilant about your surroundings and potential security risks in your parking area. Stay informed about local crime trends and adjust your precautions accordingly.

• Install a GPS Tracker: Consider integrating a GPS tracking system in your vehicle to facilitate swift recovery in case of theft.

• Use Anti-Theft Devices: Invest in steering wheel locks, car alarms, or electronic immobilisers to add an extra layer of protection to your vehicle.

• Utilise Your Garage: If you have access to a garage, take advantage of it. Ensure to park your leased vehicle inside the garage and securely close the doors to minimise the risk of theft.

Contact GB Vehicle Leasing

If your lease vehicle is unfortunately stolen, we hope you find this guide useful in explaining the next steps to take. At GB Vehicle Leasing, our team, known for their friendliness and expertise, will expertly guide you through the process, providing all the essential information you require.

If you wish to discuss arranging a new lease car to replace the stolen one, feel free to call us on 0161 667 5338 or drop us a message. We are committed to delivering an exceptional level of service and support to all of our customers.