If a borrower leaves no forwarding address (but keeps the collateral vehicle), has he committed theft?
by Dana Turner, BOL Guru BIO AND CONTACT INFO
Question: If borrower who has pledged a vehicle as collateral leaves the state with the vehicle and doesn't leave a forwarding address or phone number, can this action be reported as a theft?
Answer: You'd have to demonstrate that the borrower created the loan with the specific intent to commit theft. If the loan is less than 60 days old -- you might have a chance with this tactic. If the installment payments have been made successfully for several months -- it's time for collection action.
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