It is believed the discovery is potentially linked to a missing person case from almost 30 years ago.
The Ford Orion, which was discovered by a local Community Search and Rescue team on Saturday, could be linked to James Patterson, who went missing in 1991.
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The car was found in the river at the New Ferry Road in Bellaghy, Co Derry.
Police said a recovery operation was planned on Sunday to recover the vehicle and once it is removed it will be subject to a forensic examination.
Service members were on the water and on the riverbank on Monday.