by Guest » Sat Jul 19, 2008 06:59 pm
My automobile was deemed a total loss on May 16, 2008. The insurance company paid off the car and there is a remaining balance due to me but the insurance company says that they will not release the money to me until they receive the title from the lein holder. The lien holder has sent the insurance company a letter of guarantee of title but they say they (insurance co.) must have the original title. The check was cashed by the lein holder on May, 23, 2008 but they have yet to release the title. Can anyone help me with what options I might have to get the lein holder to release the title since they have already been paid in full almost 60 days ago!
Posted: Sat Jul 19, 2008 11:25 pm Post Subject:
I've had this happen to me as an adjuster many times. The lien holder will send a letter of guarentee stating that upon the insurance companies payment they will send the title but then they don't as the vehicle is not paid off. Is their a branch near you that you can walk into and speak to someone in person? If not, go up the ladder with the lien holder on the phone. Explain that they signed a document stating that the title would be release upon payment.
One question I have... if their is a remaining amount owed to you, why did your carrier not pay off the loan?
Posted: Sun Jul 20, 2008 12:27 am Post Subject:
One question I have... if their is a remaining amount owed to you, why did your carrier not pay off the loan?
They did Todd...
The insurance company paid off the car
Posted: Mon Jul 21, 2008 06:11 am Post Subject:
I believe the option that you have is filing a complaint against the lien holder with the Trade Commissioner. the lien holder is operating in bad-faith.
Posted: Mon Jul 21, 2008 08:11 am Post Subject:
The lien holder has sent the insurance company a letter of guarantee of title but they say they (insurance co.) must have the original title.
Hi, seniors would you care to explain whether there is a need to produce the original title under such circumstances??
Posted: Mon Jul 21, 2008 10:08 am Post Subject:
Yes, the insurance company needs the title in order to sell it as salvage. When a vehicle total more times than not the insurance company takes the car.. They recoup a little of the money by selling it either at a salvage auction, or maybe the have a contract with a salvage yard. And you can't do that without a title.
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