by flamak25 » Sat Sep 06, 2008 09:20 pm
The procedure of cashing out a check may vary from one company to another and if you are cashing out a check you may call the issuing company to ask what their requirement is to cash the settlement check.
Here are few steps you may follow:
Here are few steps you may follow:
- You may call your lien holder or the bank and let them know that you have received the check for insurance settlement and that it is payable to the policy holder and the company.
- Get your check endorsed and ask the company to endorse their check too. You can find out from the lien holder which department you need to send their check to. After getting it endorsed the company will send back the check to you. If there are any other payees on the check they must get the check endorsed too, even if it is your spouse.
- After the lien holder and other related people have endorsed the check you must deposit it in your bank account.
- Wait for clearance and then you may issue your personal check to your lien holder who you owe money. It may be your auto repair shop or the contractor who has got your home repaired or any other related person or company.
- If your check amount is large some banks may require you to produce a report for insurance loss and also the bid placed by a contractor or a body shop for which you need to make the payment.
Is it difficult to cash an auto settlement check if your car is repoed?
Not if the check is in your name and the lien holder's. But if the insurance company has put the check in the name of the lien holder you might have a little difficulty in getting the balance amount back. They might give you a proposal to get the car repaired and use up the balance amount you think you deserve. If this is the case, you may contact them and ask them what procedure they follow after you have endorsed a check and mail it to them.
What are your rights when your car is repossessed?
If your car is repoed, you may contact the lender and try to negotiate a payment option. Repossessing your car is not the best option for your lender since they lose out thousands of dollars doing this. So, usually they would like to work out a payment plan with you and try to prevent their loss.
When you sign an agreement document with your lender you must first go through the terms mentioned in the document. It is supposed to have rights you possess in case you default on a payment or if your car is repossessed. Make sure you know your rights and be aware to not be fooled in to any action taken against you that is not legal.
When you sign an agreement document with your lender you must first go through the terms mentioned in the document. It is supposed to have rights you possess in case you default on a payment or if your car is repossessed. Make sure you know your rights and be aware to not be fooled in to any action taken against you that is not legal.
Related Readings
- Can you cash an insurance claim check?
- When check in not made to lienholder
- Insurance check after a fire breakout
- Insufficient insurance check
- About insurance claim check
- Should you take a check or ask for replacement?
- Higher estimate auto insurance claim check
- When should you cash out?
i had my vehicle repoed before I could fix the small damages and the lein holder has closed out the account with the account stating paid-closed credit line , but i have a balance of 900.00$ left owe to the lein holder , can i take my 2300.00$ automobile insurance claim checks (it's made out to ,me and the leinholder ) and pay off the balance and keep the rest , or will they take the whole check ? can i get into trouble if i cash it with the leinholder ?thank you very much for your response..
Posted: Wed Sep 17, 2008 02:45 pm Post Subject: auto insurance claim checks
Thank You very lori, i appreciate your response ..and i thank you for your time and effort , i kinda figured i was a turnip in this situation, thank you for your prayers, if i have anymore questions i'll write you again..
Posted: Thu Sep 18, 2008 12:36 am Post Subject:
Best of luck flamak25
Posted: Fri Mar 20, 2009 02:19 am Post Subject: insurance claim check
I am getting a roof replace on my home. Do I sign the check and send it to the mortgage company first?
Posted: Fri Mar 20, 2009 02:51 am Post Subject:
Is your mortgage company listed on the check? If so....
You need to call your mortgage company to see how they handle the matter. They may have a different address that you need to send the check or other policies that you need to follow.
Posted: Fri Mar 20, 2009 04:38 am Post Subject:
Right, if your mortgage company is involved then you are required to send the check to them. The mortgage company might hold the check till the repair work is done or may release only a portion of the claim to the contractor at the beginning of the of the work. You really are required to contact the mortgage company for the details. All kinds of cashing out works the same way I guess. Just like cashing out auto insurance claim checks even here you need to contact your lender if they have their name on it.
Posted: Fri Oct 23, 2009 03:09 pm Post Subject: auto insurance claim checks
if i got a check to pay my ride by the emt when i got in a wreck and it was made out to me and i cashed it thinking it was mine because it was mine and spent some of it would i get in troubel?
Posted: Tue Jan 05, 2010 07:00 pm Post Subject: Where should I sale my wrecked car?
Where is a good place to sale my old wrecked car? Please help me by sugesting some sites or companies.
Posted: Mon Aug 23, 2010 09:49 pm Post Subject:
My car was repoed then i received the check in the mail made out to the body shop. Can i cash the check without and issues or can we get in trouble?
Posted: Tue Aug 24, 2010 04:59 am Post Subject:
My car was repoed then i received the check in the mail made out to the body shop. Can i cash the check without and issues or can we get in trouble?
Please don't highjack another thread when you have already posted your question in your own thread (esp one that is 7 months old). See your own thread for a response.Posted: Thu Oct 14, 2010 05:15 pm Post Subject: Insurance Claim Check
If on the insurance claim check the insurance co. has already deducted my deductible, does that mean that I don't have to pay the body shop the deductible? For example, damages to my car were 1,700, but they sent me a check for 1,200 because they deducted my deductible. Now...when I take my car to a body shop to get it repaired, will I have to pay my 500 deductible?
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