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: Tue Feb 19, 2013 04:03 am Post Subject:
What is "under the previous owner"? Whose name is on the check?
Posted: Fri Mar 08, 2013 09:03 pm Post Subject: vehicle total loss
i am in possession of the vehicle title the lien holder listed as the 1st and only lien holder on the title is different that what the insurance company has listed as the finance company or loss payee. who will recieve the insurance check
Posted: Sat Mar 09, 2013 03:01 am Post Subject:
Why is the insurance company's information not correct? Who's filing a claim . . . the insured or the lienholder? Your post is very jumbled.
Posted: Fri Aug 02, 2013 09:49 pm Post Subject: renters insurance
I had a renters policy 5 months later i got married but never added my husband to my policy then 2 months later i had an electrical fire my insurance company never talked to me but to my husband also added his name to my claim is this legal
Posted: Fri Aug 02, 2013 10:49 pm Post Subject:
Yes. Is there a reason you would not want your husband's property to be insured?
Posted: Thu Feb 13, 2014 01:55 am Post Subject: insurance check
Can I sign the check myself, cash it & still fix my car without the lien-holder?
Posted: Tue Feb 18, 2014 03:02 am Post Subject:
Are you seriously asking if you can sign the lienholder's name on a check made out to you and the lienholder? If so, the answer is, "Do you plan on fixing the car in prison?"
If the check is made out only in your name, you can do with it as you please. What contract you have with the lienholder is a different matter, and it usually requires you to maintain the vehicle in proper working order, which means repairing any damage. After all, it's their vehicle until you pay the loan off. They just let you drive it.
Posted: Tue Feb 25, 2014 04:49 pm Post Subject: claim check
i want to keep my car but my lien holders name is on it....can they put that money on my car even when im paying my carnote in time
Posted: Wed Feb 26, 2014 02:42 pm Post Subject:
Grammar aside, I think you are asking if a damage claim check is made out to both you and your lender will the lender use the money to make a loan payment and not allow you to use it to pay for the repairs?
The answer is NO. The insurance money is paid for the purpose of repairing the vehicle. Because the lender has a security interest in the vehicle, which is dependent in large part on the working condition of the vehicle, they have the right to withhold release of the money until repairs are complete. But they cannot use the money to offset an outstanding loan balance unless the vehicle is a total loss.
Posted: Mon Apr 28, 2014 05:36 pm Post Subject:
I was not at fault, my car was totaled, I have to come up with a deposit to get a new car. Can I ask the at faults insurance company to cover this deposit?
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