by Guest » Tue May 13, 2008 06:05 pm
Hello,
I understand that if I file a claim for the damage a storm did to my vehicle, and there is a loss, the insurance company (as long as I have comp coverage) will issue a claims check. And if the vehicle's title is held by a bank, the check will likely include ME AND TEH LIENHOLDER, or ME AND THE BODYSHOP.
Well...what if they issued the check in my name ONLY?
Here are my questions:
1. If I decide to cash the check and use it entirely to pay down my loan balance, could this come back to bite me?
2. If I used this check for a family emergency, or really anything BESIDES the damage of the vehicle, could this come back to bite me somehow?
3. Are there any risks in using the claims check NOT for what it was issued for?
I understand that if I file a claim for the damage a storm did to my vehicle, and there is a loss, the insurance company (as long as I have comp coverage) will issue a claims check. And if the vehicle's title is held by a bank, the check will likely include ME AND TEH LIENHOLDER, or ME AND THE BODYSHOP.
Well...what if they issued the check in my name ONLY?
Here are my questions:
1. If I decide to cash the check and use it entirely to pay down my loan balance, could this come back to bite me?
2. If I used this check for a family emergency, or really anything BESIDES the damage of the vehicle, could this come back to bite me somehow?
3. Are there any risks in using the claims check NOT for what it was issued for?
Posted: Thu Feb 18, 2010 02:35 pm Post Subject:
Trench made a mistake in his answer..(read it again Trench he asked if the the other guys carrier pays)...
No, I was commenting if he decides to use his own carrier. He said "if I contact his insurance", I neglected to put that in my reply. Sorry.
Posted: Wed Mar 17, 2010 01:14 am Post Subject: BS that insurance check includes lien holder.
Some how the insurance companies have misled the nation's people and suckered you all, and all the insurance company employees think it is correct just because they are told that is what they are suppose to do, and have been doing. It is not correct! It is not right! I also bet that it can be found to be an illegal practice.
Just because they are doing it does not mean it is legally correct. It is not, but some how the insurance companies are getting away with it.
Some attorneys need to get on this and force some changes in this insurance check payment practice. It is absolutely wrong to include any other entity name other than the owner/policy holder.
Yes, the vehicle is collateral for your loan you have on your vehicle, but you are the owner, and the owner is not the lien holder.
When the vehicle gets damaged, the check payment must be paid to the owner of the vehicle, and my assumption here is that the owner is also the policyholder.
It is the owner's responsibility and choice to maintain the vehicle, and it is none of the business of the insurance company, or at least should NOT be any of the insurance company's business on what you decide to do about the damage. Absolute BS that the insurance company includes the lien holder’s name on the check. Absurd! When the hell did this practice begin? Absolute rip-off by insurance companies. The insurance company is suppose to pay you, and if you fix it, then great. If that area gets damaged again after it got fixed, then they have to pay you again. If you did not fix it, then the insurance company does not and should not pay you again for the same damage, but only for the repair costs minus the portion of the previous damage. However, I have found out that some insurance companies cheat by double dipping when there is prior damage. In other words they cheat by taking out extra deductible. That is a separate topic, and I will not get into it here.
Posted: Wed Mar 17, 2010 01:59 am Post Subject:
It is absolutely wrong to include any other entity name other than the owner/policy holder.
When the vehicle gets damaged, the check payment must be paid to the owner of the vehicle, and my assumption here is that the owner is also the policyholder.
It is the owner's responsibility and choice to maintain the vehicle, and it is none of the business of the insurance company, or at least should NOT be any of the insurance company's business on what you decide to do about the damage.
Here is the thing... and I'll try to say this a polity as possible... you are 100% incorrect, you could not be more incorrect and it's obvious that you don't have a single clue about what you are talking about. What makes it worse... is that you _act_ like you know what you are talking about!When a lien holder gives constructive notice to an insurance company that the lien on the vehicle has been perfected, the insurance company is _required by law_ to protect that creditors interest in the vehicle. This applies to the over-all condition of the vehicle as well as the payment of the lien itself.
Absolute rip-off by insurance companies.
Yes because we all understand how an insurance benefits from putting a lien holder on a check. Get a clue... it's not done to use up excessive ink.However, I have found out that some insurance companies cheat by double dipping when there is prior damage. In other words they cheat by taking out extra deductible. That is a separate topic, and I will not get into it here
That's good..... stick to one idiotic statement per day.Posted: Wed Mar 17, 2010 11:28 am Post Subject:
anon1 ---- would you do one thing for me? define the word 'lein'.............. :roll: then add the word 'holder' to that......ok, is it getting in? no? well it was worth a shot...
As Tcope, explained, very nicely I might add :wink: You haven't got the slightest idea what you're talking about....Since you know so much more than all the lein holders and insurance companys (and their lawyers) in the world. Why don't you take up this case for the masses? Get you an attorney, and get a class action suit started....what's that? no attorney will take it? hmmmmmmmmmm wonder why? :roll:
Posted: Wed Mar 17, 2010 11:55 am Post Subject:
Some how the insurance companies have misled the nation's people and suckered you all, and all the insurance company employees think it is correct just because they are told that is what they are suppose to do, and have been doing. It is not correct! It is not right! I also bet that it can be found to be an illegal practice.
Just because they are doing it does not mean it is legally correct. It is not, but some how the insurance companies are getting away with it.
Some attorneys need to get on this and force some changes in this insurance check payment practice. It is absolutely wrong to include any other entity name other than the owner/policy holder.
Yes, the vehicle is collateral for your loan you have on your vehicle, but you are the owner, and the owner is not the lien holder.
When the vehicle gets damaged, the check payment must be paid to the owner of the vehicle, and my assumption here is that the owner is also the policyholder.
It is the owner's responsibility and choice to maintain the vehicle, and it is none of the business of the insurance company, or at least should NOT be any of the insurance company's business on what you decide to do about the damage. Absolute BS that the insurance company includes the lien holder’s name on the check. Absurd! When the hell did this practice begin? Absolute rip-off by insurance companies. The insurance company is suppose to pay you, and if you fix it, then great. If that area gets damaged again after it got fixed, then they have to pay you again. If you did not fix it, then the insurance company does not and should not pay you again for the same damage, but only for the repair costs minus the portion of the previous damage. However, I have found out that some insurance companies cheat by double dipping when there is prior damage. In other words they cheat by taking out extra deductible. That is a separate topic, and I will not get into it here.
:shock:
Posted: Sat Apr 24, 2010 03:06 am Post Subject: car accident
i had a car loan and then i was in a accident that ruined my trunk area ... the insurance who caused the accident payed me a check , NOT MY LIENHOLDER, in whicj i spent on bills and such things. IN the mean time my car was repod from the body shop !!! :( now the lien holder is threatening to get me for theft / fraud !!! because i spent the check and never fixed the car !! is this civil or criminal !!! whos to say ??? please help !!
Posted: Sat Apr 24, 2010 11:35 am Post Subject:
the insurance who caused the accident payed me a check , NOT MY LIENHOLDER,
In a third party accident (other guy's ins not yours)..that carrier is under no obligation to protect your lein holder (in your case too bad)...so the draft was made payable to you and you alone.is this civil or criminal !!! whos to say ??? please help !!
Ins fraud is criminal, but your lein holder cannot press those charges and the ins company won't because to them it was not fraud. Unless your loan contract said something about spending the money on the repairs, I doubt your lein holder can do anything about the insurance thing.You've made some REALLY poor choices, defaulting on your note, taking the repair money, blowing it and leaving your wrecked car at the shop for them to deal with......nice....
So now you owe your original note, whatever the shop charged. They won't get anything to speak of for your car (proably the tow and storage charges) so you end up oweing for a car you don't have your credit is shot. But I doubt your concerned at all with all of this.
So back to your request for help...you will most likely get a judgement entered against you, maybe your wages garnished. Again, doubtful on the fraud side. My advise to you? Chalk it up as a life lesson, work out a payment plan with your lein holder, and then actually pay it...and start putting your life back together...find some integrity, and do the right thing.....do I think you'll listen to me? nope
Posted: Tue Oct 12, 2010 10:08 pm Post Subject: check
THE INS. COMPANY GAVE ME MY SETTLEMENT CHECK BUT THEY PUT TWO OTHER LIEN HOLDERS ON IT. BUT THEY WAS NOT TO BE ON IT AND THEY INS, COMPANY DON'T WANT TO TAKE THEM OFF TOP . I'M AT THE BOTTOM OF THE CHECK! THIS IS A 3RD PART CHECK! NEED HELP.
Posted: Tue Oct 12, 2010 11:33 pm Post Subject:
First... STOP YELLING!!!!
Second... are their 2 liens on the vehicle? If so, the insurance company is correct. If not, provide the insurance company proof that those lien(s) no longer exist and they should take them off as needed.
Third, see my sig.
Posted: Thu Nov 04, 2010 02:29 pm Post Subject:
Hey Everyone,
My truck was declared a total loss due to an accident. I still owe on the truck loan but my truck is not worth as much as i still owe on the loan. I do have gap insurance though. My questions are:
1. If the check is made out to me then can i cash it and use some money for bills? (I will pay off the amount of the loan when i get my income tax check back).I just need the money now. (Being on a monthly income now is hard to adjust)
2. Is it against the law to do that? I live in Penna. If it is then i wont do that.
3.How does the gap insurance work? Does that company make out a check to me?
Thank you for your help in advance.
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