Do i let the leinholder know that the car is totaled or does he already know?
Total Comments: 15
Posted: Thu Dec 03, 2009 02:27 am Post Subject:
He'll probably find out when you stop making your payments, which you are contractually obligated to make. Did you have insurance or was the collision someone else's fault?
At the very least, you have a legal responsibility to inform the lienholder of the loss to their security.
Posted: Thu Dec 03, 2009 06:25 am Post Subject:
If it's not the OP's fault he could get compensated by the other party's insurance carrier. Yes, I guess it would be better now if he informs the leinholder about the loss.
Posted: Thu Dec 03, 2009 06:36 am Post Subject:
You should contact your lender. You are still responsible for the payments. If there is an insurance check, you will need to get them involved at some point anyway.
Posted: Thu Dec 03, 2009 06:04 pm Post Subject:
Actually Im still making my payments on my vehicle...I havent stopped making payments. It was at an intersection yellow light and they have me and the other driver 50 percent at fault and I had insurance just not full coverage....But Im still making payments and should be done in July of 10 so I think I will be okay
Posted: Fri Dec 04, 2009 07:27 am Post Subject:
If the car's totaled and there's a lien on it, any insurer that pays for the total loss will want the title to the car, which obviously, is held by the lender. So, if any insurer pays for the total loss, it's pretty obvious that the lender is going to find out.
I'm still not clear if the OP is upside down in the car and why he wasn't carrying full coverage on a car that still had a lien on it.
So OP- could you give us the financials on this? How much money, if any, you got paid and by who, full description of car, mileage, etc., and any other info. We got people here with skills.
InsTeacher 8)
Posted: Sun Sep 26, 2010 06:19 pm Post Subject:
I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
Posted: Sun Sep 26, 2010 06:20 pm Post Subject:
I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
Posted: Sun Sep 26, 2010 08:04 pm Post Subject:
First, see my sig.
but I will have enough to pay it off
That depends on it's value. If the value is more then you owe, yes. If the value is less then you owe, no.
Will I get the title to the car?
No... the insurance company is paying for the vehicle in it's pre-accident condition so they get it. They are buying the vehicle. If they will pay more then you owe, you could retain it but they would subtract it's salvage value from their offer. This amount still needs to be more then you owe in order for it to work.
What is my best way going about this?
Find out how much they are going to pay rather then jumping the gun.
Posted: Fri Dec 31, 2010 10:03 pm Post Subject: car totaled and still owe lien
I had an accident with a deer, and loss. My van was totaled. The insurance company is going to pay $4,900 and I still owe 4,000. Will they take the van leaving me owing 4,000 and I have nothing.
The repair shop said it was very fixable, but the adjuster totaled it.
In a case like this can I buy it back, have it repaired and then continue on with my payments.
Posted: Fri Dec 31, 2010 10:20 pm Post Subject:
If the insurance is going to pay $4900 and you owe $4000 then this leaves you with $900 in your pocket.
You can keep the van, as long as your lien holder agrees but then your insurance company is going to deduct it's salvage value from their $4900 offer.
Posted: Thu Dec 03, 2009 02:27 am Post Subject:
He'll probably find out when you stop making your payments, which you are contractually obligated to make. Did you have insurance or was the collision someone else's fault?
At the very least, you have a legal responsibility to inform the lienholder of the loss to their security.
Posted: Thu Dec 03, 2009 06:25 am Post Subject:
If it's not the OP's fault he could get compensated by the other party's insurance carrier. Yes, I guess it would be better now if he informs the leinholder about the loss.
Posted: Thu Dec 03, 2009 06:36 am Post Subject:
You should contact your lender. You are still responsible for the payments. If there is an insurance check, you will need to get them involved at some point anyway.
Posted: Thu Dec 03, 2009 06:04 pm Post Subject:
Actually Im still making my payments on my vehicle...I havent stopped making payments. It was at an intersection yellow light and they have me and the other driver 50 percent at fault and I had insurance just not full coverage....But Im still making payments and should be done in July of 10 so I think I will be okay
Posted: Fri Dec 04, 2009 07:27 am Post Subject:
If the car's totaled and there's a lien on it, any insurer that pays for the total loss will want the title to the car, which obviously, is held by the lender. So, if any insurer pays for the total loss, it's pretty obvious that the lender is going to find out.
I'm still not clear if the OP is upside down in the car and why he wasn't carrying full coverage on a car that still had a lien on it.
So OP- could you give us the financials on this? How much money, if any, you got paid and by who, full description of car, mileage, etc., and any other info. We got people here with skills.
InsTeacher 8)
Posted: Sun Sep 26, 2010 06:19 pm Post Subject:
I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
Posted: Sun Sep 26, 2010 06:20 pm Post Subject:
I was going through a green light and got hit on my passenger side. I was still making payments on it and owed about 3,500 on it. The insurance said it was totaled, but I will have enough to pay it off. Will I get the title to the car? What is my best way going about this?
Posted: Sun Sep 26, 2010 08:04 pm Post Subject:
First, see my sig.
but I will have enough to pay it off
That depends on it's value. If the value is more then you owe, yes. If the value is less then you owe, no.Will I get the title to the car?
No... the insurance company is paying for the vehicle in it's pre-accident condition so they get it. They are buying the vehicle. If they will pay more then you owe, you could retain it but they would subtract it's salvage value from their offer. This amount still needs to be more then you owe in order for it to work.What is my best way going about this?
Find out how much they are going to pay rather then jumping the gun.Posted: Fri Dec 31, 2010 10:03 pm Post Subject: car totaled and still owe lien
I had an accident with a deer, and loss. My van was totaled. The insurance company is going to pay $4,900 and I still owe 4,000. Will they take the van leaving me owing 4,000 and I have nothing.
The repair shop said it was very fixable, but the adjuster totaled it.
In a case like this can I buy it back, have it repaired and then continue on with my payments.
Posted: Fri Dec 31, 2010 10:20 pm Post Subject:
If the insurance is going to pay $4900 and you owe $4000 then this leaves you with $900 in your pocket.
You can keep the van, as long as your lien holder agrees but then your insurance company is going to deduct it's salvage value from their $4900 offer.
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