by statetman » Wed Oct 06, 2010 05:00 am
Hi I had a claim on my car for a dented quarter panel. turned it in to 21 century auto. They wrote me and the lien holder a check ( Not just to me) lien holder is drive financial in Texas live in washington how do i cash the check whatdo i have to do
Posted: Wed Oct 06, 2010 05:53 am Post Subject:
You.... need to call the lien holder and ask them. They will have come across this situation thousands of times before.
Posted: Wed Oct 06, 2010 06:06 am Post Subject: I under stand but
I have nver had theproblem before. Usually the claims adjuster from xyz insurance co made check outto me only then I chose who would repair car and when. i thnk 21 century auto want me to send it to Drive financial and I think drive wants to wait until car is repaired thisis wrong i think. Drive has a bad rep anyway. I cant deposit the check or cash it with out Drives Endorsmen this sucks. Larry
Posted: Wed Oct 06, 2010 06:12 am Post Subject:
thisis wrong i think.
It's not. The insurance company has a legal obligation to protect the LHs interest. The LH wants to make sure that _their_ vehicle is still in good condition as it's collateral on a loan.this sucks
It's not the end of the world.Posted: Wed Oct 06, 2010 06:23 am Post Subject: I kinda figured that but
Drive Financial has a bad reputation there are thousands of blogs against them. I am not trying to pocket the money which is a really good thorough estimate. I just want to put the money in the bank and wait till have the 500.00 deductable......I ahe ha experience with claims adjusters simply writing a check for a few hundred bucks to 600 and NEVER put the lein holder on...... Don't mean to be forward but I may just tell insurance they can have their check back and I will get another insurance co....sorry just venting. I looked up drives site and in the gaq it says they endorse after proof of work done....
Posted: Wed Oct 06, 2010 09:14 am Post Subject:
Drive Financial has a bad reputation there are thousands of blogs against them.
So whose idea was it to use them as the lender to provide you with the money to buy your car?
Don't mean to be forward but I may just tell insurance they can have their check back and I will get another insurance co
Feel free to do that, but you won't get Insurance Company #2 to pay for the damage, and they might tell you, "Before we will insure your vehicle, you have to fix the existing damage." So then what? And where will the money for the premium to Insurance Company #2 come from if you don't even have the $500 for your deductible portion of the claim?
I am not trying to pocket the money which is a really good thorough estimate. I just want to put the money in the bank and wait till have the 500.00 deductable.
Sorry, but I don't believe that statement. You might just put the money in the bank and use it for some other purpose long before you find the $500 for the deductible.
If you aren't going to have the deductible amount set aside in some form of savings to begin with, then you should be paying a lot more for your insurance and carrying $0 deductible (if you could get it).
I looked up drives site and in the gaq it says they endorse after proof of work done....
Whatever action your lender takes with regard to endorsing the check is probably governed under the finance contract YOU SIGNED with them to be able to drive away in your vehicle. YOU have to live with whatever they choose to do because YOU AGREED TO THOSE TERMS when you signed that contract, and if they choose not to endorse the claims payment until the repairs are in progress or complete, so be it. It is THEIR VEHICLE, not yours, until the final loan payment is made.
As tcope has written, 21st Century has an obligation to assist the LEGAL OWNER to protect its security interest in your car, which includes restoring the damage to "like new".
So suck it up and find or earn or borrow the $500 deductible and fix the car so that the lender will sign the check and everything will be over and done with. (just venting)
Posted: Wed Oct 06, 2010 03:34 pm Post Subject:
Sorry, but I don't believe that statement. You might just put the money in the bank and use it for some other purpose long before you find the $500 for the deductible.
I did not want to be forward either but... the odds are _way_ way against that happening. This indicates that the OP does not have any extra money (hey, I don't either). A person in this position is _much_ more likely to use that money for something else. A good reason why the LH's name is on the check.If the money was simply going to go into the bank until $500 could be raised, simply hold onto the check until the $500 is available. No difference.
Posted: Wed Oct 06, 2010 05:13 pm Post Subject: The Check
The insurance company told me to simply tell Drive to apply the funds to my principal or car payments, and fix the car at a later date at my leisure, as it is a dent I can live with Their suggestion.Larry
Posted: Wed Oct 06, 2010 05:13 pm Post Subject: The Check
The insurance company told me to simply tell Drive to apply the funds to my principal or car payments, and fix the car at a later date at my leisure, as it is a dent I can live with Their suggestion.Larry
Posted: Wed Oct 06, 2010 05:13 pm Post Subject: The Check
The insurance company told me to simply tell Drive to apply the funds to my principal or car payments, and fix the car at a later date at my leisure, as it is a dent I can live with Their suggestion.Larry
Posted: Wed Oct 06, 2010 05:13 pm Post Subject: The Check
The insurance company told me to simply tell Drive to apply the funds to my principal or car payments, and fix the car at a later date at my leisure, as it is a dent I can live with Their suggestion.Larry
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