by statetman » Wed Oct 06, 2010 05:01 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 12:15 pm Post Subject:
So, I guess your bank will not accept such checks. Have you communicated this matter to the lien holder already?
Posted: Thu Oct 07, 2010 08:26 am Post Subject:
If you can pay off your loan and remove full coverage, then perhaps nobody will care about it. Otherwise, you have to get it endorsed by the lienholder. I'll wait to check any other view that we come across.
Posted: Thu Oct 07, 2010 08:37 am Post Subject: The Check
The insurance adjuster called ne and told me to simply since the check has the lein holders name and mine that I could apply it to car payments and fix the dent myself or live with the dent. Lein holder told me on phone today yes to write on check intended purpose pay towards payments which ironically will cover next two payments, does this sound like lein holder is being honest since again check is in my name and lein holdr??
Posted: Thu Oct 07, 2010 08:47 am Post Subject:
In a way it seems an honest approach.
Say, the car worth is equal to $15,000 and your loan is worth $10,000. The insurer may write a check worth $10,000 to the lienholder, so that they write-off your loan. You'll probably receive a check worth $5,000 once the lienholder signs the release and sends it to them.
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