by tinasplawn » Thu Jun 02, 2011 12:46 am
I have an insurance check made out to me and lienholder, how can I get it cashed and if I get the car fixed cheaper then what the check is made out for do they keep the difference or do I get it?
Posted: Thu Jun 02, 2011 02:32 am Post Subject:
You need to pick up the phone and asked your lien holder what they require in order to sign the check. Usually they will have a local branch and they usually require some proof that the vehicle has been repaired. Something from the repair company.
Your lien holder is not entitled to the different... they do not have the insurance policy, period. Their interest needs to be protected but this has nothing to do with any excess funds.
Posted: Thu Jun 02, 2011 08:26 pm Post Subject:
Ultimately, the money is "your money" -- but your lienholder has a security interest in your vehicle which prevents you from taking the money and doing something else with it. As tcope has said, you will probably need to prove that repairs are either (a) currently being made or (b) have been completed in order to get the lienholder to release the check to you.
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