by Dloftytre » Thu Sep 13, 2012 06:16 pm
2011 Dodge Grand Caravan with minimal Hail damage. Estimate from insurance was 3,600. minus the 500 deductbile= 3,100. vehicle is basically brand new and we still owe 19,000. I realize because of the lein i cannot just cash the check however, can I just endorse the check and send it to my lein bank to reduce the payoff on the vehicle??? NY state vehicle btw.
Posted: Fri Sep 14, 2012 02:17 am Post Subject:
If the insurance company is not deducting salvage then they will probably want the vehicle.
Why is it that you paid $19k for a $3600 vehicle? How is a 2011 vehicle only worth $3600?
Posted: Mon Sep 17, 2012 01:12 pm Post Subject:
I don't think the vehicle has been totaled. I think the OP doesn't understand the situation, and thinks that some hail damage entitles him to a new Caravan instead of some body work..
Or, he's asking if it's OK not to repair the damage and apply the $3100 to the note on his Caravan. That's up to the lender. The note probably requires the vehicle to be kept in proper working order -- a little body damage may not qualify as something that must be repaired, but the lender is in control of the issue. If it says you have to fix the damage, then you have to fix the damage. It's their security and they have the right to do/require whatever is in the loan contract.
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