by Guest » Sun Mar 31, 2013 04:06 am
My vehicle was a theft total loss. My insurance company (via 3way telephone ) called for pay off. The insurance company paid that amount, the lien holder cashed the check. Two months later the lien holder said they made a mistake with the quoted pay off. And now have contacted me for the remaining balance. I am responsible for the additional amt
Posted: Sun Mar 31, 2013 12:09 pm Post Subject:
There are a couple of problems with your post. First, if your vehicle was a total loss, you were entitled to the ACV of the vehicle, which might have been more than the payoff amount. I am assuming that it was worth less and that you were also making a claim for GAP coverage, which is why the insurance company needed the payoff amount.
Second, if you/your insurance company delivered the lender's stated payoff amount, you should have received a document from the lender showing your loan as PAID IN FULL. Did you receive that?
If you did, then tell the lender to pound sand -- you can use the phrase, "Bite me!" if you prefer. If you did not, let them sue you.for the difference, and tell the same story to the judge. If you lose in court, your insurance company will pay the difference. They might even defend you under the terms of your policy, but I think that's a stretch, since this is not an act of negligence on your part..
Posted: Fri Apr 05, 2013 05:15 am Post Subject:
Well, you're technically not responsible for it if your lender already paid in full. However, you should have the right documents to support your claim.
Posted: Fri Apr 05, 2013 10:32 am Post Subject:
Well, you're technically not responsible for it if your lender already paid in full.
What? The lender did not pay anything, the insurance company did. It appears that the lender made a mistake somewhere along the way, either in calculating the payoff (unlikely), or in pursuing an unpaid balance (improbable). Technically, if there is an unpaid balance, he could be responsible.Posted: Wed Apr 17, 2013 10:55 am Post Subject:
Make sure you've proper documents in order to back your claim. But I don't think that you're responsible in this case.
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