by Stucknabind » Tue Apr 30, 2013 03:57 pm
Why wouldn't my lienholder provide my insurance company with the letter of guarantee and title? It has been over 6 weeks since my total loss accident. I thought finance companies want to be paid their money.
Posted: Thu May 02, 2013 10:28 am Post Subject:
Your lien-holder isn't liable to do so until and unless he recovers his loan money either from your insurance company or you. Your lien-holder will only release the letter of guarantee and tile, when he receives the payment.
Posted: Thu May 02, 2013 12:48 pm Post Subject:
Your lien-holder isn't liable to do so until and unless he recovers his loan money either from your insurance company or you. Your lien-holder will only release the letter of guarantee and tile, when he receives the payment.
You may not know what a letter of guarantee is.A LOG is a letter from the lien holder to the insurance company stating that once the pay off amount (and it states the amount) is received, that they will then send the title to the insurance company. So it's clearly not sent after the payment is made.
Why wouldn't my lienholder provide my insurance company with the letter of guarantee and title?
I'm not a mind reader. Have you asked them? Pick up the phone, call and ask them.Posted: Mon May 06, 2013 07:53 am Post Subject:
Thanks for explaining the term to me :)
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