by lcwarzeka » Tue Jan 08, 2008 06:30 am
I have a complex question to ask for. Recently, I was in a pretty bad car accident, and my brand new car was 'borderline' damaged(when, the total of the repairs was $16,000, and the lein of the car was around $21,000). Of course, the other guy's insurance covered the costs, but because of the severity of the accident, I missed work for two months and was never able to recover financially. Thus, in the next couple of months I lost the car via repoed. And now the lein holder wants me to pay. Luckily, the other insurer gave a $3,500 check made out to both myself and the lein holder, but the total for the auctioned car is $9,000.
So my questions are: How can I get the doc showing proof that they auctioned off the car for such a low amt? Would it be possible to negotiate w/ one of the aggressive collection agents a lowered payment to perhaps half of what they claimed they auctioned off for the car? And who would it be best to ask for? I've heard that you could try to negotiate for a "full and final payment", but I'm not sure how to go about that.
So my questions are: How can I get the doc showing proof that they auctioned off the car for such a low amt? Would it be possible to negotiate w/ one of the aggressive collection agents a lowered payment to perhaps half of what they claimed they auctioned off for the car? And who would it be best to ask for? I've heard that you could try to negotiate for a "full and final payment", but I'm not sure how to go about that.
Posted: Tue Jan 08, 2008 12:47 pm Post Subject:
Good morning lcwarzeka, and welcome to the community...
First I need to clarify something....
when, the total of the repairs was $16,000, and the lein of the car was around $21,000)
What the insurance company would owe you regarding a total loss is the ACV (actual cash value) and has absolutely nothing to do with the lein amount on your vehicle....And now the lein holder wants me to pay
Of course they do...Luckily, the other insurer gave a $3,500 check made out to both myself and the lein holder,
What is this for? The vehicle DID total then? Or did they pay to repair it? I'm reallly confused by this...you're gonna need to explain this to me....but the total for the auctioned car is $9,000.
This is the salvage amount they received so it did total? Where is the total amount they paid for the vehicle? the 20 or 21 k?How can I get the doc showing proof that they auctioned off the car for such a low amt
Who auctioned the car? the leinholder after they repopped it or the insurance company as a wreck? Getting a copy of the sale shouldn't be that difficult...i'm very confused though...I've heard that you could try to negotiate for a "full and final payment", but I'm not sure how to go about that.
Yeah you can...Ok are you saying that they paid to fix the car (the 16k or so) you got it back, and then didn't make payments then it was repo'd then the lein holder sold the REPAIRED vehicle for 9k, thus leaving you oweing around 12k? is that what you are saying? OR did you just take the repair amount....and not repair the vehicle? I still dont' understand what the 3500 to you and your lein holder is for...please break this down for an old lady so we can figure it out together ok?
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