by bugsas99 » Sat Nov 08, 2008 04:54 pm
i recently had someone back into my 98 corvette. i have the hartford for auto insurance. and live in pennsylvania.and my car is financed through wachovia dealer services.i have a 500 dollar deductible. i pay the 1st 500 dollars. i got an estimate written up by insurance adjuster for 1,450 dollars. the damage isn't that bad. the insurance company issued a check for 1,450 dllars made out to me and wachovia. the damage dosen't bother me cause i have a nose cover on front of car can't see. wachovia will not sign off on check. they want before and after pictures and work order. is there any way to get this check cashed. i am behind on bills and layed off job right now
Posted: Sat Nov 08, 2008 05:50 pm Post Subject:
I think if you do that you will be in for alot of trouble. By doing this you are going over your insurance companies hed and may even end up losing your insurance. Hold tight someone here will answer this in detail I'm sure because they are more familiar with these things. just keep a hold of that check until they do.
Posted: Sat Nov 08, 2008 08:21 pm Post Subject:
The bank has an interest in what the financed, which is a Corvette without the damage. Basically, their collateral has just lost value and they need to protect that collateral in case you default on the loan (which appears to be a concern in your situation). So they are going to require you to put that money toward protecting their collateral, which is the reason why you have the insurance.
About the only way around this is to pay off the loan and they would then sign the check over to you without requiring the vehicle be repaired. But financially this would not work.
Posted: Sun Nov 09, 2008 04:23 am Post Subject:
fix the car for $500 and send in the pictures.
Posted: Sun Nov 09, 2008 11:32 am Post Subject:
Thanks drizzle. :roll:
i am behind on bills and layed off job right now
Your lein holder will allow you use this money to make your monthly payments rather than repair the vehicle....just call them and ask if you endorce it can you apply it either to your principle or use it to make however many payments it will make...I've never seen a lein holder NOT do or allow this...
Sorry, but you brought it up...if you're laid off, and need money...time to sell the vette, and get something cheaper..
Posted: Sun Nov 09, 2008 12:10 pm Post Subject:
Esp AGAIN Lori?
Posted: Sun Nov 09, 2008 12:32 pm Post Subject:
Esp AGAIN Lori?
Nope, not this time, it's in the OP silly.
is there any way to get this check cashed. i am behind on bills and layed off job right now
Posted: Sun Nov 09, 2008 10:15 pm Post Subject:
Ohhh I see.
Posted: Tue Nov 11, 2008 12:44 am Post Subject:
well bad news again. i called the bank that i have my car financed through. wachovia dealer services. i have a check made out to myself and wachovia for 1,450 dollars. the insurance company wrote it out to repair my car. the damage is hardly visable. and me being over a month behind on my payments. i asked wachovia if i endorsed the check and sent it to them if i could use it to get ahead on my payments. would set me up that i would be 2 payments ahead. they said no way. i need to get the car fixed and send them before and after pictures. i have a 500 dollar deductible so that isn't gonna happen anytime soon. if i had 500 dollars i would make a car payment. so now what am i going to do?????? :shock:
Posted: Tue Nov 11, 2008 01:14 am Post Subject:
The real problem is that you are having a hard time keeping up with the vehicle payments. In that it looks like you have a check for $1450 is not related to that at all. Thinking you now have $1450 is robbing Peter to pay Paul. What would you do after those 2 months are up? You'd be right back were you started... with a damaged vehicle. I'm sure you can see why the bank won't apply the money to the payment (if it would pay off the vehicle, yes I could see them doing that).
Perhaps trade the vehicle in on a less expensive vehicle. You can have a dealer pay off the loan on the vette and apply the $1450 to the new loan. If your really upside down, this may not work out financially.
Posted: Tue Nov 11, 2008 01:45 am Post Subject:
This is the very first time I've ever heard of a l/h not allowing this...more than likely it is because you are behind and they are afraid they will eventually re-pop it and don't want damage on it when they do....sorry that sounds bad doesn't it? I don't mean it to, but I'm just certain that's the reason....Shop around see if you can get a shop to do it for less, hopefully skipping your deductible, and no that's not fraud...There is always someone out there willing to do it cheaper.
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