by winniechamberlain » Mon Aug 31, 2009 05:26 pm
Repoed a veheicle, we require cust. to carry full cover ins., damages to vehilce clld customers ins to start a claim. they sd claim paid solely to custmer 2 mnth ago. We are listed on the ins policy and with the state of Texas as lien holders. Do we have any recourse with the insurance comapny?
Posted: Mon Sep 07, 2009 12:50 pm Post Subject:
Do we have any recourse with the insurance comapny?
You bet you do...I've seen a few of these claims in my (20plus years) career. Everyone of those claims, the leinholder was paid for the loss again, and the carrier then subrogates their (former) insured. Course, the chances of collecting are slim to none. Now it's possible that Texas has different regulations regarding this but I would be surprised. You need to get a copy of the policy, and read the parts about, ''how losses are settled'' etc. It should tell you in the policy somewhere that the lein holder must be protected.I would file a claim with that carrier, telling them I am looking to them to pay me for this damage, since they breached their own contract by not protecting the lein holder.
Posted: Sun Sep 20, 2009 11:07 am Post Subject: lien holder
ok now this is somewhat hard to follow i have a car that someone gave me,but he still owed on it,well he passed away & i still have the car i found out the lien holder & called & they sent me to the recorey people they told me only 500 was owed on it so i get the money call back & they tell me i need to call another number now which is a dedit collertor & i talked to someone & told them i wanted to pay the 500 well he says that thats fine but what about the other 10,000 that is owed on this car it went from 500 to 10,000 & the car is only worth 11500 so that would mean it was never paid on which is bull but hte guy told me that he could lie to me & tell me to come in & pay that 500 but the computer would still show the rest still being owed so he said he would call me back by no later than monday & he would up date the computer to were i could just pay 500 & the computer would take it as paid off so tuseday came around i called had to call back the next day & the same guy now telss me no its now 2700 thats what they well have to have it went from 500 which was the lien holder to 10000 which is not the lien holder its a dedit collortor so to 2700 ok now i have this dedit people calling my phone wanting to collort a dedit from my friend that has passed i have called them back they have suppose to taken my number off their list but they keep calling but what i like to know is the lien on the car any good anymore and who do i pay if i pay anyone please help me if anyone can
Posted: Sun Sep 20, 2009 12:13 pm Post Subject: insurance
Ok..I've read the post by the OP. Is the OP saying that the Insurance Co was paid DOUBLE the money? is that what I understand? PITA.....let me FIRST tell ya I'm not an expert on this Forum( as I say in many of my posts..LOL). ...just making a comment or two. Sounds like these people are REALLY trying to give you the run-around on this car. are you dealing with MORE than one person, concerning the 'payoff'? WOW!! How can they tell you ONE price, one day, then a SECOND price the next day? Also.....you stated they are 'still asking for your friend'. Maybe you can send them a Notorized document, stating your friend has passed. Usually on car loans, there is a 'claus' stating if the owner of the Title passes away, then the car is automatically paid off. I don't know if there is actually a 'professional term' for this, but, I'm sure of the Insurance experts will let you know.
Posted: Sun Sep 20, 2009 12:43 pm Post Subject:
Usually on car loans, there is a 'claus' stating if the owner of the Title passes away, then the car is automatically paid off. I don't know if there is actually a 'professional term' for this, but, I'm sure of the Insurance experts will let you know.
SD, this is credit life insurance, if the orginal owner/debitor did not purchase this (IMO crap), then it's not on the note. This doesn't just come with the loan, you have to pay for it monthly (generally).pitaliaferro
I would insist upon an itemized statement showing every payment on this vehicle, and the balance. I would also think you might have another issue however. How is it you came to get this vehicle when your friend passed away? Is there a will? Did he put you as TOD? The reason I'm asking is, you may pay this off and still not end up with the car. How are you going to get the title changed? Did your friend have ANY relatives?
Posted: Sun Sep 20, 2009 01:12 pm Post Subject:
We would need to know first how you came to own this vehicle. Is the vehicle even in your name, insurance, who has the title? Legally the lein holder cannot hold you responsible for your friends debt, unless you are the owner of the vehicle. If you do not have any documenation, the leinholder has every right to collect. If I were you and I really wanted to keep the car, I would just call up the bank and give them an offer. If they refuse the offer, tell them to come get the car. That should end your debt collector phone calls. When did the bank find out he died, and why did they not file claim on the vehicle to be paid for?
Usually on car loans, there is a 'claus' stating if the owner of the Title passes away, then the car is automatically paid off. I don't know if there is actually a 'professional term' for this, but, I'm sure of the Insurance experts will let you know.
A car loan isn't any different than any other outstanding debt that a person may have when they die. It will be automatically paid for by the person's estate, that is if there is enough positive assests to cover the debt. If the assets of the estate are not sufficient to pay those debts the estate is declared to be insolvent.
Posted: Sun Sep 20, 2009 07:46 pm Post Subject:
ok i have had the car now for almost 4 yrs my friend passed away last yr his brother wanted the car back at first only to sell so he could pay for his brothers burial but my friend had other cars he sold now when i talked to his brother i needed the stuff for the tags well another friend found out about the lien for me & the number so i called them & told them i wanted to pay off the lien now the first number i called they had no recored of the lien so they gave me the recorvery people & they found it now the lien was put on the car in 2001 just so you will know but the lady i talked to then told me that it was only 500 owed on the car i thiught cool not alot so when i talked to his brother we meet & wrote & signed & notized this paper saying i bought the car from him for 500 okay i have had alot go on in my life so i havent just kept on cause there is something i run into {hope yal can understand all this with out sounding like a dummy] so i finally get the 500 & i have the death cert. that his brother gave me & the paper we wrote up & i call the same number i called before & they tell me i had to talk to some girl well i waited & i called back & the lady i talked to then told me i had to call this other number which is now the dedit people i told them what i wanted to do was pay the lien off so they finally put me on the phone with this guy that told me that it was 10,000 owed not 500 i was like how could that be the car was only worth 11500 so that would meant he never really made a payment & the lien was since 2001 & they never came & got the car is how i see it but this guy tells me well i could lie to you & tell youok come pay the 500 but the computer would still show the remaining 10000 still left but this is what he would do he would call me back no later than monday that way he could up date the computer so i could pay the 500 & it would be paid off well monday came & went so i called tuesday then the next day & the same guy now tells me oh they cant do that the amount is now 2700 thats is what they have to have cause its a % of10000 whatever it would be to come up with 2700 so i told him ok whatever good luck on finding the car which is broke down & that was that well then i started missing calls from the same number & now its a dedit colloct wanting to collocet this dedit from my friend that was passed which is a every touching because he was murdered & i didnt find out til weeks later so i call them back & finally spoke to a man that was really nice & told me they would take my number off the list & PLEASE give them a few days in case they did call i said ok but now its beenover 3 weeks & they are still calling me wanting to speak to my friend & i dont know what to do i need to get the car running so i can get my life back & it seems like i am getting a run around on this lien & it went from 500 to 10000 to 2700 & the sells price is 11,500.00 & my friend kept everything in his name the insuracne & when it came time for the tags i gave him the money & he got them & paid him the money for the ins. now i do understand why you always need to take care of any kind of things cause you never know what is going to happen but the car is all i have of him & he gave it to me & i well not let anyone take it from me what should i do how can the lien holder send me to another person & it going from one amount to two more amounts help please
Posted: Sun Sep 20, 2009 08:08 pm Post Subject:
now i dont know what the loan was on the car the guy that the title is in was a boyfriend & he gave it to me cause i needed a car & he told me he still owed on it which we never got into the details & the lien was put on the car in 2001 now to me if the finacne company had no reored of it when i called they had to give me the recovery department number whichis who are the ones that told me the amount of 500 & that i could pay it off but i had to show proof of his death so i did what i thought but since his death the ins has not been paid which was only liabilty thats all he had on it now can that finc., company turn the lienover to a dedit collocter after the fact they know the person on the title is passed away & i was going to make an offeron the 500 but in person the day i called to find out where to go to pay the 500 thats when they sent me somewhere els & i got all these other amounts hope everyone can understand what im trying to say i read the other post & seen my spelling was really bad sorry
Posted: Tue Jul 13, 2010 02:13 pm Post Subject: lein holder
Do the lein holder keep the money from and insurance check afetr a car has been fixed from being damaged
Posted: Tue Jul 13, 2010 02:22 pm Post Subject:
No that money will be used to pay for the repair.
Posted: Wed Nov 10, 2010 02:22 am Post Subject: Reposession
My husband and I bought a car for our daughter because hers broke down. Before we purchased said vehicle we made a verbal agreement for repayment. We hold the title. A few payments were made and now we have not received any monies in over a year. I have copies of all payments and correspondence via email. Our daughter lives 2,000 miles away. My question is, can we legally reposess this car before it is worthless? She is suppose to keep insurance but, I really doubt that there is none on the vehicle. Please Help. God Bless
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