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 Posted: Fri Oct 17, 2008 9:19 pm Post subject: MY VEHICLE WAS TOTALLED AND i WAS WONDERING IF THEY GIVE ME |
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| I CURRENTLY OWE 15,000 FOR MY VEHICLE AND IT WAS TOTALLED. DO THEY GIVE ME A CHECK FOR WHATEVER THE FAIR MARKET VALUE IS AND IF THEY DO SO CAN I BAG THE MONEY AND NOT GIVE IT TO MY FINANCE COMPANY SINCE I AM DECLARING BANKRUPTCY AND THE CAR IS IN IT? |
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bconway
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| Posted: Fri Oct 17, 2008 9:34 pm Post subject: |
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If the car is financed, odds are the check will be made out to them. If the check is over what you owe, you will get a check from your insurance company.
If the check from your insurance company is less than what you owe, you will get a call from the finance company.l
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LifeIsGood
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| Posted: Fri Oct 17, 2008 10:05 pm Post subject: |
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Yep they will pay off what you owe the banl first. You will not have the title to the vehicle and they will need this before they even send you a check. Once they see their is a lein holder they have to satisfy what is owed to them first.
It really is the right thing to do. Even if you go for bankrupt you will eventually have to pay this money back. I am almost positive all the bankruptsy laws were changed. I am actually glad they are. |
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fireyone
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| Posted: Fri Oct 17, 2008 10:21 pm Post subject: |
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depends on if you have gap coverage or not what the amount will be
also the leinholder on the car gets paid first in a totalled car settlement |
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FarmAHam
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| Posted: Fri Oct 17, 2008 10:24 pm Post subject: |
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| As it should be. |
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fireyone
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| Posted: Sat Oct 18, 2008 12:59 am Post subject: |
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No matter who's carrier is paying for the vehicle, they will want a clear title. In that this can only be accomplished by making a payment to the lien holder, this is what will be done.
You owe $15k and want to walk away from that _AND_ pocket $15k of your lien holders money? NICE! Have to wonder why the finances did not work out for you. |
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tcope
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| Posted: Sat Oct 18, 2008 1:09 am Post subject: |
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| Quote: | | You owe $15k and want to walk away from that _AND_ pocket $15k of your lien holders money? NICE! Have to wonder why the finances did not work out for you. |
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LifeIsGood
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| Posted: Sat Oct 18, 2008 1:47 am Post subject: |
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Tell ya what bconway, how about you just take your kids down to the local Walmart, and show them how easy it is to slip a package of candy into their little pockets and walk out without paying for it....Oh wait you already did...  
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Lori
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| Posted: Sat Oct 18, 2008 12:44 pm Post subject: |
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| I know what everyone means. How can someone even ask a question like this? Smells really bad.... |
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fireyone
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| Posted: Mon Oct 20, 2008 11:10 am Post subject: |
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I guess that you'll no longer be allowed to include the vehicle in the bankruptcy file since you'll be required to transfer the title to the insurance company. The car loan will then become payable. And life is right, the insurance company will probably make the check on the finance company's name.
However, the bank may allow you to set up a repayment plan with the insurance check. It may also allow you to purchase a new car and may get a replacement lien on the new one.
~Jeremy |
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JeremyHolter
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| Posted: Mon Oct 20, 2008 3:11 pm Post subject: |
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| WHAT? Not if the poster files bankruptsy..right? |
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fireyone
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| Posted: Tue Oct 21, 2008 5:43 am Post subject: |
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Hi fieryone, though I'm not sure what part of my answer was unclear to you but am trying to put more some information towards bankruptcy and damaged car.
If you wreck your vehicle during bankruptcy some bankruptcy court may allow you to modify the plan in order to facilitate the process of surrendering the car to the insurance company. However, if its not possible to modify the bankruptcy plan then the bank will receive the claim check along with the regular payments from the trustees under the ch-13 bankruptcy. However, these situations are specific to ch-13 bankruptcy where you're actually setting up a long term repayment plan with your lenders.
~Jeremy |
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JeremyHolter
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| Posted: Tue Oct 21, 2008 10:38 am Post subject: |
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| At least the car has to be paid for then. Thats was my main problem with the post. I thought he was going to just let the car go (not paying anything on it) ,file bankruptsy and then go for a new car loan....which I couldn't see him getting one. |
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fireyone
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| Posted: Tue Oct 21, 2008 1:53 pm Post subject: |
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| Quote: | | I thought he was going to just let the car go (not paying anything on it) ,file bankruptsy and then go for a new car loan....which I couldn't see him getting one. |
That is how KIA dealers survive.
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LifeIsGood
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| Posted: Tue Oct 21, 2008 3:26 pm Post subject: |
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You will not be able to keep this money. This is for the lender and even though it is in bankruptcy you will have to give it up or have the car repaired. You can ask your attorney your rights if any you have to this. However, I know that when you are in bankruptcy and awarded any amount of money over $2000 the trustee will or should be notified and if he or she is aware that you kept this money he would want it to go to your creditors. Ask you attorney and tell him what you are wanting to do. Don't get yourself in a lot of trouble.
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justong
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