Posted: Fri Jul 18, 2008 6:18 pm Post subject: Totalled Car, but Car Loan Company - gone out of business
Hi, I have a question that I hope someone can help me with. My car was totaled last month, and because I still owe about 1000 dollars on it, the title is held by the car dealer (they are the lien holder). However, they have gone out of business and have been closed down. I went to the showroom, and confirmed this. All phone numbers are out of service.
My insurance company informs me that they can either issue me a check in both our names or do a due diligence regarding the car dealer and that takes 2 months!! Only then can they release the check to me.
I am stuck either way, as if they issue the check to 2 people, I can't do anything without the car dealer (which has closed down).
Were you making monthly payments? If so, to whom? If you were then I'd think that this dealer should not have been able to get very far in the matter of a few weeks. I'd recommend that you see if you can find the owner. Start by mailing them a letter to wherever your making your payments.
I agree with what the insurance company is doing. It's not really their job to find the title but it appears they are going to do this anyway.
The question worth of thousand dollar. So, forward the remaining $1000 to tcope However, what the insurance company has done is right. It's conventional to write the check on the name of the title holder. And as the title is still with the lien holder in this case, it'll be issued to them.
Inform the insurance company that you can't locate the lender as it has closed the business. They may find a solution for this problem. _________________ Register Now to have your Insurance queries solved.
The involvement of the lien holder often makes the claim process complicated, more so, when you still owe them significant amount of money and the title is with them. However, IMO the insurance company too is in a tight situation, since they're required to release the title from the lien holder for salvage.
Tcope has a point, try to locate the address where you're making the regular payments for the loan. Find out, whom your loan has been sold to? It's highly unlikely that the lender has vanished to the thin air. _________________ Register Now to have your Insurance queries solved.
Posted: Sat Jul 19, 2008 6:30 am Post subject: Thank you very much
Thanks very much guys. It looks as though I'm going to just have to be patient. The insurance company is going to do the due diligence and if there's no reply, then they can issue me with the check.
You might try to find the owner of the carlot, they would've had to have gotten a business license in that city...a trip to the court house, or city hall should yield the owners name, address etc...bet considering the obvious financial situation he's in, he'd cough up that title for 1k... _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
Posted: Sun Aug 17, 2008 9:57 pm Post subject: Lien on car with bank that has gone out of business
THE CAR IS OVER 14 YEARS OLD AND I WANT TO DONATE THE CAR. I WENT TO GET TITLE FROM DMV TO FIND OUT THAT THE LIEN IS STILL IN PLACE. THE INVESTMENT BANK HAS GONE OUT OF BUSINESS. I WANT TO DONATE THE CAR. WHAT CAN I DO TO DONATE THIS CAR WITH THIS LIEN WHICH WAS PAID OFF. _________________ Register Now to have your Insurance queries solved.
Stuck, is this an unrelated question (in which case you should start a new thread) or are you also rufusho (in which case you've changed your situation)?
Please answer Tcopes question, then if you are not rufusho I'll move these two posts, (and whatever else follows)..to a new thread _________________ Have you been helped by a poster? Do you want to show your appreciation? YOU CAN !! Just simply click on the donate button and send them some coin!
However, what the insurance company has done is right. It's conventional to write the check on the name of the title holder. And as the title is still with the lien holder in this case, it'll be issued to them.
