Lien holder

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PostPosted: Tue Dec 23, 2008 9:19 pm   Post subject: Lien holder  

I recently was in a car wreck and dicovered that i still have 1 payment left on vehicle. But the Lien holder is gone. So far I have tryed DMV, the business that replaced them, other lein offices and old numbers that I had with no luck. I think they have been out of busness about 3 years.


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PostPosted: Wed Dec 24, 2008 12:40 am   Post subject:   

Someone posted this same question several months ago.



But your post makes no sense. I'm guessing you make your payments every month? If so, were have your payments been going for the past 3 years? If they can't be found, how did you "discover' that you only had 1 payment left? If none of the above is correct, for the past 3 years you've not been making a payment and never thought about your title?



In the prior situation, the insurance company agreed to perform a due diligence search for the lien holder and if none was found, they would issue the payment without the lien holders name.

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PostPosted: Wed Dec 24, 2008 7:07 am   Post subject:   

Yeah, agree with tcope, the post makes no sense at all.



Where have you been making the payments for all these years? 3 years are a pretty long time and haven't you ever contacted the lien holder in all these years? I think you need to knock at the bank's door. They must have been forwarding the money to some entity, get that address and contact the office.



Tcope,



Quote:
In the prior situation, the insurance company agreed to perform a due diligence search for the lien holder and if none was found, they would issue the payment without the lien holders name.




How would then the insurer get the title if the car is a total loss?
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PostPosted: Wed Dec 24, 2008 7:14 am   Post subject:   

In that case it was a 1st party claim and the vehicle was damaged. Since the carrier knew of a lien, they were required to put the name on the check before issuing it.



If the vehicle was a total loss there are many possible ways to solve the problem. The insurance company could do the same thing and then issue the payment less the salvage value and let the owner deal with the situation. That is probably what I would do. If the owner cannot produce a lien free vehicle, then I don't see that the insurance company would need to take possesion of it.

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PostPosted: Wed Dec 24, 2008 9:34 am   Post subject:   

Quote:
If the owner cannot produce a lien free vehicle, then I don't see that the insurance company would need to take possesion of it.




Oh! That's sound pretty convenient for the insurance company.



I guess then the owner if left with a totaled vehicle with less money on the check. Its sucks, I suppose, especially when you're just one payment short of clearing the vehicle title. You're losing the proper amount due on the car.
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PostPosted: Wed Dec 24, 2008 12:28 pm   Post subject:   

.

.

.



t-cope,



You state:



"" In that case it was a 1st party claim and the vehicle was damaged. Since the carrier knew of a lien, they were required to put the name on the check before issuing it.



If the vehicle was a total loss there are many possible ways to solve the problem. The insurance company could do the same thing and then issue the payment less the salvage value and let the owner deal with the situation. That is probably what I would do. If the owner cannot produce a lien free vehicle, then I don't see that the insurance company would need to take possesion of it. ""




How does that make the insured Whole??



Isn't making the insured Whole a part of the insurance contract??



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PostPosted: Wed Dec 24, 2008 1:20 pm   Post subject:   

Fred, you still can't ''sell'' a vehicle without a title, and who's responsibility is it to give the 'buyer' a clear title? Would you buy a vehicle without title? course not...the carrier cannot dispose of the salvage without it....it's not the carriers fault this person is 'unwhole' rather the negligent owner in not keeping track of their own title.



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PostPosted: Wed Dec 24, 2008 3:41 pm   Post subject:   

Quote:
Oh! That's sound pretty convenient for the insurance company.



I guess then the owner if left with a totaled vehicle with less money on the check. Its sucks, I suppose, especially when you're just one payment short of clearing the vehicle title. You're losing the proper amount due on the car.
Well, lets start from the beginning... if the insurance company pays for a vehicle in its pre-accident condition, isn't it entitled to collect that vehicle (with lien free title) if it issues payment? So if they issued a full payment, who would be getting screwed? Is it the insurance companies fault that the hypothetical person in this situation can't find their lien holder? Secondly, the insured is not getting screwed anyway. The value of the vehicle, in it's current state, is being deducted. This amount is what the vehicle could be sold for in it's currently condition. If the insured wants to sell the vehicle then they would recover that amount back anyway. The difference is that the _insured_ would need to spend hours of their time getting their title changed and perhaps a few dollars out of their pocket to change the title. But again, I'd consider this the _insureds_ problem... not the insurance companies.



Also, I've never seen a case where a person "lost" their lien holder and therefor could not account for who they were making payments to.
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PostPosted: Wed Dec 24, 2008 3:43 pm   Post subject:   

Quote:
How does that make the insured Whole??



Isn't making the insured Whole a part of the insurance contract
I've never seen an auto policy that stated it would make the insured "whole". What does your policy state it will do for you in the case of your vehicle being damaged? This is certainly something that needs to be considered.
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PostPosted: Fri Dec 26, 2008 11:15 am   Post subject: insurance  

What about a 'Pink Slip' ( who the 'Lein Holder' is, etc.) ? I understand the 'owner' doesn't have a Title, but,,,,,whoever the 'Lein Holder' is ( bank, finance company, etc.) they should have, AT LEAST given the person, who is buying the vehicle, a 'Pink Slip'. Not trying to sound iggnorant here, but, ..how would someone NOT know where they are making car payments?

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