by Guest » Tue Jun 22, 2010 06:38 pm
My credit union repossed a auto that we are the leinholder. But the car has two large dents. The car was insured by the person. Can the credit union file a claim with the insurance co. to have the vehicle repaired. The car owner will not cooperate. Policy is still in effect. Thank you.
Posted: Tue Jun 22, 2010 08:15 pm Post Subject:
My credit union repossed a auto that we are the leinholder
I'm confused by this statement.Can the credit union file a claim with the insurance co. to have the vehicle repaired
Yes, they can... but the insurance company needs to be able to confirm the facts of the loss. Also, the insured's name should be on the check as well as the lien holders.Posted: Tue Jun 22, 2010 09:48 pm Post Subject:
Can the credit union file a claim with the insurance co. to have the vehicle repaired.
Sure they can...I get about six-ten of these a year...The car owner will not cooperate.
Why not? This is REALLLLLLLLLY stupid...so if he/she won't cooerate the carrier can't pay the claim, so then they can ADD the damage to amount owed to the lein holder..how about that?Also, the insured's name should be on the check as well as the lien holders.
Todd, I have never had to put the insured's name on the draft 'if' the vehicle has been repossessed. The lein holder always sends something, (can't remember what it's called)...but basically shows in their contract that if repo'd they have full ownership/rights to payment...Posted: Wed Jun 23, 2010 12:09 am Post Subject: Repossed auto
Thank you for your replies. I am sorry That I may have not made my forum clear. Our small credit union lent a person money to purchase that car. We are the recorded leinholder on the title. She paid the note for the first year but stopped paying the last six months and hid the car. It took the repo person three months to locate the car.
Dann
Posted: Wed Jun 23, 2010 12:26 am Post Subject:
I get about six-ten of these a year...
Lucky :P
but the insurance company needs to be able to confirm the facts of the loss.
After a period time. After that, the claim gets filed regardless. I am headed to Manhattan tomorrow to get a vehicle moved to KC so it can be repaired. Most lein holders and the insurer only wait 60 or days.
Posted: Wed Jun 23, 2010 10:25 am Post Subject:
Yes, Dann you can file a claim for the damage. Contact the carrier immediately and do so.
Posted: Wed Jun 23, 2010 03:14 pm Post Subject: repossed auto
Thank you again for the info. This is a great forum.
Dann
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