I WAS REAR ENDED AND STILL OWED 5 THOUSAND DOLARS ON THE CAR. THE INSURERS ARE SAYING THAT I CANT BUY THE THE CAR BACK
Total Comments: 1
Posted: Fri Sep 10, 2010 03:11 pm Post Subject:
First... DON'T YELL!!!!
It's up to your lien holder...
First, you don't "buy the vehicle back". The insurance company would deduct the salvage value from their offer. Since you still owe $5000, the amount of the offer would need to at least be the amount you still owe. If there is not enough money then your lien holder is probably not going to agree to you retaining the vehicle as then they only have a piece of salvage to protect the outstanding loan.
The other issue with this is that the insurance company would send the pay off amount to the lien holder and then the lien holder would need to send the title to you... not the insurance company. Usually it's sent to the insurance company. Not really a big issue as the lien holder should be able to get it right and even if it was accidentally sent to the insurance company, they could/would then send it to you.
The last problem is that the title probably legally needs to be changed to a salvage title. So it might need to be sent to the state. The insurance company may be obligated to do this.
So retailing a salvage with a lien holder can be a real pain the butt with _many_ problems along the way.
Posted: Fri Sep 10, 2010 03:11 pm Post Subject:
First... DON'T YELL!!!!
It's up to your lien holder...
First, you don't "buy the vehicle back". The insurance company would deduct the salvage value from their offer. Since you still owe $5000, the amount of the offer would need to at least be the amount you still owe. If there is not enough money then your lien holder is probably not going to agree to you retaining the vehicle as then they only have a piece of salvage to protect the outstanding loan.
The other issue with this is that the insurance company would send the pay off amount to the lien holder and then the lien holder would need to send the title to you... not the insurance company. Usually it's sent to the insurance company. Not really a big issue as the lien holder should be able to get it right and even if it was accidentally sent to the insurance company, they could/would then send it to you.
The last problem is that the title probably legally needs to be changed to a salvage title. So it might need to be sent to the state. The insurance company may be obligated to do this.
So retailing a salvage with a lien holder can be a real pain the butt with _many_ problems along the way.
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