Had wreck, not my fault, question

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Posted: Wed Nov 09, 2011 5:52 am Post subject: Had wreck, not my fault, question

ok..sounds weird but true. Accident not my fault, other person had insurance and report states his fault. I had filed bankruptcy on car several years ago, but did not make first payment , therefore bankruptcy was dropped. Bank that has lien on car never repoed the car. Now, I have a wrecked car and not sure what to do. I know that the other person's insurance should pay, but i don't want to now give attention to lien holder that oh that car should be ours. The bank closed and was bought out by another company in tx. What should I do?

elizabethsis

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Joined: 09 Nov 2011
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Posted: Wed Nov 09, 2011 6:58 am Post subject:

It is better that you wait for an insurance expert to answer your query. I am not an expert but as far as I know, if the check is being issued by the insurer of the at-fault driver, then the check can be put only on your name because then the other party insurer won't care if your car has a lien on it or not. So, your lien holder might not even know about the reimbursement. But then I can't tell you about when your lien holder will remember on re-possessing your car. Not paying your lien holder is illegal and can put you in trouble anytime.

Monawayne

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Posted: Wed Nov 09, 2011 3:42 pm Post subject:

When the "person" who actually owns the vehicle (the LEGAL owner) discovers that the vehicle has been totaled, you, as the registered owner at the time of loss, will be responsible to clear their lien on the vehicle. It is your personal responsibility to seek out the legal owner and give them the insurance money. The money, like the vehicle, does not belong to you. When you give them the money, it will cancel part of the debt you continue to owe. You might consider yourself the "fortunate victim" of circumstances beyond your control. You are very close to becoming a criminal. _________________ CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers.

MaxHerr

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Posted: Wed Nov 09, 2011 8:25 pm Post subject:

If the vehicle is repairable then most likely the other carrier will just issue payment to you for the repairs. If it's a total loss than they make want to include the lien holder.