by cwparke » Sat Jan 28, 2012 02:15 am
I was in a no fault acident, my ins co advises car is a loss and reports such to my lien holder as they wanted to get pay off info, i want to get car fixed ins co advises that I have to get permission from lien holder wells fargo bank, my ins co is progressive. otherwise orogressive will pay what car value is to my lien holder and im still left with remaining loan bal but I want to get car fixed what are my options. calif resident
Posted: Sat Jan 28, 2012 06:33 am Post Subject:
This is really not an insurance question, rather a legal question. Can your lien holder reposes your vehicle is you fail to maintain it as collateral. You'd need to read the terms of your contract with the lien holder. My guess is that they could reposes the vehicle under this situation.
Posted: Sat Jan 28, 2012 02:04 pm Post Subject:
That's normally the case, isn't it? The loan company repossesses the totaled vehicle while the driver has to pay off the remaining portion of the loan. I'm going to be asking a very stupid question but I'm going to ask it anyways: Shouldn't the loan company deduct the salvage value of the totaled vehicle from the remaining loan amount which the client needs to pay off?
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