by ladybug71399 » Fri Nov 02, 2012 10:41 pm
I had an accident October 9th. Initially it was thought the car was totaled but turned out it was able to be fixed. I absolutely HATE the finance company simply because I am paying a brand new cost for a car that is a 2002 plus they do not make it easy to make the payment to them which has to be every 2 weeks at that. Anyway, I am 1 payment and yes do mean 1 payment behind because I have been trying to hold onto money to meet this deductible for when my car is fixed. Insurance company was issuing me the settlement amount but now because the finance company has decided to take possession of the car and now the payment has to go to them because they have to "protect" the lienholder. What kind of mess is this? I thought insurance was to protect the driver and any property or persons affected in an accident. I am the one making monthly payments for this coverage but yet the company that has really stuck it to me gets to reap the rewards. SERIOUSLY?!! I have just been double violated. How is this even real??
Posted: Sat Nov 03, 2012 12:46 am Post Subject:
It's real as when you signed the loan agreement with the bank you 1) agreed to make payments and 2) agreed to protect their interest in _their_ vehicle.
If you don't make the payments... they pick up the car. That is how it works. Were you confused about this?
Also, the insurance company is obligated by law to protect the lien holders interest. They check is made payable to you and the lien holder.
If you are only 1 payment behind you should be able to work out a deal with the lien holder to make the payment and perhaps pay some admin fees and get the car back. My guess is that even though you may be 1 payment behind, that this is not the first time you've been behind.
Posted: Mon Nov 05, 2012 10:48 am Post Subject:
Lien holder usually avoid going for the repossession of property, unless absolutely necessary. And you’re only 1 payment behind. I believe discussing it out with your lien holder will help.
Posted: Wed Nov 07, 2012 08:59 am Post Subject:
I have been trying to hold onto money to meet this deductible for when my car is fixed.
Obviously, then, you had the money to make your car payment.
It sounds to me like you really cannot afford to be a vehicle owner. You are complaining about the cost to purchase a 10 year old vehicle, not having money to pay a collision deductible (which you apparently didn't think you would have to pay because you were hoping you had totaled the vehicle).
It almost sounds like insurance fraud gone wrong. Sorry. But guess what? If your vehicle had been totaled, you'd have been here writing about how your vehicle had been totaled and the insurance company didn't pay what you owed the finance company and can you sue the insurance company . . . and so on.
Save your money by taking the bus, riding a bike, having a friend drive you around town.
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