by lebeov » Sat May 21, 2016 12:35 am
So my car was just damaged by a hail storm. My insurance Progressive can out and wrote me a check on the spot for the damages totaling $6209.70. I only owe $6719.42, so there's only a $509.72 difference. The check was made out to me and Nissan Motor Acceptance Corp since I still owed on the car. My hope was that I could endorse the check and send it in with the additional $509.72 payment and then have my loan paid off. I called Nissan and the rep I spoke with said that they wouldn't do that and that I would have to have my care repaired. So one do I really have to? Why wouldn't I be able to send them the balance with and pay them completely off? Also if I did decide to repair the checks in mine and the lien holder name, so do I have to send it to them to endorse and have it sent back to me so I can endorse and cash it? Of course if that's what they do what would keep me from just paying the loan off like I originally wanted to?
Posted: Sat May 21, 2016 06:48 am Post Subject:
You may want to speak to someone else and ask why you can't use the check to simply pay off the loan. First person you spoke to probably does not have a clue to they just said whatever came to mind. If you have a local branch I'd recommend going in person and asking about this.
If you need to apply the check toward repairs the bank usually has you show proof that the work has been done and then they will endorse the check. Call and ask them how this works.
You could also write them a check to pay off the vehicle and then have them endorse the check over to you. Put it in your account and you are even. But explain this to the bank as it shows that they could easily just accept that insurance check t pay off the loan. It's the same thing.
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