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You can collect it if you want, because the lienholder is going to charge you for not having insurance for as many months as they can, and the amount of what it will cost to get the vehicle repaired. I say give them the check, you will owe less.

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βˆ™ 2015-07-15 19:50:08
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Q: If a car was wrecked just before it was to be repossessed is it legal to collect the insurance claim and then turn the vehicle over to the bank?
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Related questions

Can a person in the military who is not on overseas duty be sued for the repossession of a wrecked vehicle?

Did you have insurance when it was wrecked???


Can your car be repossessed from the towing lot that towes your wrecked vehicle?

If there's a lienholder on that vehicle, yes, that lienholder can repossess it.


Will insurance pay for a repossessed car?

Of course not! It wasn't stolen or wrecked, it was taken from you for failure to pay on the loan!Be sure to cancel the insurance.


What happens to your title loan if your vehicle is stolen and wrecked?

Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...


What if i wreck my vehicle and it's not paid for?

Drivers are required to have insurance. If you wreck your vehicle, the insurance company will pay for it. If you are driving without insurance in a vehicle that is not paid for, you still are obligated to repay the money you borrowed to buy the car. It is not the bank's fault that you wrecked the vehicle.


What happens to a lease truck that has been wrecked?

The same as a purchased truck that has been wrecked. You will have been required to insure the vehicle. Contact the insurance company and file a claim. An adjustor will determine if the vehicle should be repaired or totaled.


Who is on the check from the insurance when vehicle is totaled?

Whomever the car is titled to. You will have to sign the title over to the insurance company since they essentially bought the wrecked car from you.


Can a person let a wrecked truck get repossessed without any monetary issues?

That would be a particularly bad plan if you hope to keep a good credit score. The bank would have required you to have enough insurance on the vehicle to cover the replacement. If you didn't, you are financially responsible for every dime that is outstanding on the loan. If the truck is wrecked, the difference between the debt and the value is your responsibility.


How can you get money for your car being used unauthorized and totaled?

In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.In order to collect on your own insurance you should have reported the car stolen or at least filed a police report that the person who wrecked it took the car without your permission. That is a serious offense. If you don't have that type of coverage then you must sue the person who wrecked it.


has vechile been wrecked?

It's supposed to be 'vehicle' And the answer the sentence 'The vehicle has been damaged


Do you have to pay the bank back for a vehicle if it gets wrecked and the bank pays it off?

Yes, unless the amount of the loan was covered by the insurance.


Will homeowners insurance cover a wrecked car?

NO, That's what car insurance is for.

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