answersLogoWhite

0


Best Answer

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.

User Avatar

Wiki User

โˆ™ 2015-07-15 19:50:08
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar
Study guides
๐Ÿ““
See all Study Guides
โœ๏ธ
Create a Study Guide

Add your answer:

Earn +20 pts
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?
Write your answer...
Submit
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.


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.


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 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.


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.


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.


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.


What is a salvage ticket?

its when 70% of a vehicle has either been damaged or wrecked, and insurance has classified it as a total loss. in some rare cases the salvage title could be issued to a stolen vehicle


Will homeowners insurance cover a wrecked car?

NO, That's what car insurance is for.


If a vehicle is wrecked then totaled and it has a lost title will this affect the insurance claim?

Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.


Will auto insurance cover a vehicle if an underage driver took it without permission and wrecked it?

If you are willing to charge this driver with auto theft it probably will. If not, the insurance company will assume you are giving him permission after the fact.


A friend of the family that does not have a drivers license but a permit wrecked your vehicle does your insurance cover the damages to your vehicle?

they should as long as the permit holder had a licensed driver with him. now, it would help if that person was on the policy.


What makes a motorcycle totaled?

When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.


What do you do if it costs more to fix a wrecked automobile than the vehicle is worth?

If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.


Do you owe the balance on a wrecked vehicle?

Yes, you are still responsible for the loan no matter what happens to the car, hopefully the insurance payout covers what you still owe on it.


What is the wrecked vehicle in club penguin?

The Recked Vehicle is rockhoppers ship


What if the car repossessed got in a wreck?

If you buy a car, lend it to a friend and it get wrecked then you have to get it reposessed with a bk. What can the creditor do if the car is wrecked? Even after the bk can you be charged for missing or broken parts?


You have only basic liability coverage and wrecked your car is there anyway to get help for comprehensive?

Unfortunately if you do not have comprehensive insurance on your vehicle, there is no way to get it retroactive, or after you get in an accident. If it was the other driver's fault then their insurance should pay for your repairs.


Can you transfer insurance from one vehicle to another over the internet?

yes. at least on my insurance company's web site. So see if yours has a website to do this. If you wrecked the car yesterday they won't backdate a policy today.


What can happen if car loans are not paid when there is no vehicle do to a wreck?

Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?


What is it called when a salvaged vehicle was repaired?

AnswerAfter it's Repaired, it's called a " Salvaged Rebuilt Vehicle". before it's repaired it's called a total wrecked vehicle. Most insurers will not provide insurance for a total wrecked vehicle unless proven that the vehicle was prematurely declared a total loss.This would not apply to cars being rebuilt from the ground up, such as classics

People also asked

Should you let your car get repossessed or file bankruptcy or what if you wrecked your car with no insurance and you are 3 months behind on payments?

View results