Most likely the check will be made out to you AND the LENDER.
The insurance check will most likely have the lender name on the check. therefore, the lender will either use the check for the original intent, to have the repairs made, or keep the check and salvage the vehicle holding you responsible for any shortage in the original loan value. by the same token you should be refunded any money if the check exceed the balance of the outstanding loan.
It depends on the insurance coverage, and what caused the wreck. But allowing the coverage covers the incedent the insurance company will pay the VALUE DETERMINED BY THE INSURANCE COMPANY. Not what you think it was worth. I have about $40,000 in a car the insurance comapny will pay $3,000 for if it gets wrecked.
Read this question yourself as if you don't know the details of this scenario. What has having a wreck and the insurance fixing the bike, have to do with ruining his credit. What do you mean by, "them to take it back". Why would the insurance company want to take it back? Do they hold the loan on the bike? The bottom line is that a repo is a repo. It is always a bad deal and will always ruin your credit for 7 years. Do not allow the bike to be repossessed.
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.
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.
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
You can probably get her insurance to fix the problem. How you go about it depends on local law. In this state if you have homeowners insurance, you call your own insurance company. They come out and make the adjustment. They take it up with her company. In other states, you would take it up with her insurance company. I do not know the laws of all 50 states in the union as well as those of all nations in the British commonwealth. Call your own insurance agent and ask how to proceed.
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