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.
The finance company will sell the wrecked car and you will be liable for the balance on yourloan less whatever the car sells for which in your case will be almost the total of your outstanding loan.Then they will come after you for the money.
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.
No Way. Just like an auto insurance company writing full coverage on a wrecked automobile.
The un-insured driver will have to turn to their health insurance company for coverage if he carried no auto insurance.
Depends, you have to ask your insurance company
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.
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.
If they had your permission to drive, then your insurance company should cover it. They should, however, check with their insurance company and also cover any out of pocket expenses to get it fixed.
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.
Did you have insurance when it was wrecked???
NO, That's what car insurance is for.
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?
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.
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.
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.
Yes. If you caused damage to somebody's property you are responsible. The definition of insurance is a transfer of risk. If your friend had insurance on the car then the risk would have been transferred from you to the insurance company, but would still make you at fault.
It can be said that insurance companies pay for cars after a wreck as long as you are fully insured. But when a person does get money from the insurance company it doesn't mean that they are buying it from you. The car will have to be taken to a car junk yard and you can sell it to them.
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.
If there's a lienholder on that vehicle, yes, that lienholder can repossess it.
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.
You can keep the car if you like, although I'm not sure why you'd want to keep a wrecked car. If you decide to release it to the company, they'll eventually send it to the junkyard.
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.
Usually one cannot sue their own company if the accident was a fault of their own. If someone else hit you and caused you to hit the pole, the other person's insurance would be liable.