If the car is entirely in YOUR name, the money from the insurance payout is entirely yours. The insurance payout is reimbursment for damages. You are at liberty to sell the damaged vehicle and purchase another with the money, spend the money on something else or whatever you want to do. Recognize, however, that if the bank holds title to the vehicle because of a loan, the money from the insurance company must be used to either repair the vehicle and bring it back to a value that satisfies the bank's need for collateral or you must use the money to pay down the loan.
form_title=Legal Insurance form_header=Legal insurance provides attorneys, lawyers and other legal professionals with the professional liability insurance they need to be successful. Main area(s) of practice:=_ Full or part time?= () Full () Part Number of Attorneys in your firm:=_ Do you currently have professional liability insurance?= () Yes () No
The debtor is liable for the payout balance of the vehicle less resale amount. Additionally, he must pay any repossession fees, storage fees, transportations fees, interest from the lender, and penalties. In the evnet these are not paid, the lender will have no other recourse but to sue for the balance along with court costs, and legal and collection costs and fees.
You are still responsible for the balance of the contract, in addition to repossession, collection, and legal fees. Added to this can be transportation costs, storage costs, auction fees. The car should be sold and the sale amount deducted from your contract balance. What ever is left is called a deficiency balance and your are still liable for it. Keep in mind that most repossessed vehicles are sold at a substantial loss (much less than for what is owed) and the additional fees can result in a higher balance than the original payout on the vehicle.
Did you sign the total over to the insurance company and have proof of the total payout/paperwork? If so, contact the insurance company and demand they switch the title over immediately and then report them to your state insurance commission and the DMV! The person driving your old car is in trouble too for not registering the car within 30 days of purchase.
Fixed expenses include rent or mortgage payments,depreciation on fixed assets (such as cars and office equipment),salaries and associated payroll costs, liability and other insurance, utilities, membership dues and subscriptions(which can sometimes be affected by sales volume),and legal and accounting costs.These expenses don't change, regardless of whether a company's revenue goes up or down.
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