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Yes unless your insurance covers it.
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∙ 13y ago
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Who gets insurance money on a total loss policy holder or vehicle owner?
Lien holder is paid first, any balance goes to registered owner.
Under the loss payee clause is your home protected if theres a lapse in coverage?
No,, Under the loss payee clause the Note holder is declared. The note or lien holder always holds first position for renumeration. It does not effect a lapsed policy.
How do you remove a loss payable from auto insurance?
If your lien holder has changed or you have paid off your car. Just notify your insurer, you can send or fax them your payoff notice and they can remove the loss payee clause for you.
Can you fix damages to your car that still has a bank lien on it yourself with the insurance claim money or must you take it to a shop for repairs?
i will assume you are the claimant and the draft is made payable to you not you and shop or lien holder...in that case you can do whatever you want, fix it don't fix it, have your buddy fix it, ...but understand should you have another loss, or total, and this damage is unrepaired or the vehicle is repo'd the amount of this unrepaired damage will be deducted, from the new repair (if in the same area) or from the value of the vehicle in a total...or in the repo example they will add this to what you owe....
What is the Loss payee address for Honda finance?
American Honda Finance is a lien holder that provides financing to approved customers. The loss payee address for American Honda is Client Services PO Box 65021 Hunt Valley MD 21065.
What is the loss payee address for American Honda finance?
American Honda Finance is a lien holder that provides financing to approved customers. The loss payee address for American Honda is Client Services PO Box 65021 Hunt Valley MD 21065.
Can you file a claim with your insurance company if your car is stolen and there is a lien on it?
If you maintained "comprehensive coverage" on the car, absolutely. This differs from collision coverage in that collision coverage is triggered by a physical impact to the vehicle and resulting damage. Comprehensive covers a broader range of occurrences. The lien holder is likely to have required you to maintain comprehensive and collision coverage in order to protect its security interest in the vehicle. That is, the insurance provides some assurance that the lien will be satisfied from the insurance proceeds. In that respect, the lien holder likely required that it be named as a "loss payee" on the policy, so any settlement will be paid jointly to you and to it.
If the repo man is looking for your car is there a way to buy the car from the lien holder for a big discount if it has already been charged off?
This is a great question to ask the LENDER. "Charged off" simply means they have taken a loss for the income they didnt make on the loan. They can still get a judgment for the entire balance due.
Can a repo agent trespass on clearly marked private property in wyoming to repo a vehicle?
In a word, yes. In most states, as per the contract you signed when you got the loan, the lien holder or his agent are specifically authorized to enter private property in order to look for the collateral. In many states, the lien holder is allowed to seize the unit, also called a "self help" repossession, with no prior notification to the debtor. Some states do have a requirement that a lien holder notify the debtor with a Right to Cure letter, but this only has to be sent to the last known address and the bank is allowed to proceed with a self help repossession after the time period on that letter has expired. Generally speaking, it's better to try to negotiate with the lien holder rather than allowing the account to get to a point where repossession is necessary. The lien holder will often work with a consumer to make payment arrangements or modify a loan to prevent it from going into default. In almost all cases, your chances of getting repossessed are reduced if you stay in contact with the lien holder, let them know what your intentions and your plans are, and are generally civil and helpful. Banks usually take a loss on a repossesesed vehicle, so their first inclination is to try to find a way to keep you in the car and making payments on the loan. For more information, be sure to review the terms of your contract and then contact your lien holder to find out what their policies are.
What is difference between a Mortgagee clause and a loss payee clause?
Type your answer here... The motgage clause protects the mortgage holder even if insured breaches a condition of the policy e.g. insured not covered due to vacancy clause - mortgage holder will still be able to claim - by comparison, a loss payee would be out of luck - the only requirement on the insurer would be to include the loss payee on cheuqes resulting from the loss.
Is it legal for an insurance company to let you get liability insurance on a vehicle that has a lien holder on it?
Certainly, liability insurance has nothing to do with who owns the vehicle. It deals with protecting the owner of the vehicle if sued as a result of an accident. Collision and theft protect the owner of the vehicle from loss.
What if you don't pay the towing company?
if you do not pay them for the services that they render to you when you call they can take it to the tow lot. then if you still do not pay, they can put a lien against you car and auction or sell it for the loss
