I got surrounded by a minor accident and be issued a check from my insurance co. My family is really short on brass right now and we be thinking the best thing to do is walk out the damage on the vehicle and spend the money on food. Is this possible? I have a handle on I need my lienholder (which is my bank) to sign rotten on it too ... How would someone get them to do that?
Answers: Get an estimate for the damages. filch that WITH YOU when you go to your leinholders organization.
They should "trustingly" sign off on the check and assume you will return with the damages fixed - because you have an estimate!!
Then you're free to spend it on what-so-ever you want to!
You don't. The root the bank is name on the check is that the car is their loan collateral. Now that it is dog-eared, it is worth less than it be before the misfortune. If you want them to 'sign off', you will need a repair estimate, and THEN they will deposit the insurance check and issue a check to you AND the auto body repair place to insure that repairs are made.
In other words, you don't win to use the cash as you are asking. You any fix the car, or bestow the money to the bank against your loan.
I'm not sure that you can do that anymore. I have to sign the back and distribute it my leinholder and they sent it to the repair place. I never saw it again. Now...it's possible that you could "forget" to sign the back and they would hold to send it fund to you again. I would think you would own to let your insurance agent or company know that the repairs own NOT been done on the motor or you may risk insurance fraud. You have to ask the lender.
If nearby is enough equity contained by the car to cover the check amount, they might do it. Example, if the ACV of the motor is $15,000, and you still owe $5,000 on it, and the check is for $2,000, they will probably do it.
If you're upside down on the car, they definately won't.
The with the sole purpose way the check would even be made payable to the lienholder, is if the lienholder have to put an insurance policy on the vehicle. Typically, lienholders don't do that unless they've gotten a notice of canellation, or no proof that the vehicle is insured. It is doubtful they they will do that. They want the vehiclke on angelic condition in shield the need to repo the vehicle. They are going to create sure that you get it fixed.
Can you only cash the check? Is the check within your name? If it is I don't see why you can't simply cash it. As long as a lien exists on a vehicle, they require that any disfavour be repaired and put back to inspired condition.
They will pay a repair shop.
That would be insurance fraud - the lender won't jump for it. they will not sign off on it. They will require you to fix the vehicle.
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Answers: Get an estimate for the damages. filch that WITH YOU when you go to your leinholders organization.
They should "trustingly" sign off on the check and assume you will return with the damages fixed - because you have an estimate!!
Then you're free to spend it on what-so-ever you want to!
You don't. The root the bank is name on the check is that the car is their loan collateral. Now that it is dog-eared, it is worth less than it be before the misfortune. If you want them to 'sign off', you will need a repair estimate, and THEN they will deposit the insurance check and issue a check to you AND the auto body repair place to insure that repairs are made.
In other words, you don't win to use the cash as you are asking. You any fix the car, or bestow the money to the bank against your loan.
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I'm not sure that you can do that anymore. I have to sign the back and distribute it my leinholder and they sent it to the repair place. I never saw it again. Now...it's possible that you could "forget" to sign the back and they would hold to send it fund to you again. I would think you would own to let your insurance agent or company know that the repairs own NOT been done on the motor or you may risk insurance fraud. You have to ask the lender.
If nearby is enough equity contained by the car to cover the check amount, they might do it. Example, if the ACV of the motor is $15,000, and you still owe $5,000 on it, and the check is for $2,000, they will probably do it.
If you're upside down on the car, they definately won't.
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The with the sole purpose way the check would even be made payable to the lienholder, is if the lienholder have to put an insurance policy on the vehicle. Typically, lienholders don't do that unless they've gotten a notice of canellation, or no proof that the vehicle is insured. It is doubtful they they will do that. They want the vehiclke on angelic condition in shield the need to repo the vehicle. They are going to create sure that you get it fixed.
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Can you only cash the check? Is the check within your name? If it is I don't see why you can't simply cash it. As long as a lien exists on a vehicle, they require that any disfavour be repaired and put back to inspired condition.
They will pay a repair shop.
That would be insurance fraud - the lender won't jump for it. they will not sign off on it. They will require you to fix the vehicle.
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