QUESTION
Will a lien holder keep insurance check?
Asked on Oct 22nd, 2013 on Automobile Accidents - Michigan
More details to this question:
I purchased a car from a dealer and on the next following day the vehicle was totaled due to my girlfriend running into another car. I put a large down payment and owe the bank less than the actual car value. When the insurance send out the check to the bank will they give me the remaining balance or will they keep the entire check?
6 ANSWERS
Ronald A. Steinberg
They can only keep enough to pay the balance.
Answered on Oct 23rd, 2013 at 4:26 PM
Personal Injury Attorney serving Charlotte, NC
at
Paul Whitfield and Associates P.A.
Update Your Profile
You are overlooking the most important thing: do you agree with the carrier as to the value and the amount of the check the bank is entitled to be paid in full and if they are paid in full with any penalties or interest they should send you the difference.
Answered on Oct 23rd, 2013 at 2:42 PM
Admiralty and Maritime Law Attorney serving Gulf Breeze, FL
at
Law Offices of John W. Merting, P.A.
Update Your Profile
You name should have been on the check too, the bank is only entitled to their loan payoff and no bonus just for being a bank.
Answered on Oct 23rd, 2013 at 9:57 AM
Litigation Attorney serving San Antonio, TX
at
Graves Law Firm
Update Your Profile
The bank is only entitled to collect the amount you owe. If the check is for more, the difference is yours.
Answered on Oct 23rd, 2013 at 9:24 AM
1 Award
You will get the balance.
Answered on Oct 22nd, 2013 at 10:10 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
It will give you the remaining balance.
Answered on Oct 22nd, 2013 at 10:08 PM