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Shelly Said:

Who owns a totaled financed car if loan is paid off by the other driver's insurance?company?

We Answered:

I'm in California, this maybe different for you-

If the other carrier is handling the total loss of the vehicle, they should be in touch with you to go over your options.

1). Depending on the carrier, they may settle it as "owner retained" meaning, they pay you the actual cash value of the vehicle (determined by the insurance co.) minus the salvage value and you keep the vehicle to do with what you wish.

2) They salvage the vehicle and keep the car and pay you the ACV. You would need to sign the title of the vehicle over to them in order for this to occur. They will send you some DMV forms in the mail.

Keep in mind that the vehicle is worth much less than your loan amount. You are "upside down" and the insurance is not liable for that. Find out from your finance company or dealership if you have "gap insurance", which would step in and settle the difference between the ACV and your loan amount.

Terrence Said:

Why the insurance company audit a loan file?

We Answered:

The basic and main reason why the insurance company audit a loan is to save home of the customer...It uncovers the violations and contribute saving home...This give a good impression to the customer and they started to insure their property which is also a life's saving one...

Michael Said:

Do the banks that you get a loan from check with the insurance company on your coverage?

We Answered:

It depends, usually you have to provide proof of insurance at the time of purchase, and the insurance company will notify the lender if your insurance coverage is terminated down the road. The lender will find out, they aren't stupid.

Russell Said:

defaulted on car loan credit union collected from loan default insurance company, who has car title?

We Answered:

The person or institution that paid off the loan when you defaulted, ie, the insurance company, who will sell the car at auction and bill you for any outstanding balance when they do.

You will also have a repossession on your credit report for the next 7 years.

Eddie Said:

The financial firm give me loan for company insurance. i could't pay becase of financial problems.?

We Answered:

Probably. You need to make the money fast, try http://www.easymoneytechniquesonline.com

Roberta Said:

my car was totaled but i still own 13.700 to the loan company, the insurance company says it only gonna give..

We Answered:

you're not supposed to be able to profit from the loss. it is the insurance company's purpose to put you back in the place you were before the loss. additionally, they only owe the actual cash value of the vehicle, not to give you a new one either (meaning they only owe what the car was worth, not retail value). you were smart and lucky that you had GAP coverage. you wouldn't believe how many people don't get that option and then wind up hurting for it later.