(I have another question on this open elsewhere)
My vehicle was stolen Dec 15th, 2006, was declared a total loss by State Farm on January 16th, 2007 because it wasn't found, and had me sign a Power of Attorney form to give ownership to them.
Consequently, the car was FOUND (totalled) on February 22nd, 2007. Someone had submerged it in a salt-water canal after trashing it.
Here is the sequence of events that transpired insurance-wise as a result:
1. I owed $34,000 to Lien Holder.
2. State Farm paid $26,000 to Lien Holder, and..
3. Gap Insurance contributed $5000 to Lien Holder.
Unpaid portion of that loan is $3000.00 which comes out of the pocket.
State Farm, NOW being the true owners of the vehicle can NOT retreive it from the Police Impound Facility because the Lien Holder will not give the title to anyone until the $3000 left on the loan is paid, and I don't have the entire amount up front. I would have to finance it.
What happens? It's in their name!
2007-02-23
15:12:11
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2 answers
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asked by
rob1963man
5
in
Insurance & Registration