Question for Auto Claims Insurance Adjusters Only...?

Question

(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!

Answer 1

It's not "in their name" and State Farm is not the "true owner," your finance company is the true owner until they have been paid in full. The lien hasn't been satisified and won't be until the $3000 is paid. Once paid, your lienholder will sign the title over to State Farm.

State Farm is in possession of a vehicle that legally belongs to your lienholder. Your lienholder can do what's called a "paper repo" and there's nothing State Farm can do to stop it. Your lienholder/finance company is entitled to proceeds of the salvage which would reduce yur $3000 balance. The salvage amount comes from when the vehicle is sold at auction.

Answer 2

ok some businesses on your protection will correct away have their claims representative seem at your damage once you've any hardship with the to blame insurers claims charge or undergo subrogation complications. i might want to easily say that is your corporation attempting to guard you. because the different individual replaced into at fault the declare should be filed with them- besides the undeniable fact that- in case you won't be able to get it paid this way your corporation might want to pay it and subrogate hostile to them to get the a reimbursement and any out of pocket deductible think ofyou've got had to pay. maximum insurers perfer to get their own images of damage to the vehicles they insure. yet first and premiere the guy that hit your vehicle has to imagine criminal responsibility first before the declare is fairly filed. you could help % the approach up by perhaps contacting a body keep to get an estimate of the damages first ingredient day after today and that way you may have something to provide the adjuster and also if there is an incident record filed with any regulation enforcement you could opt for to confirm at the same time as that is going to likely be accessible, that you would possibly want to furnish this as well.