Dude, where’s my car – Long, Epic, Ongoing

[emax4]

Yay! So the claim is denied, but any word on insurance fraud charges?

[eltf177]

YEA!!!!

Agreed, any word on charges?

It sounds to me like _if_ somehow he got this claim paid the money would be seized by his other creditors...

Looking forward to updates!

[Sapphire Silk]

This saga has been going on so long I had to reread the entire thread just to get back up to speed.

[RealUnimportant]

Woohoo! The system works, folks!

[taxguykarl]

Agreed, any word on charges?

That's in an upcoming episode.

It sounds to me like _if_ somehow he got this claim paid the money would be seized by his other creditors...

Either that or impounded by the authorities

[TimmyHate]

Yay! So the claim is denied, but any word on insurance fraud charges?

Has to go before our Fraud Committee to confirm but our Senior Fraud guy has basically told the investigator to prepare a file for the police.

It sounds to me like _if_ somehow he got this claim paid the money would be seized by his other creditors...

You are correct. We are required by Law to pay someone who holds finance over an item first in the event of a loss - for example the bank for a mortgage or a car finance company for a car.

[Sapphire Silk]

You are correct. We are required by Law to pay someone who holds finance over an item first in the event of a loss - for example the bank for a mortgage or a car finance company for a car.

So even if you had paid out, he would not have gotten anything in cash, yes?

[TimmyHate]

So even if you had paid out, he would not have gotten anything in cash, yes?

Depending how much he got settled - he had about $11k owing on the car loan, so if we paid him the $15k he wanted he would have got $4k in cash

[NecessaryCatharsis]

You are correct. We are required by Law to pay someone who holds finance over an item first in the event of a loss - for example the bank for a mortgage or a car finance company for a car.

This confuses me. So if you do $3000 worth damage on a $10, 000 car and you still owe $5000 to the car loan, the insurance company will pay $3000 to the car loan, leaving you with an undrivable car and a $2000 loan? I must be missing a step here.

[mathnerd]

This confuses me. So if you do $3000 worth damage on a $10, 000 car and you still owe $5000 to the car loan, the insurance company will pay $3000 to the car loan, leaving you with an undrivable car and a $2000 loan? I must be missing a step here.

I can only speak for the company I worked for, but how it worked at MajorBank was:

Insurance company would write the check to the owner and the bank. Both payees have to endorse the check. We would only endorse the check to ourselves to pay down the principal on the loan or to the shop doing the repairs.

[TimmyHate]

This confuses me. So if you do $3000 worth damage on a $10, 000 car and you still owe $5000 to the car loan, the insurance company will pay $3000 to the car loan, leaving you with an undrivable car and a $2000 loan? I must be missing a step here.

Technically we should be paying the finance company but where its not a total loss/write off we will pay for it to be repaired - since then the finance company still holds security over a useable asset.

Should have been clearer that its only on total loss/write off situations - apologies

[NecessaryCatharsis]

Technically we should be paying the finance company but where its not a total loss/write off we will pay for it to be repaired - since then the finance company still holds security over a useable asset.

Should have been clearer that its only on total loss/write off situations - apologies

No worries, that makes sense. It probably did the first time too, but I have occasional blonde moments (sometimes I'm even blond for them! ) The original way I had read it seemed to be begging for people to default on loans, which is why I thought I must be wrong.

[dakhur]

In the same way that in NZ, Murder is Murder, but one with planning and preparation will get a harsher sentance

(couldn't resist commenting)

Mate, with proper planning and preparation, you would have plotted the easiest route to a pig farm and not be caught! Anything less is merely amateur. When trying to commit a crime, it's important to take it seriously and be thorough.

(ok, sarcasm off now)

[Deserted]

I feel like I'm missing a reference...

[TimmyHate]

I feel like I'm missing a reference...

Likewise

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