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

[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.

[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

[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.

[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.

[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

[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]

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.

[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

[RealUnimportant]

Woohoo! The system works, folks!

[Sapphire Silk]

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

[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!

[emax4]

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

[TimmyHate]

WE GOT HIM!

Claim manager is contacting him right now to tell him his claim is declined.
We're getting the formal reccomendation and letter draft back from the Lawyer tomorrow.


There may have been a high five when I was informed of this.

[TimmyHate]

I'm guessing no contact today?

Also, has anybody gone through those 300+ pages from the bank? I'm sure there's some _very_ interesting stuff there!

Mr Wheresmycar has gone completely silent. At the start of the process he would followup at least daily - my Claims Manager says she hasn't heard from him in weeks (aka he knows he's busted)

I skimmed the bank stuff which showed two things;
1) He's financially fucked (thats the technical term). Missed payments, overdue loans, bank wanting to recover money from him.
2) He's a serial bullshit artist (also a technical term). He keeps telling them that he is going to be getting money (inheritance, bonus, insurance payout) but there is no evidance of this anywhere
3) For a while he was cycling his money - taking cash on one card to pay the other.

The investigator has carried out a full review of the documents and it does not paint a pretty picture. We also have some further information that I'm not privy to as yet

[eltf177]

I'm guessing no contact today?

Also, has anybody gone through those 300+ pages from the bank? I'm sure there's some _very_ interesting stuff there!