My truck was stolen 8 months ago. The insurance co is just now offering a "total loss payoff", truck value. It is only a few thousand and I still will owe around 8,000.00 on this vehicle to the bank.
Do I still pay the note, how does that work. They claim the truck will be theirs if found, but what if I am still paying on the note?

yellow hair

It appears that you borrowed more on the truck than it was worth..

You owe on it to the bank, it is not their fault it was stolen, and if you don't pay on it, they will sue you. The issue here is that as long as you owe the bank the money, you can't sing the title over, the bank holds the title, so you will have to pay the bank off to sign over the truck to the insurance company.

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Originally Posted by Fr_Chuck

it appears that you borrowed more on the truck than it was worth..

You owe on it to the bank, it is not thier fault it was stolen, and if you don't pay on it, they will sue you. The issue here is that as long as you owe the bank the money, you can't sing the title over, the bank holds the title, so you will have to pay the bank off to sign over the truck to the insurance company.

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Yes, borrowed more than it was worth. I will then pay the note, no it is not their fault. But after paying off, do I have to sign the title over to the ins co if by some heavenly chance the truck is found?

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Originally Posted by yellow hair

Yes, borrowed more than it was worth. I will then pay the note, no it is not their fault. But after paying off, do I have to sign the title over to the ins co if by some heavenly chance the truck is found??

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Hello y:

Sure. You're not paying for the truck. You're paying above and beyond what the truck was worth. That's just lost money. It DIDN'T pay for the truck. If paid for the salesmans kid to go to private school.

On the other hand, the insurance company DID pay for the truck and THEY will own it if its ever found.

excon