Originally Posted by
JudyKayTee
Are you saying you bought a car, didn't know it was stolen, the insurance that insured it already paid the previous owner for his/her loss, now you are going to buy the car a SECOND time - this time from the insurance company?
Didn't you already buy the car once, whether the legal owner sold it or not?
No, there is no obligation on the part of the insurance company to sell the car to you. They can sell it wherever they want. Their purpose is NOT to lose any money on the "deal," so I would expect to pay very close to what THEY paid the previous owner.
If you buy the car, insure it, have a second loss, value is based on a Blue Book formula. Past history and what you paid do not enter into the calculation.
Whether or not it's listed as stolen in the past doesn't matter - just make sure when you buy it that the seller (which appears to be the bank) has clear title.