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    jalko's Avatar
    jalko Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 15, 2007, 01:10 PM
    Bank Lien on Car
    I need to ask about a bank lien I have on my car. Someone hit my car and now my insurance adjuster said its totaled. Because I have a bank lien, the money I get from the insurance company goes to the bank. Can I refuse to sell it to the insurance company and trade the car for parts and get another car or do I have to sell it to the insurance company? They certainely are not giving me what the car is worth.
    Thanks
    Jackie
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Jun 15, 2007, 01:19 PM
    I used to work for State Farm. I do believe you have a choice to accept the insurance payment or to try on your own to get money for parts. Ask the claims adjustor. He certainly will know.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jun 15, 2007, 07:00 PM
    You do not have to "sell" it to them, but all you are gong to get is the value of the vechile according to the "book" value. Unless you had a special policy with the auto appraised, that is all you are going to get.

    You can of course ask them to make you a money off and you keep the car, it will of course be less than the current offer they are making
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