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Insurance Payout Question?

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Insurance Payout Question?

Postby Brooke » Tue Aug 08, 2017 11:23 pm

I was hit by another driver on the highway and the insurance company deemed my car totaled. The car was being financed by Ford.

Now my question is would I be able to use the insurance cheque to buy another car and continue paying Ford or would I be required to pay the loan off since the car I was financing is no longer in my possession?
Brooke
 
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Insurance Payout Question?

Postby edwaldo » Thu Aug 10, 2017 4:45 am

You would be required to pay off the loan.
If the check is for more than you owe on the loan, then (after you pay off the loan with some of the money), you can use the rest of the money for the down payment on another car.
edwaldo
 
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Joined: Tue Sep 18, 2012 7:21 pm

Insurance Payout Question?

Postby Calder » Sat Aug 12, 2017 5:17 pm

this kind of depends on how much was still owed and if you owed more than the car was worth The loss payee was likely ford and if anything is left it would come to you.. Other things that some bearing are fap insurance if you need it. Ask your insurance agent or the one you have been dealing with and check price guides and make sure the payoff was not too low good luck
Calder
 
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Insurance Payout Question?

Postby Cuilean » Sun Aug 13, 2017 12:06 am

You won't get the check, it will go to the lender, and if there is any balance left after that, you will have to pay it.

Read your contract with them, you'll find you agreed to keep full coverage insurance, and to name them as loss payee in the event of a total loss.
Cuilean
 
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Joined: Wed Jan 29, 2014 11:28 pm


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