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I was rear ended vehicle repo. Must I send check to the bank?

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Hermanbilly

Junior Member
I live in Florida

I was rear ended 3 weeks ago. I voluntary surrendered my truck to the bank as of this Monday. I received the insurance check to me today. Am I legally obligated to send it to the bank?

Thank you or any help
 


Zigner

Senior Member, Non-Attorney
I live in Florida

I was rear ended 3 weeks ago. I voluntary surrendered my truck to the bank as of this Monday. I received the insurance check to me today. Am I legally obligated to send it to the bank?

Thank you or any help
The check should have been made out to you and the lienholder, not just you.
 

Zigner

Senior Member, Non-Attorney
That is what I thought would happen but it is just my name on it.
You are going to owe the finance company the difference between what you owe and what they sell the vehicle for. Hang on to that money - you're going to need it.
 

adjusterjack

Senior Member
Am I legally obligated to send it to the bank?
Yes. Your loan contract says so. Read it.

The damaged car is likely to sell for a lot less than you owe on it and the bank will come after you for the difference.

I suggest you notify the bank that you have it and make arrangements to endorse the check over to the bank now so you aren't tempted to spend the money.
 

Hermanbilly

Junior Member
Yes. Your loan contract says so. Read it.

The damaged car is likely to sell for a lot less than you owe on it and the bank will come after you for the difference.

I suggest you notify the bank that you have it and make arrangements to endorse the check over to the bank now so you aren't tempted to spend the money.
Thank you for your reply. I was figuring I have to just wanted to check.
Thanks
 

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