insurance claim

[skittledo]

What is the name of your state? live in alabama /accident in georgia

The accident was the other drivers fault. The insurance company ALFA is going to total the car.THE settlement is for less money than is owed on the car. The car dealer who is holding the title is now talking to the insurane co. about taking the settlement. They are calling telling us how much money we are still going to owe them.

Is there anything we can do to cut are losses on the car ?
Can the dealer settle with insurance co without buyers signature?
Can we try to get the rest of the money out of the person who caused it ?
The court date for the accident is still a couple weeks away.

 

[racer72]

Is there anything we can do to cut are losses on the car ?

Try to negotiate a larger settlement, your chances of getting more is slim and none most likely.

Can the dealer settle with insurance co without buyers signature?

Yep, the dealer is the legal owner of the vehicle. Your contract that requires you to have the car insured most likely also states the leinholder gets first crack at any settlements if the vehicle is totalled.

Can we try to get the rest of the money out of the person who caused it ?

Probably not. When the case is settled, you will have to sign a release. This will state that you cannot sue the at fault party for any more damages. If the insurance company settles with the lienholder, you will find that there is a power of attorney clause in your purchase agreement allowing the dealer to settle on your behalf.

The court date for the accident is still a couple weeks away.

The court date for what? If it is for the ticket the at fault party received, you will have nothing to do with the case, it is between the at fault party and the jurisdiction where the accident happened. If it is a civil case, hope you get a judge in a good and generous mood.

 

[skittledo]

thanks for info. great help. no civil case just the other party going to court on the ticket.

 

[analytical1]

When you pruchased the vehicle was it new or used?

If it was purchased NEW, did you have any GAP insurance coverage?

I was recently involved in the same type of situation, but I don't want to babble on until I see if you respond again.

I'll check back.

 

[skittledo]

No it was used, did not have gap insurance. It was bought from one of the buy here pay here places by my ex wife and 17 year old daughter. she saved up the down payment i didn't no about it untill paper work was done.

 

[analytical1]

The best thing to hope for is "fair Market value".

That is probably the most the insurance co. will offer (at very best), but that's not a guarantee. I think the remainder of the loan is what you will be out.