Loss Payable Clause

[BIGREDRUM]

What is the name of your state? PA
MY QUESTION IS I HAD SMALL VEHICLE ACCIDENT,INSURANCE COMPANY SAID THAT THE INSURANCE CHECK WOULD BE IN MY NAME AND LEIN HOLDERS NAME , I HAVE A 500 DOLLAR DEDUCTIABLE AND ITS GOING TO TAKE TIME FOR ME TO SAVE THAT UP, SO I'M LOOKING FOR SOME ONE TO FIX MY CAR AT A CHEAPER PRICE, BUT THE LEIN HOLDER WON'T ENDORSE THE CHECK UNTIL THE VEHICLE IS DONE CAN SHE DO THAT? I PAY THE CAR NOTE AND INSURANCE AND KEEP VEHICLE RUNNING ,SO IF I CAN'T AFFORD TO PAY DEDUCTABLE SHE SAID I WILL HAVE TO SEND INSURANCE CHECK BACK IS THAT SO . THANK YOU

 

[teflon_jones]

Yes, they can hold the check until the vehicle is fixed. The vehicle is their collateral for the loan and that's part of your contract.