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Insurance vehicle repair

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C

cobafu1

Guest
i am from louisiana. I have a situation. My car got water into the air intake and froze the engine. My insurance company totaled the car at $5400. I Owe my finance company $6800. My insurance company also opted to pay $2600 to repair the vehicle which is more than enough since there is no electrical damage. The loan officer im dealing with at my finance company is being greedy asking for me to accept the $5400 and just continue paying on the remaining $1600. The insurance company will pick up the car and that leaves me with nothing. I cant get financed for a car with any other company due to lack of credit. I have made all my payments on time for my car and i do not understand why they are doing this to me. If i allow the bank to release the $2600 for repair of the car, the bank is telling me that he wont put the money towards fixing the car because its not what he would like to see happen. He keeps telling me to just accept the $5,400 and start paying on the remaining balance. I have been out of work for nearly 3 weeks because the bank keeps arguing this with me. Do they have the right to decide that they dont want me to fix the car? If i decide to take the repair money, do they have the right to just keep it and make me pay the remaining balance? Pleas help me understand what I should do.
 



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