Charge Off

[sedarius2005]

Georgia

If lender signed over title of a vehicle as free and clear, am I still obligated to pay balance due? My insurance paid 16,000 out of 20,000 dollars but there was still a balance due.

 

[justalayman]

yes you are. Releasing the security interest (the lien) does not relieve you of the financial obligation you signed for when borrowing money.

 

[amberxo]

Georgia

If lender signed over title of a vehicle as free and clear, am I still obligated to pay balance due? My insurance paid 16,000 out of 20,000 dollars but there was still a balance due.

Did you get in an accident and total it? If you did, you might want to check and see if you purchased GAP insurance to cover the difference! The dealer usually offers it and so does the bank.