My van...........

MOMOFTWO29

I had to go today and go to my insurance company and give the accident form to my insurance agent, and call in the claim. They are going to send someone out to the towing company as early as tomorrow or as late as Friday to give an estimate to see if it is totatled or not. The thing I am worried about is we had to take out a loan a while back and use the van as collateral, we had no other choice as we were having finanacial difficulties. (I am a stay at home mom and my hubby's income is the only thing coming in). I didn't want to do the loan but my hubby did so I went along with it. I didn't like the fact that we had to use the van as collateral. I will never do that again. Well, they told us today that the insurance check will go to them and now I don't know if we will be able to get another vehicle or not. Please just keep us in prayer concering this. I am praying that after the check is sent to the loan company that we will have some left over to buy another vehicle if the van is totataled out. You can see the pics of my van on my profile and there is one in my AV pic. What do you guys think, is it totatled?

hurleycutie142

definetly totaled

MOMOFTWO29

definetly totaled
[/quote


thanks what I think too but you never know what the insurance agency is going to do.

naugustyniak

Depends on the year, the value, if there is any engine damage and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

MOMOFTWO29

Depends on the year and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

it's a 2003. On the side with the most damage it pushed the motor back some. I would rather have my van back than have to get something else.

SHBoss1673

wait, I don't understand, they said they were giving the insurance check to the loan originator? Why? If it's just collateral, then they don't have a stake in it unless you default on the loan right? Why would they get the check?

carolstrange0

its totaled!! you shold take a bat to it also.... jsut to make sure the dents are in there good!... jk

while i was looking at your car pic... i noticed how much weight you have lost!! great job!
KEEP UP THE FANTASTIC WORK!!

sorry about your car... hope you can get another one easily... and i hope your bank re-finances it in the year to come. BEST WISHES!

-carol

naugustyniak

Depends on the year and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

it's a 2003. On the side with the most damage it pushed the motor back some. I would rather have my van back than have to get something else.

I know how you feel. My husband was hoping for a total on my Jeep but I wanted it back. If it is a 2003, it is probably not going to be totalled unless whatever they have to do to the engine costs more than the worth of the van. What kind of a deductible do you have?

MOMOFTWO29

wait, I don't understand, they said they were giving the insurance check to the loan originator? Why? If it's just collateral, then they don't have a stake in it unless you default on the loan right? Why would they get the check?

I don't understand it either. I am going to find out though. I don't like it and it ticks me off.

MOMOFTWO29

its totaled!! you shold take a bat to it also.... jsut to make sure the dents are in there good!... jk

while i was looking at your car pic... i noticed how much weight you have lost!! great job!
KEEP UP THE FANTASTIC WORK!!

sorry about your car... hope you can get another one easily... and i hope your bank re-finances it in the year to come. BEST WISHES!

-carol

thanks so much. :flowerforyou:

MOMOFTWO29

Depends on the year and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

it's a 2003. On the side with the most damage it pushed the motor back some. I would rather have my van back than have to get something else.

I know how you feel. My husband was hoping for a total on my Jeep but I wanted it back. If it is a 2003, it is probably not going to be totalled unless whatever they have to do to the engine costs more than the worth of the van. What kind of a deductible do you have?

I love my van and I didn't ask that stupid jerk to pull out in front of me, sorry it just make me so MAD :explode: the thing that makes me even madder than the thought of losing my van and not having another vehicle to drive is his lack of compassion on someone. He asked us if we were alright and then my mom told him she was calling the cops, he then got in his truck and left. All he was concerned about was himself. I am also really mad, my kids were in there with us. the deductible is 250.00

naugustyniak

Depends on the year and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

it's a 2003. On the side with the most damage it pushed the motor back some. I would rather have my van back than have to get something else.

I know how you feel. My husband was hoping for a total on my Jeep but I wanted it back. If it is a 2003, it is probably not going to be totalled unless whatever they have to do to the engine costs more than the worth of the van. What kind of a deductible do you have?

I love my van and I didn't ask that stupid jerk to pull out in front of me, sorry it just make me so MAD :explode: the thing that makes me even madder than the thought of losing my van and not having another vehicle to drive is his lack of compassion on someone. He asked us if we were alright and then my mom told him she was calling the cops, he then got in his truck and left. All he was concerned about was himself. I am also really mad, my kids were in there with us. the deductible is 250.00

Makes you wonder how people live with themselves. I had a brand new van once (the only brand new car I had ever owned) and had it for 10 months. A woman blew a stop sign and hit me. I spun around and rolled 3 times and landed upside down in a ditch. Luckily I was alone and wearing my seat belt. I wasn't hurt badly but have had back problems since then. Her comment was "I didn't even know I hit anything until I looked back and saw you rolling"...that would be because she had all 3 of her kids in the front seat with her. She didn't have much insurance. There wasn't a straight piece on my van so it was totaled. I owed $14,000 on it and she only had $10,000 insurance. She ended up having to pay the other 4,000 out of her pocket and I ended up going to court to get money for my doctor bills, hospital bills and physical therapy. All becasue she wasn't paying attention. She had this piece of crap car and didn't do a single scratch on it. Makes me angry at the irresponsibility of people. :explode: :explode:

Just be glad you and your kids were not hurt. I didn't realize how bad of shape I was in until about 3 days later. I have never been right since.

paddlemom

Laura, I'm so sorry, but I'm glad you are all ok. If they have the guy's licence number, they will get him, one way or another, especially since you actually spoke to him and can testify to who was actually driving his car! Hopefully you can get the driver info from them so you can take him to court.

"Totalled" doesn't necessarily mean that it can't be repaired. Sometimes it is unsafe to fix but sometimes it's just that the cost to fix it is more than the insurance company feels the van is worth. We had an older van, but we had kept it up and it was in better condition than most, so we argued with the insurance company when they wanted to write it off and were able to negotiate a deal we could live with. In my case, the accident was my fault, so I paid some out of pocket to fix it, but I just wanted to tell you that you don't have to just take what they offer, you can push back a little and negotiate with them.

Good Luck! Keep us posted:flowerforyou:

MOMOFTWO29

Depends on the year and such. I wrecked my Jeep and they had to replace the entire front end ($7000) but didn't total it (2001). To me personally, I don't think it looks totaled. Sorry.

it's a 2003. On the side with the most damage it pushed the motor back some. I would rather have my van back than have to get something else.

I know how you feel. My husband was hoping for a total on my Jeep but I wanted it back. If it is a 2003, it is probably not going to be totalled unless whatever they have to do to the engine costs more than the worth of the van. What kind of a deductible do you have?

I love my van and I didn't ask that stupid jerk to pull out in front of me, sorry it just make me so MAD :explode: the thing that makes me even madder than the thought of losing my van and not having another vehicle to drive is his lack of compassion on someone. He asked us if we were alright and then my mom told him she was calling the cops, he then got in his truck and left. All he was concerned about was himself. I am also really mad, my kids were in there with us. the deductible is 250.00

Makes you wonder how people live with themselves. I had a brand new van once (the only brand new car I had ever owned) and had it for 10 months. A woman blew a stop sign and hit me. I spun around and rolled 3 times and landed upside down in a ditch. Luckily I was alone and wearing my seat belt. I wasn't hurt badly but have had back problems since then. Her comment was "I didn't even know I hit anything until I looked back and saw you rolling"...that would be because she had all 3 of her kids in the front seat with her. She didn't have much insurance. There wasn't a straight piece on my van so it was totaled. I owed $14,000 on it and she only had $10,000 insurance. She ended up having to pay the other 4,000 out of her pocket and I ended up going to court to get money for my doctor bills, hospital bills and physical therapy. All becasue she wasn't paying attention. She had this piece of crap car and didn't do a single scratch on it. Makes me angry at the irresponsibility of people. :explode: :explode:

Just be glad you and your kids were not hurt. I didn't realize how bad of shape I was in until about 3 days later. I have never been right since.

UGH people make me so mad. I am so glad that my kids, hubby, mom and I are all okay. We just got some bruises. I just don't know how this guy didn't see something as big as my van. See I don't know if this guy has insurance or not so mine will probably have to take care of it. But I am just giving it over to God and not worrying too much about it.

MOMOFTWO29

Laura, I'm so sorry, but I'm glad you are all ok. If they have the guy's licence number, they will get him, one way or another, especially since you actually spoke to him and can testify to who was actually driving his car! Hopefully you can get the driver info from them so you can take him to court.

"Totalled" doesn't necessarily mean that it can't be repaired. Sometimes it is unsafe to fix but sometimes it's just that the cost to fix it is more than the insurance company feels the van is worth. We had an older van, but we had kept it up and it was in better condition than most, so we argued with the insurance company when they wanted to write it off and were able to negotiate a deal we could live with. In my case, the accident was my fault, so I paid some out of pocket to fix it, but I just wanted to tell you that you don't have to just take what they offer, you can push back a little and negotiate with them.

Good Luck! Keep us posted:flowerforyou:

thanks, I am glad we are all okay too, that is the most important thing to me. I can always get another vehicle but not another life.

I plan on making sure we get what we deserve from the insurance company. My van didn't have a dent or scratch on it before the accident. I have some pics of it before the accident. I know that insurance companies are almost always out for how cheap they can get out of things. I will keep everyone posted.

SHBoss1673

wait, I don't understand, they said they were giving the insurance check to the loan originator? Why? If it's just collateral, then they don't have a stake in it unless you default on the loan right? Why would they get the check?

I don't understand it either. I am going to find out though. I don't like it and it ticks me off.

Who is the leinholder on the van? The insurance company usually writes the check to the bank AND you together (if you still owe on the van, although I doubt the loaning bank would let you use it as collateral if that was the case), and you have to send it to the repair company, if it's totaled, they'll just send it to the bank or you (whom ever owns the title). Then you have to pay off what ever's left over (the deductible), then the car loan is null. Then you can go get another car, if the van is worth more then what you owe, they'll send you the difference. That's how it works, the loan company (the one you used the van for collateral on) may or may not request full repayment because of loss of collateral, but they cannot unillaterally collect the check without one of two things, 1) it was in the loan agreement (which if it was, you really should have had a lawyer read it first, cuz that's a bad loan), or 2) a court order stating that they are entitled to it. Since you didn't mention defaulting on the loan, the I don't see why they would have any claim on the check from insurance. Worst case scenario is you should get the check and be forced to immediately pay back the loan, but that's only if they have a reason to ask for it. If you are paying all along, they have no claim. It's reasonable (in the eyes of the law) for a vehicle to be in an accident and for the collateral to be transfered (within a reasonable time period) to your new vehicle, at least that's how it would work in Massachusetts. I just asked my Bro-in-law (an attorney) and he explained it to me.

MOMOFTWO29

wait, I don't understand, they said they were giving the insurance check to the loan originator? Why? If it's just collateral, then they don't have a stake in it unless you default on the loan right? Why would they get the check?

I don't understand it either. I am going to find out though. I don't like it and it ticks me off.

Who is the leinholder on the van? The insurance company usually writes the check to the bank AND you together (if you still owe on the van, although I doubt the loaning bank would let you use it as collateral if that was the case), and you have to send it to the repair company, if it's totaled, they'll just send it to the bank or you (whom ever owns the title). Then you have to pay off what ever's left over (the deductible), then the car loan is null. Then you can go get another car, if the van is worth more then what you owe, they'll send you the difference. That's how it works, the loan company (the one you used the van for collateral on) may or may not request full repayment because of loss of collateral, but they cannot unillaterally collect the check without one of two things, 1) it was in the loan agreement (which if it was, you really should have had a lawyer read it first, cuz that's a bad loan), or 2) a court order stating that they are entitled to it. Since you didn't mention defaulting on the loan, the I don't see why they would have any claim on the check from insurance. Worst case scenario is you should get the check and be forced to immediately pay back the loan, but that's only if they have a reason to ask for it. If you are paying all along, they have no claim. It's reasonable (in the eyes of the law) for a vehicle to be in an accident and for the collateral to be transfered (within a reasonable time period) to your new vehicle, at least that's how it would work in Massachusetts. I just asked my Bro-in-law (an attorney) and he explained it to me.

the lein holder is the loan company and my hubby called them yesterday to tell them about the wreck and everything. That is what they told him and me also that they will recieve the check to pay off the loan. I don't like it b/c they are acting like we don't pay our bills and we do, I have never been late or not paid a bill in my life. I live in South Carolina so I guess things are different here. I am never using a vehicle for collateral again.

LuckyLeprechaun

YOU are the named insured, not the lienholder.

You tell your insurance company that you do not want to be totalled. negotiate, don't just accept whatever they offer to you. Then, after you have agreed on something, you have them send the check to you.

The lienholders can act like it's their money, but Banks is right, it isn't. That payout goes to you. you still have a responsibility towards the loan of course, but they don't get to just swallow the money-

just don't back down, fight for what you want. the insurance company will negotiate.

paddlemom

Just like the insurance company - don't let the lender push you around! Read your loan agreement before you sign off on anything. If it doesn't specifically say what the procedure is if the van in written off in an accident, I doubt that they can demand to have the insurance cheque come to them.

Can you tell I'm a bit of a rebel when it comes to enforcing the fine print? :devil:

AND document every conversation you have with any of them, who, what time, etc. and if you come to any agreement, get it in writing - even if you have to write to them to say "this is what I understand from our conversation..."

SHBoss1673

the lein holder is the loan company and my hubby called them yesterday to tell them about the wreck and everything. That is what they told him and me also that they will recieve the check to pay off the loan. I don't like it b/c they are acting like we don't pay our bills and we do, I have never been late or not paid a bill in my life. I live in South Carolina so I guess things are different here. I am never using a vehicle for collateral again.

Wait, the lein holder is the loan company? In other words, THEY have the title? Whom ever has the title own's the vehicle, that's why when you get a car financed, they get the title. How did the loan company get their hands on the title? If you signed over the rights to the vehicle when you agreed to the loan terms, then there's nothing you can legally do. At least in Massachusetts. Remember, posession is 9/10ths of the law, and that means, whom ever the title has on it as the primary owner, is who owns it, if that's you, then the insurance company CANNOT legally send the check somewhere else without court order or by your WRITTEN permission (and a prior contract doesn't usually apply here, consent must usually be given at the time of the transaction).

If you did sign over the title of the car when you put it up for collateral, then it's caveat emptor unfortunately. Or in other words, let the buyer beware. That would suck, but (and I hate the way this sounds, but...) it's your own fault for not having a lawyer approve of it first. 200 bucks to have a lawyer look over a contract may sound harsh at the time, but it really does usually prevent this type of scam. and that's what this is, a legal (although unethical) scam.

MOMOFTWO29

the lein holder is the loan company and my hubby called them yesterday to tell them about the wreck and everything. That is what they told him and me also that they will recieve the check to pay off the loan. I don't like it b/c they are acting like we don't pay our bills and we do, I have never been late or not paid a bill in my life. I live in South Carolina so I guess things are different here. I am never using a vehicle for collateral again.

Wait, the lein holder is the loan company? In other words, THEY have the title? Whom ever has the title own's the vehicle, that's why when you get a car financed, they get the title. How did the loan company get their hands on the title? If you signed over the rights to the vehicle when you agreed to the loan terms, then there's nothing you can legally do. At least in Massachusetts. Remember, posession is 9/10ths of the law, and that means, whom ever the title has on it as the primary owner, is who owns it, if that's you, then the insurance company CANNOT legally send the check somewhere else without court order or by your WRITTEN permission (and a prior contract doesn't usually apply here, consent must usually be given at the time of the transaction).

If you did sign over the title of the car when you put it up for collateral, then it's caveat emptor unfortunately. Or in other words, let the buyer beware. That would suck, but (and I hate the way this sounds, but...) it's your own fault for not having a lawyer approve of it first. 200 bucks to have a lawyer look over a contract may sound harsh at the time, but it really does usually prevent this type of scam. and that's what this is, a legal (although unethical) scam.

Yes, it does stink and it is our own fault. They do have the title. I am not worried about it now however it works out. This was my hubby's idea not mine, but I will NEVER, EVER do it again. I am just praying now that if they do total the van out that it will be enough to pay the loan off and have some left over. Thanks for the info.

SHBoss1673

Yes, it does stink and it is our own fault. They do have the title. I am not worried about it now however it works out. This was my hubby's idea not mine, but I will NEVER, EVER do it again. I am just praying now that if they do total the van out that it will be enough to pay the loan off and have some left over. Thanks for the info.

That sucks, I hope it all works out. Hey, this won't kill ya, learn from it and move on. And give your man a smack in the back of the head.

I hate that we have a system that allows for this type of scummy corporate greed, but alas, it's out there, and they can be really good at hiding the fine print, but now you know, always read the details, and if you can't understand them, find someone who can. I learned that in my youth, and I still follow that to this day.

My wife was going bezerk as I was reading every page of our home morgage at our closing, but I looked her in the eye and said, would you rather I didn't and some day down the road we lose the house? That kinda stopped her in her tracks. :devil:

MOMOFTWO29

Yes, it does stink and it is our own fault. They do have the title. I am not worried about it now however it works out. This was my hubby's idea not mine, but I will NEVER, EVER do it again. I am just praying now that if they do total the van out that it will be enough to pay the loan off and have some left over. Thanks for the info.

That sucks, I hope it all works out. Hey, this won't kill ya, learn from it and move on. And give your man a smack in the back of the head.

I hate that we have a system that allows for this type of scummy corporate greed, but alas, it's out there, and they can be really good at hiding the fine print, but now you know, always read the details, and if you can't understand them, find someone who can. I learned that in my youth, and I still follow that to this day.

My wife was going bezerk as I was reading every page of our home morgage at our closing, but I looked her in the eye and said, would you rather I didn't and some day down the road we lose the house? That kinda stopped her in her tracks. :devil:

Oh I wouldn't even talk to him last night. but I am over it now and from now on I will read everything before we do anything. I usually do, but the loan is in his name.

CasperO

Ok, here's the good news. You own the van, right? It's paid for. You put it up as collateral for something else.

Now let's guess that you owe the finance Co. $3,000 Ok. Imagine that the van has a bluebook value of $4,000 ( I don't know the numbers, and that's not the point, just hear me out).

The insurance will have to pay off at least the book value of the van, and if they don't you need to negotiate harder or get a lawyer. So they'll pay $4,000.

You only owe the finance company the $3,000. They don't get "Whatever the van's worth", they get what you owe them.

So,,, when the insurance Co. settles up they'll cut a check for the amount of the lien to the lienholder and the remainder to the owner of the vehicle (you) less the $250 deductible. Also,,, once that's done, the lien (loan) is paid off. You don't have that bill anymore - which might make room in your budget for another vehicle payment.

Glad you're Ok. This shouldn't hurt you too badly financially, but it still sux. :noway:

MOMOFTWO29

YOU are the named insured, not the lienholder.

You tell your insurance company that you do not want to be totalled. negotiate, don't just accept whatever they offer to you. Then, after you have agreed on something, you have them send the check to you.

The lienholders can act like it's their money, but Banks is right, it isn't. That payout goes to you. you still have a responsibility towards the loan of course, but they don't get to just swallow the money-

just don't back down, fight for what you want. the insurance company will negotiate.

thanks so much for the advice. I need it.

MOMOFTWO29

Ok, here's the good news. You own the van, right? It's paid for. You put it up as collateral for something else.

Now let's guess that you owe the finance Co. $3,000 Ok. Imagine that the van has a bluebook value of $4,000 ( I don't know the numbers, and that's not the point, just hear me out).

The insurance will have to pay off at least the book value of the van, and if they don't you need to negotiate harder or get a lawyer. So they'll pay $4,000.

You only owe the finance company the $3,000. They don't get "Whatever the van's worth", they get what you owe them.

So,,, when the insurance Co. settles up they'll cut a check for the amount of the lien to the lienholder and the remainder to the owner of the vehicle (you) less the $250 deductible. Also,,, once that's done, the lien (loan) is paid off. You don't have that bill anymore - which might make room in your budget for another vehicle payment.

Glad you're Ok. This shouldn't hurt you too badly financially, but it still sux. :noway:

thanks, that makes me feel better. I am not at all worried about it now.

MOMOFTWO29

Just like the insurance company - don't let the lender push you around! Read your loan agreement before you sign off on anything. If it doesn't specifically say what the procedure is if the van in written off in an accident, I doubt that they can demand to have the insurance cheque come to them.

Can you tell I'm a bit of a rebel when it comes to enforcing the fine print? :devil:

AND document every conversation you have with any of them, who, what time, etc. and if you come to any agreement, get it in writing - even if you have to write to them to say "this is what I understand from our conversation..."

thanks. I will make sure I get my fair dues from these people.

paddlemom

Hey Laura,

Just thinkin about you! How are things with the van? Hope everyone is ok.

leann_m_olson

If you have to buy a new vehicle at least you can write off the sales tax for vehicles purcased this year! Thanks Obama. And help out the economy! My husband works in the steel industry so we would like everyone to go buy a new car and new appliances!