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Mayor

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Hiya, this is off the wall question I was wondering if anyone has had this problem before. I recently had hail damage to my (two) cars. I took them in for a estimate and the insurance company said they could send me a check for both of them but it be to me and the lien holder. One is Toyota and Nissan -- So the question is has anyone had this problem before? The check will have to be endorsed by me and the lien holder, has anyone had to do this before? Is it hard to get the lien holder to sign it so I can deposit it and get repairs at any place I want? -- I specifically doing this because I wanna go somewhere to parts fixed cheaper and get away with not paying the deductible. Thanks!

Edited by Mayor

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I recently had hell damage

 

I don't have an answer for you, but if you really had HELL damage, I'd be worried about more important things than endorsements. :rofl::rofl::rofl:

Yes, I would be worrying -- Since i need the money to fix the car. -- And woops, fixed my 'HELL' problem :rofl:

Edited by Mayor

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Sorry, didn't mean to sound like I was picking on you. I was just picturing someone driving down the road with Satan chasing after him, and Experian on the left side & Capital One on the right side. :rofl::rofl:

 

 

Anyways, call your bank and see what they say. Sometimes, even though the check is made out to 2 parties, both parties have to sign for CASHING the check, but you may be able to DEPOSIT the check with only one signature. Then just wait for the check to clear.

 

I'd call the bank and ask them. If they can't do it, call the lienholder and see how they want it handled.

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Yha, thought about doing that -- Just before I start everything i wanted to see if anyone had to deal with this in the past.

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Hiya, this is off the wall question I was wondering if anyone has had this problem before. I recently had hail damage to my (two) cars. I took them in for a estimate and the insurance company said they could send me a check for both of them but it be to me and the lien holder. One is Toyota and Nissan  -- So the question is has anyone had this problem before? The check will have to be endorsed by me and the lien holder, has anyone had to do this before? Is it hard to get the lien holder to sign it so I can deposit it and get repairs at any place I want? -- I specifically doing this because I wanna go somewhere to parts fixed cheaper and get away with not paying the deductible. Thanks!

2 LIEN HOLDERS???

 

1 CHECK???

 

Even if it is 2 checks...I DON'T SEE THE LOGIC OF THE LIEN HOLDER'S NAME BEING ON THE CHECK(S)

 

...but then I didn't ever have a LIEN on any car

 

...as far as I can ASSUME you would have to send the check to the LIEN HOLDER for a signature then you can deposit the check once you get it back...

 

Maybe 2--4 weeks???

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No, two different checks for two different cars. But, both have different lien holders.

 

EDITED TO ADD:

The insurance company said since I have a lien holder there required to put there name on the check too.

Edited by Mayor

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I got a refund check from our insurance company...

 

ALL 4 NAMES LISTED (HIS & HERS & SON & SON)

 

ALL 4 SIGNATURES REQUIRED!!!

Edited by GEORGE

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The lienholder's primary concern is for the value of their asset, in this case, your vehicle. And until you hold the title, it is their right to see its value protected. Every lendor has a loss payee clause that your insurance company completes if you are not the title holder of the vehicle. This is used if your car is damaged or totalled. I would say that your leinholders just want to make sure that the vehicles are repaired (in so maintaining their value). You may be able to sign the checks directly over to the repair facility. (in doing so, foregoing your deductible or whatever other arrangement you have made)

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I work in the property and casualty insurance industry. Company policies vary widely from what I've seen. Some will want you to sign the check over to the shop, other's will need proof the car is fixed then will sign the check over to you or the shop. Ask your lien holder's what their policy is. On a side note, not paying your deductible is technically insurance fraud :clapping:

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Some banks are very lenient about letting you deposit these items without the LH's signature...some are not. Try depositing them first, if they give you any problems you will need to get the lienholders stamp.

 

Some lienholders are very easy, others can be a real pain. I have heard many horror stories regarding ford and cap one personally (cap one has REFUSED to sign, instead demanding that a draft be signed over to them in at least 2 cases I am aware of). Generally though, this can be done within 7-10 business days if done through mail..faster of course with overnight (ask, some lienholders will overnight the return).

 

Depending on your insurance carrier, many offer some sort of in house repair facilities where your car is repaired by a shop the co. has a contract with. In this case, there is no need to issue a draft, as the co pays the shop directly. Personally, there are good shops and bad one's...find out who would be doing the work and check the BBB for complaints, even go there and look the place over. The average person will be able to tell if a shop appears well organized and if they are willing to explain any repair easily. If they look like they've got work stacked up beyond a few days or cant be bothered..avoid them. No one wants to be without their vehicle beyond a reasonable time or to have to keep coming back for adjustments (if you are so lucky to get them to do one).

 

Pro's of course of letting the insurance co handle it is that most offer extended protections, and are willing to go the extra mile to help if there is a problem. If you take a car in yourself, the shop generally has you sign over the insurance co draft up front..if the co. is handling it, they wont get paid till the work is finished.

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I work in the property and casualty insurance industry.  Company policies vary widely from what I've seen.  Some will want you to sign the check over to the shop, other's will need proof the car is fixed then will sign the check over to you or the shop.  Ask your lien holder's what their policy is.  On a side note, not paying your deductible is technically insurance fraud  :)

Yha, I know about the insurance fraud.. But when your talking two cars at $500 per deductible that's a lost of $$$ to fix the cars :blush: .

I did contact NMAC and Toyota Financial about each car. NMAC actually said it's no problem -- Just send the check with the acct number and will endorse it and send it back. They even said I can overnight it and give them a package for them to overnight it (paid for) that they'll overnight it back to me. Toyota was a little more picky, they wanted at least a estimate for the car -- than they'll endorse it and send it back. Also, my CU said that I needed the the banks endorsement before they'll let me deposit it.

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3 hours ago, Beasy10 said:

Did nmac endorse you check and send it back like they said they would?

Welcome to CB, Beasy. It looks like you arrived here via a search for a specific topic. Unfortunately, it's a 15 year old post, so the OP may or may not see your request. Perhaps someone else can help. :)

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