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| *Loan,banking and credit>>>state insurance |
Playing Chicken with State Farm Insurance -- Who wins? |
State Farm paid against my totalled car, and Gap-Insurance paid their share, but did not cover the ENTIRE amount of the loan. There are $3000 outstanding on the loan with the bank. State Farm wants their car (since they paid against it) but they can't get the title yet because the lien holder hasn't released the title due to the fact that there are $3000 left to be paid. What to do? I can't afford it all at once.. and State Farm won't wait until I can finish paying it off because the car is sitting at the Police Impound facility accruing storage fees on a daily basis! What is going to happen? . Ah, I bet you rolled over negative equity from a previous vehicle, when you bought the new one - and that's where the $3,000 comes from. Well, you need to tell the adjuster, I'm sorry, I don't have $3,000. You can move the car, or you can write it off, but I can't get the title for you. Here's the telephone number and contact name at the bank, talk to them. My guess is, the bank will continue to not release the title, State Farm will not be able to get the car out of the impound lot, so the fees are going to keep accruing, until the city attempts to repo the car. Meanwhile, the bank will be hounding you to keep making your payments until the loan is paid off. I see collection agents in your future, a LOT of them, from several different places. I strongly suggest you get a bus pass, and save up to buy your next car for cash. Source(s): agent, 21+ years In the battle between you and State Farm, bet on State Farm! claims person You have a major problem. You are the titled owner of the car until you sign it over to Statefarm (which you are required to do). That means you are responsible for all the storage fees that are accruing. You need to call your lienholder and speak to them ASAP. Explain your situation, see if they will allow for release of the vehicle. Depending on the state, you may not even need the lienholder to approve it. This is in EVERYONE'S best interest. Once the vehicle is released, Statefarm can move it out and to one of their yards while everything gets resolved. You'll either have to pay the $3000 or at least arrange something with the lienholder ASAP. State Farm doesn't care about your distress or your situation or whether you wake up paralyzed tomorrow. They don't even care enough to wish anything bad on you. They just don't care one way or the other. Your lienholder is the only party I can think of to negotiate with at this point. Strange that your gap insurance didn't cover the balance...you must have been way bottoms-up on this loan, with no down payment and a high interest rate. Well, sorry for your troubles. You over-financed, didn't you? How did that happen? Did you have an amount owing on a trade-in? Did you do a loan consolidation adding unsecured amounts to the original loan? All you can do is negotiate with the bank, because that $3,000 will have to be paid, or perhaps you have someone in the family that can help you out with a loan, again you will have to repay it. |
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