If you check, you will find yours is the same. The loan company is protecting their investment. The insurance company is not there for you to make some Christmas cash.

 

its not extra cash, ur car is now worth less because of the damage/missing wheels. ur inc co's job is to "make you whole again" to fix your car to pre-loss conditions, now weather you take the $ and fix it, OR take the $ and pocket it is ur call because the $ in ur pocket or the $ invested in replacement rims gives you as the owner the same net over all value,

read up on the term "diminished value" its how you can sue the at fault party in a car accident for $ above and beyond the cost to fix your car because ur car is now worth less when it has a carfax report of an accident.

 

Not true, YOU don't have "diminished value", the BANK does. Therefore, they insist that the car be returned to it's former state to protect THEIR investment, not YOURS.

Now if the car is paid for, this does not apply.

 

then why do i have 2 checks from my insurance company, made out to ME ONLY, for the cost of the fix + rental ($14,143.88) and diminished value ($4526.35) for my G?

i was rear ended, bad. there is a post on here some where with my whole experience.


the bank does not OWN the car, they have the right to it for collateral only

they can't tell you how to take care of you car, or fix it, all they can do is call in the note, and because you signed over the rights of the car for collateral, if you can't pay the note, they take the car, and they have to file paperwork with the state to do so, they can't just take it at will.



i have recieved over 5 checks from insurances companies (allstate(2), Amica, progressive, liberty Mutual) for damage and stolen items on cars that i have had loans out on at the time, and all if the checks were made out to ME only.

maybe its a state thing, i do know laws can be very different depending on the state, so maybe we are both right.

but i have the paperwork to back up what i am claiming to be true for NH and MA

 

If you don't maintain that "investment" that the bank has made, they will call in the loan. You bang it up and don't fix it, they have the right to reposes it, fix it and sell it. You do not have a right to bang it up and get a check from the insurance company and KEEP IT. You MUST FIX THE CAR. They can't tell you WHO can fix it or HOW. They can't tell you how much extra you can spend above and beyond what they will pay, but YOU MUST FIX IT or they have the RIGHT to take it away from you.

 

How the hell would they know

 

I work for an insurance co. Yes, if the car is leased or financed, the check will have both the owner and the financier/lender on the check. Because as previously stated, both co-own the car until you pay off the loan. Therefore, they have to stamp the check to approve it as a co-owner.

 

b/c both parties the check is made out to have to sign it

ive come accross something similar..but i had no issues getting the second party to sign..id go back to infiniti and have mercury talk to them in person..maybe a 3 way phone confrence with the manager at infinti would work

 

Like I said before, I have paperwork, and checks, proving otherwise

 

"The check was issued to my name and Infiniti financial services"

The payees have JOINT title to the proceeds. Presumably, the Infiniti dealership does not have signing authority for Infiniti Financial Services and it is THAT company only that may endorse the check so that it may be deposited.

Although an additional premium was paid (wisely) for the after market rims, the insurance covers the entire vehicle (with or without modifications) and the rims are not viewed as separately insured property.

There would appear to be no reason why Infiniti Financial Services would not recognize the ownership of the upgraded rims; although they may well insist upon evidence that you still have ownership of their oem rims.