can't deposit check from insurance company for stolen wheels
 

About a month ago I got my wheels stolen; I had them insured of course. A couple days ago I get my check from my insurance company (Mercury Insurance). The check was issued to my name and Infiniti financial services (got my car financed through them). Today, I go to my bank to deposit the check, the bank teller tells me I can't deposit the check until I get a "stamp" from Infiniti financial services approving of the deposit. I was like what the hell?? So I go to Infiniti dealer where I bought my car to see what's up. They tell me they can't stamp it and there's not much they can do and I need to call their 1-800 to figure it out. I called, but of course they're closed on the weekends. I call Mercury Insurance they're also closed.

Anyone experience anything like this? Let me now if you guys can help. Thanks.

Why can't the bank take the check when it has your name on it? Why isn't the dealer signing the check?

What wheels were they? Sorry I can't help but this thread might help me in the future.

work vs-xx

Maybe they want to see a recipt for the wheels?

tell your insurance company to re-issue the check with only your name

Technically the bank folks are correct as the check has two "names" it must go into an account which has both names on it, this is your insurance companies fault for sure, since the insurance is under your name and you pay it they should have issued a check solely to your name so now you have two options:
1)ask insurance to reissue new check with just your name and cancel the current one OR
2)have to get infiniti financial sign the check over to you by "stamping" it.

he is right,

i would also shop for another insurance co,

Insurance company should reissue the check in your name only. Infiniti Financial does not own your work VS-XX rims. You do. The cost of the rims are not included in the amt financed. Therefore, insurance company needs to pay you only. Not you and Infiniti.

just put it in the atm. they willl just send it thru and if it clears they wont bug u

Since the car is financed any claims and settlements against the insurance policy will be issued to both the finance company and the insured. Remember the finance company still "owns" part of the car since it is used as collateral in the finance agreement. The insurance company doesn't know that you installed custom rims.

If you default on your loan, the car when it is reposed will have your custom rims on it.

I would call the insurance company/your agent explain the situation. They may require you to provide proof of the purchase of the rims by you. They may re-issue a check in your name only but I don't think I would not "hold my breath"

Same thing happened with my daughters car and some body work. You have to get the work done (in your case, buy the wheels and have them installed), then they will approve the check and you can put it in the bank. My daughter thought she could make some fast cash using the insurance company. Just cash the check. Wrong.... The body shop, the credit union and she have to endorse the check AFTER the work is done.

in my case there's no need to get work done. they were stolen. i just put the oem wheels back on. i did provide a receipt to my insurance company.

thats wrong, id shop for a new ins co.

you pay to insure your car
if you car is damaged, the ins co pays the value of your loss, the damage of you car costs X amount to bring back to pre loss condition.

weather you choose to fix the car, or just keep the check is 100% your call and the insurance company can not force you to fix it, even if there is a note out on the car, the bank only requires you to have insurance, not fix it when it is damaged.

i would write a letter to your states insurance office, ( i have done this before) and explain them the situation. they will call your ins co and straighten out the situation.

^ ^ I agree. You getting the money back shouldn't be contingent on replacing the rims. If you choose to do so, that's basically up to you and not them. You suffered the loss, and the decision should ultimately be yours.