Question for Auto Claims Insurance Adjusters Only...?

Question:
(I have another question on this open elsewhere)

Question about my car insurance... What should I be paying? Good companies?

My vehicle was stolen Dec 15th, 2006, was declared a total loss by State Farm on January 16th, 2007 because it wasn't found, and had me sign a Power of Attorney form to give ownership to them.

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Consequently, the car was FOUND (totalled) on February 22nd, 2007. Someone had submerged it in a salt-water canal after trashing it.

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Here is the sequence of events that transpired insurance-wise as a result:

The cheek of some people :-)?

1. I owed $34,000 to Lien Holder.
2. State Farm paid $26,000 to Lien Holder, and..
3. Gap Insurance contributed $5000 to Lien Holder.

Vehicle registrations?

Unpaid portion of that loan is $3000.00 which comes out of the pocket.

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State Farm, NOW being the true owners of the vehicle can NOT retreive it from the Police Impound Facility because the Lien Holder will not give the title to anyone until the $3000 left on the loan is paid, and I don't have the entire amount up front. I would have to finance it.

If someone bought me a car registered it in my name and then they want it back - what are my legal rights ?

What happens? It's in their name!

Answers:

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It's not "in their name" and State Farm is not the "true owner," your finance company is the true owner until they have been paid in full. The lien hasn't been satisified and won't be until the $3000 is paid. Once paid, your lienholder will sign the title over to State Farm.

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State Farm is in possession of a vehicle that legally belongs to your lienholder. Your lienholder can do what's called a "paper repo" and there's nothing State Farm can do to stop it. Your lienholder/finance company is entitled to proceeds of the salvage which would reduce yur $3000 balance. The salvage amount comes from when the vehicle is sold at auction.

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