Will my insurance company write me a check or my finance company now that my auto has been declared a total lo?

My vehicle has been declared a total loss: Is there anyway i can get the adjuster t to write me a check instead of the finance company. I'd prefer to continue paying my regular contracted monthly amount.

Will my insurance company write me a check or my finance company now that my auto has been declared a total lo?
Your insurance company will pay the market value of your vehicle to your finance company. They are the primary owner. You should call the finance company to find out the payoff figure so you'll know what the insurance company is paying out. If there is any money left over less your deductible, they will send it to you. Hopefully your load is for less than the settlement. If not and you do not have gap insurance, you will still owe the loan balance.
Reply:What you are suggesting is illegal.





Car loans have lower interest rates than credit cards or "signature loans" because the loan is "secured" by the vehicle. When you dispose of the car (whether by selling it or by "totalling" it), the loan security is gone, and so the balance becomes due immediately.





Usually the check is written to you *and* the finance company. You have to sign it and send it to the finance company; they'll send you a check for whatever is left after the loan payoff. If the check doesn't cover the loan, you'll have to write them a check for the balance.





There's no way to keep the wreck a secret from the finance company, because the loan contract requires you to carry insurance on the car -- they'll get a notice from the insurance company that the car was dropped from your policy.
Reply: Sorry but no, it's that simple, the lean must be satisfied before the car is scraped. You can't scrap a car without a clean / no lean title. The only way to use the loan would be to hold the claim open and the car on your property till you decide to settle, I don't think that is what you are looking for.
Reply:DEE S is right. You can not bypass the finance co if there is a lien on the car. Sorry.

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