collecting insurance money on damaged vehicle?

I damaged my car and don't intend to fix it. I'd like to collect the $700.00 that the ins. co. owes me after my deductible. I've been told that since I am making payments on the car, the check would have to be made out to the ins. co. and me. Will the bank allow me to cash it? The car is worth about $4000.00 and I owe $2000.00. I've also heard that if you tell the bank that the car is damaged, they can repossess it.

2 Answers

  • justme
    Lv 6
    1 decade ago
    Favorite Answer

    The bank will probably make you bring in a document/receipt from the repair shop that states it is fixed before they will sign off on the check. And they might even ask to see the car to make sure.

    Source(s): Thats what my bank did when I had an accident and still owed on the car.
  • Anonymous
    1 decade ago

    You bring a $700.00 check to the bank and they will keep it, (after all, THEY have the bulk of the interest in the vehicle not you). They don't care if it's damaged so long as you keep up the payments.

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