QuestionQUESTION: my truck has minor dammage. broken grill,some dinga, and small paint chips. I was hopeing to take the money and apply it to my auot loan.
ANSWER: You are not required to fix your vehicle if there is not a loan out on it. If you own it outright, then do as you please with the money for any damage claim!
I hope this helps!
JP
---------- FOLLOW-UP ----------
QUESTION: I OWE 8,500. DAMAGE IS 5,000 IF I PUT IT TOWARDS MY AUTO LOAN i WILL ONLY OWE 3,500 MONA 14,000 BOOK VALUE TRUCK
AnswerI thought I answered this already, but it showed up again. . . .
If you still owe on the vehicle, then whether you have to fix it or not is determined by your loan paperwork and the language within it. Normally, the bank or lender requires that you fix the vehicle. Additionally, many carriers will run a title check and will put both your name and the bank's name on the check. If you have a loan on the vehicle, it is best to check with the lienholder before you make a decision on the issue.
I hope this helps!
JP
