Auto Insurance Claims: how is the title transfared on a totaled car when money is still owed, weck, insurance company

Question
if I owe more on my veichel then the insurance is willing to pay as they want to total it, do I have to payoff the balance imdently so the title can be released to them? I want to buy it back as it has low miles and all the damage is cosmtic. How does that work when after they pay I will still owe the bank? how does the title go from the bank to them then to me? can they just deducted the salvage cost pay the bank and I then keep making my payments on the balance and I keep driving the truck and the bank keeps the title until its paid off? as it stands now I will lose a good running truck and still owe the bank, as I don;t have the money to pay it off and then buy it back.seems like such a waste over some cosmtic damage from a weck that wasent even my fault.

Answer
Hi Nikki,

You will need to talk to the insurance company and your bank to see what their procedures are.

In most cases you can keep the salvage however, the insurance company will deduct what they could have sold the salvage for from the settlement. You will still have to pay the balance of your loan to the bank. The exact terms of that can only be determined when you call the bank to see what they are wiilling to do.

I hope this helps
Richard Hixenbaugh