Insurance

Jeremy  Abreu

I am in a situation, 

I have done a BHPH deal for a "good" friend of mine in 2014. He ran away with the vehicle and took off the GPS device I had inside and haven't been able to find the car since. Recently their insurance company contacted me and wanted to payoff the car because it has been deemed a total loss as of last week. Now the vehicle's ACV is a lot lower than what the current loan for the vehicle is. 

 

My question is how can I hold the owner liable for the rest of the debt on the loan?

Sounds like you may need legal advice from an attorney on this one? Have you had any luck?

Jay  Sims

Yes this is pretty normal. This is the whole reason "GAP" is sold. So when the car is totalled, the "gap" inbetween the insurance paid amount and the amount owed to the finance company is handled. Since i assume he didnt have gap, you would have to do collections and probably sue and get a judgement to collect. BUt again. this all depends on your state laws. But this is normal practice.

Featured Masters

No members found

F&I Solutions & Services Products

97%  Recommended Recom'd 39 Ratings
Company: CreditMiner
88%  Recommended Recom'd 18 Ratings
100%  Recommended Recom'd 3 Ratings
Company: 700Credit LLC
100%  Recommended Recom'd 33 Ratings
Company: Dealertrack

 Rate a Vendor Give feedback in three quick steps

Select a Vendor & Product
Can’t find what you're looking for?
Add a Vendor  or  Add a Product
  •  
  •  
  •