Finance Questions

Question: Car Insurance. making a claim? who gets the pay out, me or the Finance Company?

My car is on finance, If i made a claim on my car insurance, would i receive the payout or would it be paid to my Finance Company??? the Car Finance was taken out by my mother in law but i pay it and the log book is in my name and i make the monthly payments???? thanks Kevin

Answer: In the event of a total loss, the check will go to the Finance Company. If it is not a total loss, the check will be made out to you (or perhaps your mother in law) and the repair shop.

Until it's pad for in full the Finance Company has an interest in keeping your vehicle repaired and in good shape.

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