Re: Wrecked Financed Vehicle
I own a Used Car dealership, that closed this past year- but we still have a few -in house- cars that we financed in house. So we still have on going collections. A person bought a vehicle about one year ago and they were making payments. When they purchased the van they were required to carry full coverage insurance with my dealership as the lein holder. About 4 months after having the vehicle they switched insurance co. They told the insurance co that there is not a lein holder on the van so they only had basic insurance. Then they cancelled the insurance, then they wrecked the van, and thus quit making payments.(apparently not reporting any accident) When I finally talked with the owner they informed me that they wrecked the vehicle and had to go buy another vehicle. but they plan to continue to try to make payments. I sometimes get a payment that is small and far between. I have located the vehicle-(they do not know this) and it is sitting in a realatives yard on its side with no motor, no tranny, no windows, no tires, no axel- basically a shell of a van on it's side. And by the looks of this realatives yard- this is not the first vehicle that they have done this to. I am in question as to why the insurance co did not check the vin for lein holders- or what I can do - hauling the vehicle to scrap yard will cost me more then what I will get for the vehicle. I want to know what my actions should be. Does that explain better??
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