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  1. #1
    Join Date
    Jun 2009
    Posts
    2

    Default Vehicle is Total Loss

    My question involves vehicle registration or title in the state of: Virginia

    I have a SUV that is registered under my name and orginally bought by my dad who still has a loan on it. When I got it registered under my name in Virginia; DMV said that because the car has a lien it will send the title to the bank even thought i don't own the loan. Now that the vehicle is total loss I need to surrender the title to the Insurance company so they could give me the money.

    Any suggestions as to what could be done in this situation?

    Thanks

  2. #2
    Join Date
    Mar 2009
    Location
    Oregon now, but will probably end up back in Nevada someday
    Posts
    241

    Default Re: Vehicle is Total Loss

    The title will not be surrendered by the bank until such time as the loan is paid in full.

  3. #3
    Join Date
    Jun 2009
    Posts
    2

    Default Re: Vehicle is Total Loss

    So what are going to be my options as to getting the money from insurance?

  4. #4
    Join Date
    Mar 2009
    Location
    LA LA Land
    Posts
    9,170

    Default Re: Vehicle is Total Loss

    Quote Quoting Mani5000
    View Post
    So what are going to be my options as to getting the money from insurance?
    Your dad pays the bank (his loan not yours... you can pay it on his behalf), he receives the title, signs it over and hand it to you, you submit it to the insurance, and they hand you the check...

    Of course you can have your insurance pay off the loan from the proceeds of your claim, that gets the bank out of the picture, and then they'll pay you whatever is left out of the full claim amount.

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