The at-fault insurance company is asking me for the car title, but I don t have it. The car is financed by the bank. What do I need to do?

Does the at-fault insurance company have to contact the bank and ask for them the title? My car was registered in New Jersey, my auto insurance got cancelled and I still have the license plates with me. The insurance company already took the car and has the check ready but they are asking me for the title.

Other answer:

buffy653:
If you had insurance in place when the accident happened, then let your insurance company deal with it.
Of course communicate with them and make to tell them you have to approve any settlement.
If not, then hire an attorney or try to work it out.
If a car has loan on it then they will pay the lender, and ask them to release the title to them since the car is totaled, and the lender in effect has no real collateral any more.
You most likely will need to sign some forms that say you allow the lender to send the title to the insurance company and you give the insurance company power of attorney, so they can convert the title or transfer it to a junkyard.
Make sure they are offering a fair settlement based on the value of the vehicle, they will try to low ball you for sure, especially if you do not have insurance in place.
Also if the the settlement is less than the loan balance you will need to keep making payments on the loan.
Do a search on GAP insurance, it comes in handy.
Best of luck.
R:
The insurance company will make the check out to whomever is on title.

If your vehicle is financed you and the bank should be on title. The insurance company can run a title search using the vin number.

If you don't have a copy of the title, the insurance company can have you sign a document they allows them to transfer your interest to them. Tell them to stop being cute.

Entidtil:
You need to tell the at fault insurance company that the car is financed.

Why haven't you asked your own insurance company how all of this works? They should have been notified 5 minutes after the accident.

StephenWeinstein:
You need to get the bank to give the title to the insurance company.
lucy:
Insurance won't pay till they get the title, since when they pay for the totaled vehicle, it will then be owned by the insurance company.

So, you give them the information of the lender, who will work with the insurance to get the check for this vehicle. But, be advised since has a loan on it, (if) it is not enough to pay off your loan, then you will have to continue to make payments on it and NO car. But, if it is enough to pay off the loan, then (any) balance would be paid to you to possibly put a down payment on another vehicle.

You are lucky you was not found at fault, since your insurance was cancelled, otherwise would owe the entire loan (plus) any damages/injuries to the other driver/passengers.

Percyqted:
Respond only through your insurance company unless you only have liability cover and your insurance company have washed their hands of the claim. Usually finance companies expect you to have fully coverage to safeguard their asset.
If you don't have the title you tell them where the title is held.
Obi Wan Knievel:
It should be pretty easy to figure out: Tell them the bank holds the title, dummy.

Don't worry, the insurance company has seen situations like yours before. They'll know exactly what to do, because that's part of their job.

Bill:
Call the bank. The insurance company will pay them what the car is worth, and after the bank takes what you owe them, you get what is left, if anything.
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