How Do i Go and Cash the Check My Car Insurance Gave me ? It is made out to me and my Finance Company?

4 responses to “How Do i Go and Cash the Check My Car Insurance Gave me ? It is made out to me and my Finance Company?”

1. 
   knowitall

   April 28, 2011 at 11:53 am | Permalink

   The reason they do that is so they make sure you get the repairs done. The Finance company will endorse the check to you when the car is fixed.

2. 
   Chris

   April 28, 2011 at 12:19 pm | Permalink

   You don’t cash that check. It was made jointly payable to you and the lienholder according to a State law that protects the lienholder’s interest in your car.

   If you are going to do the repairs, then the body shop is cool with the two party check. If you are going to live with the damage because you can’t manage the deductible at this time, then go ahead and forward the check to the lienholder with instructions for them to apply it to the outstanding balance on the loan. They should be happy to do this, and then you wont’ have a car payment for a while.

3. 
   car253

   April 28, 2011 at 12:20 pm | Permalink

   Just give the check to the body shop.

4. 
   mbrcatz

   April 28, 2011 at 1:01 pm | Permalink

   You can’t cash it. You have to turn it over to your finance company. After you’ve repaired the car and sent them proof, they’ll release the funds to you.

   Alternatively, you can turn it back to your insurance company, and ask them to write it out to the body shop.

   There’s really no way around the deductible, unless you work out something with the body shop.