can a car lean holder keep the money that is not used on repair and apply it to

  • Thread starter Thread starter Glenn R
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Glenn R

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the principal of the loan? we had storm damage to the automobile and the lean holder wants us to endorse the check mail it to them and they will make the payment to the body shop. we want the lean holder to sign the check and let us take it to a few different places that can do things a little cheaper here and there and use the extra money to add a few features to the same vehicle.
 
Keep in mind that the payment is made out as an undivided interest to BOTH of you. That means that some of the money is the lein holders until you have paid off the vehicle.

Your easiest solution is to pay for the repairs yourself, and then sign the check and send it in to be applied to the remaining payments. That way you skip the next payments and bank that money. BUT.... Clear this with the lender first, or they will pay down the principal and you will not lose anything but your bank account will be a little thin.


but that keeps control of the funds with you and that way they are assured that the repairs are made.
 
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