In march, I was hit by a 4 wheeler that ran a flashing red light. I wasn't going too fast, so she survived, and my damage wasn't so bad that I needed a tow. (Her car was totaled)
I filed a physical damage claim.
Now, the way my lp works, is I pay 15 cpm into a maintenance program that covers all repairs . I've paid in well over 30k in 2 yrs, and have not used even half of that. (Program, not account, I don't get it back If I quit)
I pay the insurance cost and truck payment.
My claim check is 2 party . ( happened in Michigan, and we are a "no fault" state)
My name is listed first, and it was mailed to my house.
The second spot is the leasing company name.
My truck is already repaired, (ie maintenance program)
I was told the only reason the leasing company name is listed is to protect their interest because they still own the truck.
Do you think there will be a fight over who's money that is? If the company tries to claim it's theirs, wouldn't that be double dipping?
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2 party check
Discussion in 'Lease Purchase Trucking Forum' started by Wickedfire77, May 2, 2016.
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Let me start by saying I'm probably way to green to this area of trucking to probably be answering this but I think since your name is first and as long as long as it doesn't say AND between the two names, than its your money... Il just browsing and came across this so I'm probably not the most educated answer though.
Best of luck! -
It's pretty standard for insurance, lienholder is normally required to sign. Lienholder needs to verify the repairs were actually completed, and that their investment isn't compromised. Capital One for instance will take the check, send money to the repair shop of your choice, verify that the vehicle is back to 100%, then send you a check for the remainder. Say your loan is 50k, you get a insurance check for 30k, blow it all on imported Egyptian cat statues, and then quit paying your note. They repo your damaged vehicle at a loss of 30k...
Skate-Board Thanks this. -
It says "and"
Repairs are already complete.
The check is based on the actual invoices from said repairs.
I just don't want to "pay twice" for the same thing.
What I did, was mailed it to the lease company, certified mail, (without signing it) with a note asking for a signature and a business card , and a SASE to mail it back to me.
I figure, they can't cash it without my signature and I can't without theirs.
Sure, I could have just had anyone sign line 2 and did an online deposit, but that seems too easy and would backfire. -
What does it say in your lease contract?
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That 15cpm will cover all repairs and in the event of an accident, if I am not at fault , all repairs will be covered by the company, (if at fault , I'm responsible for the expense)
It doesn't specifically say anything about "although repairs have already been paid for in advance with 15cpm, we get all insurance settlements and claims with our name mentioned on the check" -
If the check matches the invoice amounts they paid to cover the repairs, in theory the check would be theirs to keep. It doesn't matter how long you've been paying in to their program... If you had just started 30days ago, they would have covered the repairs correct? What did your company say about it?
brian991219 and RERM Thank this. -
Yes they would have as part of the warranty.
The company is the one who suggested I file a physical damage claim -
Their truck, they paid the repairs, their money....your paying 15cpm for the ongoing service (maintenance program not account), but they paid the repairs.....I would think......
blairandgretchen and brian991219 Thank this. -
@Chinatown .... ??? Input?
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