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Car repair payment given to me and the lien holder | Will they release the funds to me?
I was in an accident and the insurance company has written a check to myself and the lien holder. However, I have a friend who does excellent body work and can do the repairs for a couple hundred dollars less than what the insurance wrote the check for.
Will the insurance require the overage to be returned to them?
Should I have a problem with the lien holder releasing the check once the damages are repaired?
Answer to Car repair payment given to me and the lien holder | Will they release the funds to me?
Yeah, you will have an issue. The check will not be cashed until the lien holder sigs on the check. They will not do that unless they know the car is repaired and they will ask about the difference. Some lien holders will give you the money if they are satisfied with the repair, however, most of them will apply the balance to the actual loan.
Talk to them before hand and see how it goes. The lien holder wants to make sure the vehicle is properly fixed as it is their collateral. If your friend is a licensed mechanic, then there should not be as difficult to get them to give you the difference.
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