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Do I have to fix my car?
I was involved in a minor accident and received a payment from the other person's insurance company. I am currently making payments on my car, so my name and the bank's name are on the check. Can I choose to not have my car fixed and just keep the money?
Probably no. The bank will want the money. They will apply it to your bank loan. Either you go this route, or you can have the bank forward payment to a repair facility only.
The want will want to make sure their collateral is secured (the car is in good working condition).
The insurance company has a clause in all insurance policies that protect lien holders. Your policy has that clause in it ant this is the reason why the insurance company must protect the lien holder.
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