Quote:
Originally Posted by Zeuceone
I have a question about an accident that ended up in leaving the car totalled. The vehicle was recently purchased and is insured. The financer is Wells Fargo and they have taken the car out of the inpound. They said that they will pay off the car but need the car off of the insurance. Does this sound right? I thought the insurance would have to pay for it.
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I do not have all the details, but from what your saying, I must assume that you have misunderstood what you were told. If it was Wells Fargo that you spoke with, they will be the lien holder, the holder of the title. The car was paid in full, in the beginning, by Wells Fargo. That's why they have the title and have a lien on it, which is your loan. I expect that they were trying to explain to you that the loan will be paid off, which should be a payment from the insurance carrier. Yes, the car should then be removed from the policy.
I suggest you contact the insurance adjuster handling your claim for a detailed explanation.