Bank horror---long stroy but for now they have the payoff on car but say I still need to make this months payment.

My car was totalled. I am in hell---I will post one question later but for now, the insurance company was ready to settle on 100809. The bank did not cooperate until 110409 with getting a payoff note out and another issue. (NE needs a form signed that the bank wouldn't) On 11/04-05/09 the insurance company sent the bank the payoff check for the amount requested. Today I called the bank to see if all clear and they advised they received the check on 111209 butt it takes a month to process so I still have to make Nov's payment. I am like why? you have the money. On top of that, if I make the payment, I have to try to get it back. If I don't pay then inevidly(sp) it will go on credit report. What to do as they have the pay off check in their posession?
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Answers (1)

Shawn B Alexander

Shawn B Alexander

Contributor Level 9
This sounds like a giant mess. You need to get the bank and the insurance company on the same page. The car was insured and the colleteral was destroyed and if the insurance doesn't tender in time or the bank sits on the money it is not your problem. The car and the payments are gone.

Good Luck
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