I have the title. I have signed zero documents and I never verbally agreed to anything. I am calling Tinker in the morning and I am also calling my agent. I’m not gonna buy another truck as they are too expensive now. I am gonna get a new heat and air system for my home. But I still don’t want to get screwed on the deal.
I spoke with my insurance agent and they said if i filed with them it would drag this process out for a while. I would have to pay my deductible and then they would fight to get it back later. This was right after it happened. I haven’t spoke to them since all this other crap. But I am tomorrow.
Yes, you can buy it back for the salvage value then do as you want. When they "pay it off" they own it instead of you. However they will also want to find someone to buy it for more than they anticipate getting for it at auction. Hence the benefit for you. Especially if you have acces to a resource that get it road worth for less.
It is a security interest to protect their financial investment in the event of default. The same with a mechanic's or contractor's lien; they can only enforce their rights if they are not paid for their work. The bank has no ownership interest. They are only using the vehicle as collateral on a financial note which they do own. They own the money, and that is all.
Don't talk to your agent. He isn't claims. He sells you insurance. Contact the company's claims department. They are the experts. You wouldn't contact your truck salesman about a funny noise in the rear end, would you? The agent is actually the last person to talk to because some company's commissionable pay plans penalize agents for claims losses. If his is one of course he'll discourage you from filing a claim.
So many people don't understand this.
My agent has been a friend of mine since the late 80’s.
Friend or not, usually once it’s a claim, they can’t really help you much
