If my vehicle is totaled and the lender is paid off, isn’t the vehicle now mine?
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If my vehicle is totaled and the lender is paid off, isn’t the vehicle now mine?
I have a vehicle in Denver, CO that is being totaled due to HAIL Storm damage
I have full coverage insurance and GAP insurance have only financed the vehicle
9 months ago isn’t then my vehicle???
Asked on June 16, 2017 under Accident Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
No, when the vehicle is totalled, title passes to the insurer: they paid for it, as it were. They are allowed to take title and sell it for whatever it may be worth, even if only salvage or scrap value, so as to mitigate or offset what they had to pay off on the claim.
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