Susan asks…Who owns a totaled financed car if loan is paid off by the other driver's insurance?company?Was in accident over the weekend and owe bank $8000 on loan but other driver may be at fault (passing on right). Car is only worth in blue book $3000 as per auto repair shop. Damange to mutiple surfaces of car & maybe even suspension or axel. If we are luck enough for other insurance company to pick up loan balance, who own the vehicle, the bank? The insurance company? Or do we?
Is there
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