Legal Question in Business Law in California

Re: Car stolen and not payed for

The insurance check should have been made out to you and the vehicle owner. Maybe you can sue the insurance company. Then again, maybe not.

Re: Car stolen and not payed for

Probably. The person paying the premiums is usually entitled to receive the payments. As a seller with a security interest, you should (and perhaps do) have a clause in your sales contract requiring you to be named as an additional insured in the buyer's policy.

I think the answer is to contact the insurance company (or agent) or read the policy to see what it calls for re loss payments.

If you neither have a copy of the policy nor have a clause in the sales contract regarding insurance, you are possibly "out of the loop" and while you have a right to be paid the outstanding balance on your seller financing, you may have no claim to the insurance proceeds.

Re: Car stolen and not payed for

The buyers still owes you the balance and must be current on the monthly payments. If he is behind, we can help you collect. 714 363 0220.

Please call us for review of your paperwork and consultation.

Re: Car stolen and not payed for

It is certainly not legal to arrange for a car to be stolen.

Re: Car stolen and not payed for

Guess what, if the car was sold and financed properly, meaning that everything was done in regard to the title with you as the legal titleholder, you should have been named in addition only named insured on the car. Therefore, when the insurance check was delivered it would have had your name on it as well as the other persons. Is that the case? You see, my philosophy is unless you are a lender on automobiles, you know someone other than the private person, you don't sell the car with GATT still holding to you or else, you see what can happen. Is this legal to both parties, come on now, of course it isn't and you should know that. But it's not a question of what is illegal and is how you solve the problem. Depending upon how much were talking about, under $5000 Small Claims Court but good luck collecting your judgment against somebody who would "have the car stolen" and then ship you out of the money from the insurance check. What you hold title to and is nothing. There's still so many questions to answer. If you wish to consult with me, I have been practicing law in this legal area for over 30 years and understand your problem well. I practice in the S.F. Bay Area and if you wish to contact me call at 925-945-6000.