Legal Question in Insurance Law in Tennessee

Does our lein holder have the right to make us pay the balance in full within 72
My husband was in an accident which was in fault of the other driver. His new truck was totaled. Her insurance company is paying a total leaving us with a balance of 2400.00 which we do not have. They also told me that the balance has to be paid in full within 72 hours. This accident was not his fault why are we out for something we did not cause. The lein holder also said if not paid in full will go on our credit as a charge off which is something extra we dont need. PLEASE HELP

Asked on 7/19/00, 5:51 pm

Steven Murray Steven W. Murray, APC

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Re: Does our lein holder have the right to make us pay the balance in full withi

The defendant is responsible for the fair market

value of your car, plus all reasonable expenses

you incur because of the accident. Find out the

fair market value by getting the Sunday classifieds

for the nearest metropolitan area near you, plus the

local auto trader or the internet too.

You also have the right to claim on your own insurance,

and the lienholder can have a right to these proceeds.

But the lienholder's right to "foreclose" on your

recovery is to be found in the loan documents you

signed when you got the loan for the car.

If you are current I don't think they can take your

recovery (I am not talking about your own insurance

recovery where they are an insured under your policy).

I would talk to a lawyer to set others straight about

your rights being enforced. The lienholder can be

sued for slander/etc. if the falsely impair your

credit, and they may be violating a federal and or

state fair debt collection law.

Answered on 9/12/00, 8:46 pm

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