urgent: car totaled, ride through, already discharged. have questions!

[sepiid]

hey all,
we were discharged some time ago, about 1yr and a few months.
the car we have was IIB but we were doing a ride through.

the car was totaled in the flooding we just had 1 week ago.

bluebook is about 12k
the loan balance is about 7-8k (IIB)

i have full coverage insurance on the car, and filed a claim.

if the insurance gives me a check and totals out the car, any ideas what my obligations might be? pay off the balance and keep the rest?
just let it go and see what happens?

ideas/advice?

Thanks for the help!

[newbie2]

If the insurance company sends you a check more than likely it will be made out to both you and your lender. Pay off the lender to and use the difference for a down payment on another car.

[btbeme]

The insurance company will ask for the title in exchange for the settlement check. Since you do not own it free and clear, the insurance company will then contact the auto loan company and request the loan balance due. They will then pay the auto loan company that amount, which will release the title to the insurance company. At that time, you would receive a check for any amount over the payoff amount from the insurance company.

[LadyInTheRed]

If the insurance company sends you a check more than likely it will be made out to both you and your lender. Pay off the lender to and use the difference for a down payment on another car.

Yep. From my very recent experience, I can tell you that Allstate will write a joint check to the owner and lender if the payment is $1,000 or more. I suspect other insurance companies have similar policies.