I have a very simple question, and am really just asking if anyone here who has experience can quickly advise:
I'm an LA resident. My car was rear-ended by an out of state driver (Maryland) and deemed a total loss by his insurance company. The accident happened in Los Angeles. I intend to buy the car back and fix it since the car is damaged but certainly repairable--it is a very clean Mazda RX-8. There is a bank lien on the car but even after buying the car at the agreed on salvage price, the settlement amount is more than the lien (ie his insurance co would give me the car, pay off the bank, and cut me a check).
Question is this, what is the procedure for this in California? The Maryland adjuster has no experience with California vehicle law and she is asking for a power of attorney to take the title of car before writing a settlement check. I am fairly sure this is wrong and I dis-inclined to trust anything she tells me anymore after negotiating valuation with her over the past week.
Because I'm the registered owner, all the Maryland insurance company needs to do is submit a one page 'Salvage Vehicle Notice of Retention by Owner' to the state of California, pay off my bank, get proof from my bank in the form of a lien release, and cut me a check, correct? And I comply with CA state requirements to report the car within 10 days as a 'revived/repairable salvage' and go through the steps to re-register it once it's fixed?
I'm an LA resident. My car was rear-ended by an out of state driver (Maryland) and deemed a total loss by his insurance company. The accident happened in Los Angeles. I intend to buy the car back and fix it since the car is damaged but certainly repairable--it is a very clean Mazda RX-8. There is a bank lien on the car but even after buying the car at the agreed on salvage price, the settlement amount is more than the lien (ie his insurance co would give me the car, pay off the bank, and cut me a check).
Question is this, what is the procedure for this in California? The Maryland adjuster has no experience with California vehicle law and she is asking for a power of attorney to take the title of car before writing a settlement check. I am fairly sure this is wrong and I dis-inclined to trust anything she tells me anymore after negotiating valuation with her over the past week.
Because I'm the registered owner, all the Maryland insurance company needs to do is submit a one page 'Salvage Vehicle Notice of Retention by Owner' to the state of California, pay off my bank, get proof from my bank in the form of a lien release, and cut me a check, correct? And I comply with CA state requirements to report the car within 10 days as a 'revived/repairable salvage' and go through the steps to re-register it once it's fixed?
