What to do with insurance check?

Dmitriy@AUTOcouture · 06-16-2007, 11:05 AM

About 2 weeks ago, I got in to a car accident with my e90. To make a long story short, my car was smashed into my some 80 year old grandpa who ran a red light. In any case, when the police came they ruled the accident 50/50 and I had to use my insurance to pay for my own damage instead of suing his.

Before you guys ask, I will not post pics up of the accident because I do not have any and I don't want to see the car at all until it is back to the way it originally was.

Down to my question:

My car is a lease and the check is issued from Allstate to my name AND bmw Financial Services. As per the insurance company, I have to endorse the check and send it out to BMW for them to endorse it and pay the bodyshop. Here is my dilemma: I called BMWFS and explained the situation, they specifically said that I have to send the check along with the reciept of all work to be done by the bodyshop; as soon as they get this check and reciept they will endorse it and send it out to the bodyshop as a payment.

In the event that the bodyshop eff's up on the car, I do not want them to get any payment until I pick it up from them and make sure that it is 100% OK. I have the check in my possesion, I just want to know if I can endorse the check under my name and put BMW on the back with a "For Deposit Only" endorsment and deposit it into my regular checking account?

This way I will have the $$ in my account and can pay them as soon as I am satisfied with how they fixed my car. Thanks in advance for your help.

-Dmitriy

CnoteMD · 06-16-2007, 11:18 AM

No, that won't work. What you are describing sounds a lot like forgery. When I had my finance company co-endorse a check, they used an official stamp. Thankfully, I was able to accomplish the endorsement by stopping by a local Chase branch.

In my case, I had already paid for the repairs on my personal credit card, so all I had to show them was the estimate and the paid receipt.

smellthebeans · 06-16-2007, 01:40 PM

I went to a body shop that billed my insruance company directly.....No $ went to the bank (lien holder). Or even through my hands for that matter.

KEVIN88GT · 06-16-2007, 01:53 PM

bmwfs does NOT have to be involved in all this....

ADHD · 06-16-2007, 01:55 PM

IT all depends on the how the actual check is written!

If its says your name "&" bmw financial then NO your bank will require 2 endorsments!

IF Your check says your name "/" "and/or" bmw financial YES u can deposit in your personal account!

Bill-SD · 06-16-2007, 07:25 PM

Quote:

Originally Posted by smellthebeans

I went to a body shop that billed my insruance company directly.....No $ went to the bank (lien holder). Or even through my hands for that matter.

That's how it should work!

chbrules · 06-16-2007, 07:27 PM

How do they rule the case to be 50/50 when it was the old man's fault?

murellus · 06-16-2007, 09:30 PM

yeah doesn't make sense...

ADHD · 06-16-2007, 09:36 PM

ya lmao. ur BOTH AT FAULT!!!

dmboone25 · 06-17-2007, 12:00 AM

Quote:

Originally Posted by KEVIN88GT

bmwfs does NOT have to be involved in all this....

+1

MoreCowbell · 06-18-2007, 12:52 PM

Sounds like somebody is headed for...

magmd · 06-18-2007, 01:01 PM

Something is definitely fishy here.

1. If this is a lease and money has to go through BMWFS, why take it to an outside body shop for repairs. Take it to BMW...you just pay the difference (I know...you want to pay less).

2. Then why take it to an outside body shop for an estimate of work (hence the check you ALREADY HAVE) that you are not sure you trust to do the work???

What if they gave you an incorrect estimate??? Let me guess...you took it to one body shop to get a high estimate and a bigger check...and now want to take it to a different and cheaper body shop so that you pay less $$$ out of pocket?! So now you are in a bind

3. If you try to cut corners and your only motivation is to save money, then you have to be prepared to deal with some complications.

Dmitriy@AUTOcouture · 06-18-2007, 01:28 PM

Quote:

Originally Posted by magmd

Something is definitely fishy here.

1. If this is a lease and money has to go through BMWFS, why take it to an outside body shop for repairs. Take it to BMW...you just pay the difference (I know...you want to pay less).

2. Then why take it to an outside body shop for an estimate of work (hence the check you ALREADY HAVE) that you are not sure you trust to do the work???

What if they gave you an incorrect estimate??? Let me guess...you took it to one body shop to get a high estimate and a bigger check...and now want to take it to a different and cheaper body shop so that you pay less $$$ out of pocket?! So now you are in a bind

3. If you try to cut corners and your only motivation is to save money, then you have to be prepared to deal with some complications.

1. You are absolutley correct, I do not want to pay the deductible ($1000) so the bodyshop I am going to is saving it for me.

2. I am taking the car to a body shop that my father has used before, and they did a wonderful job on his car. I am not running from shop to shop getting different estimates. However I tend to act/think in worse case scenario's and just using a "what if" mentality towards this situation. Hence what if the body shop does a bad job matching the paint (anything can happen in this world, more likely when it comes to paint), and I am not satisfied then why should they get the money for the job? Just doesn't seem right to me.

3. Sometimes going around things with the objective to save money is not such a bad thing. Yes I agree everything has its consequence, however if done the right way, all the more power to you. It is always better to lead then to follow, thats how most people become successful.

In conclusion, I spoke to BMWFS and they advised me to send the check over to them and not endorse until I pick up the car and am 100% satisfied with the repair. They will endorse the check and forward it over to the body shop, it will be waiting for me there.

Thanks for your insight guys, I truly appreciate it.

-Dmitriy

P.S. - Matt, that reply was awesome had me laughing out loud @ the office.

Maestro · 06-18-2007, 01:56 PM

If your bank is worth their salt, they will not allow you to deposit without the other's party's endorsement. So the Bank should keep you out of the big house.

I just had some raccoon damage repair work done and the insurance company cut me the check, and I handled it to the repair shop when everything was done. I signed it, even thought it was made out to my wife and me. Didn't seem to matter. I also have a lone on the car, not sure if a lease is different in that regard.

If I took the car to one of the insurance company's authorize repair centers then they would have paid them directly.

06-16-2007, 11:05 AM	#1
Dmitriy@AUTOcouture Major 209 Rep 1,133 Posts Drives: carefully Join Date: Dec 2006 Location: NYC iTrader: (3)	What to do with insurance check? About 2 weeks ago, I got in to a car accident with my e90. To make a long story short, my car was smashed into my some 80 year old grandpa who ran a red light. In any case, when the police came they ruled the accident 50/50 and I had to use my insurance to pay for my own damage instead of suing his. Before you guys ask, I will not post pics up of the accident because I do not have any and I don't want to see the car at all until it is back to the way it originally was. Down to my question: My car is a lease and the check is issued from Allstate to my name AND bmw Financial Services. As per the insurance company, I have to endorse the check and send it out to BMW for them to endorse it and pay the bodyshop. Here is my dilemma: I called BMWFS and explained the situation, they specifically said that I have to send the check along with the reciept of all work to be done by the bodyshop; as soon as they get this check and reciept they will endorse it and send it out to the bodyshop as a payment. In the event that the bodyshop eff's up on the car, I do not want them to get any payment until I pick it up from them and make sure that it is 100% OK. I have the check in my possesion, I just want to know if I can endorse the check under my name and put BMW on the back with a "For Deposit Only" endorsment and deposit it into my regular checking account? This way I will have the $$ in my account and can pay them as soon as I am satisfied with how they fixed my car. Thanks in advance for your help. -Dmitriy Last edited by Dmitriy@AUTOcouture; 06-16-2007 at 11:22 AM..
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06-16-2007, 11:18 AM	#2
CnoteMD Commander in Chief 37 Rep 1,034 Posts Drives: 2008 BMW 535i Join Date: May 2005 Location: Atlanta, GA iTrader: (0) Garage List 2008 M5 [0.00] 2006 330i [0.00]	No, that won't work. What you are describing sounds a lot like forgery. When I had my finance company co-endorse a check, they used an official stamp. Thankfully, I was able to accomplish the endorsement by stopping by a local Chase branch. In my case, I had already paid for the repairs on my personal credit card, so all I had to show them was the estimate and the paid receipt. __________________ 2008 BMW 535i Space Gray, Black Leather, Dark Bamboo Trim\| Sport Automatic with Paddles \| Sport Package 2008 BMW M5 (gone, but not forgotten) Space Gray, Silverstone Merino Leather, Madeira Walnut Wood Trim \| 7speed SMG \| All options Mods: Corsa Exhaust \| RPI Ram Air Intake \| H&R Sport Springs \| Rogue Engineering 12mm spacers
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06-16-2007, 01:40 PM	#3
smellthebeans Lieutenant Colonel 87 Rep 1,555 Posts Drives: LPCs Join Date: Dec 2006 Location: San Antonio iTrader: (2) Garage List 1990 325i [0.00]	I went to a body shop that billed my insruance company directly.....No $ went to the bank (lien holder). Or even through my hands for that matter.
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06-16-2007, 01:53 PM	#4
KEVIN88GT Captain 83 Rep 793 Posts Drives: 06 Audi A4 Join Date: Jan 2007 Location: NYC iTrader: (0)	bmwfs does NOT have to be involved in all this.... __________________ Now: '11 BMW X5 xDrive35i Then: '07 X3 3.0si '07 335xi '06 Audi A4 2.0T Quattro
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06-16-2007, 01:55 PM	#5
ADHD Brigadier General 196 Rep 4,095 Posts Drives: F30 328i Join Date: Apr 2006 Location: Magic Mountain iTrader: (38) Garage List 21 M540i [0.00] 07 e90 335 [0.00]	IT all depends on the how the actual check is written! If its says your name "&" bmw financial then NO your bank will require 2 endorsments! IF Your check says your name "/" "and/or" bmw financial YES u can deposit in your personal account! __________________
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06-16-2007, 07:27 PM	#7
chbrules MSVConrad++ 54 Rep 778 Posts Drives: E90 2006 325i \| E92 2007 335i Join Date: Dec 2006 Location: Peaches iTrader: (0)	How do they rule the case to be 50/50 when it was the old man's fault? __________________ -Me
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06-16-2007, 09:30 PM	#8
murellus Lieutenant 12 Rep 523 Posts Drives: 22 x3m40i Join Date: Mar 2007 Location: nj/nyc iTrader: (0)	yeah doesn't make sense...
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06-16-2007, 09:36 PM	#9
ADHD Brigadier General 196 Rep 4,095 Posts Drives: F30 328i Join Date: Apr 2006 Location: Magic Mountain iTrader: (38) Garage List 21 M540i [0.00] 07 e90 335 [0.00]	ya lmao. ur BOTH AT FAULT!!! __________________
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06-18-2007, 12:52 PM	#11
MoreCowbell Lieutenant Colonel 490 Rep 1,700 Posts Drives: 24 i5M60 23 X740 23 Vette Z06 Join Date: Feb 2006 Location: Westchester, NY iTrader: (0)	Sounds like somebody is headed for... Attached Images
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06-18-2007, 01:01 PM	#12
magmd Major General 160 Rep 5,271 Posts Drives: '06 330i Join Date: Aug 2005 Location: Torrance, CA iTrader: (13) Garage List 2006 330i [0.00]	Something is definitely fishy here. 1. If this is a lease and money has to go through BMWFS, why take it to an outside body shop for repairs. Take it to BMW...you just pay the difference (I know...you want to pay less). 2. Then why take it to an outside body shop for an estimate of work (hence the check you ALREADY HAVE) that you are not sure you trust to do the work??? What if they gave you an incorrect estimate??? Let me guess...you took it to one body shop to get a high estimate and a bigger check...and now want to take it to a different and cheaper body shop so that you pay less $$$ out of pocket?! So now you are in a bind 3. If you try to cut corners and your only motivation is to save money, then you have to be prepared to deal with some complications. __________________ 2006 330i \| Black Sapphire Metallic \| Step Auto \| Navi with iDr \| Sports Pkg \|OEM Rear Spoiler \| 3M CS35 Tint \| H&R Sport Springs \| Koni Yellows \| Advan RS Racing Hypersilver: 19x9 et22 19x10 et20
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06-18-2007, 01:56 PM	#14
Maestro Major 1013 Rep 1,268 Posts Drives: 2007 335i Sedan, 2021 X3 Join Date: Nov 2006 Location: Philadelphia iTrader: (0)	If your bank is worth their salt, they will not allow you to deposit without the other's party's endorsement. So the Bank should keep you out of the big house. I just had some raccoon damage repair work done and the insurance company cut me the check, and I handled it to the repair shop when everything was done. I signed it, even thought it was made out to my wife and me. Didn't seem to matter. I also have a lone on the car, not sure if a lease is different in that regard. If I took the car to one of the insurance company's authorize repair centers then they would have paid them directly.
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