Louisville, KY asked in Consumer Law, Contracts and Banking for Indiana

Q: Can lender file for lost title or duplicate title after selling car to insurance company and accepting payment for acv

Lender sent title to insurance company I then bought it back from insurance company for salvage price insurance company sent me my title with lien holder release of lien

1 Lawyer Answer
James L. Arrasmith
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  • Consumer Law Lawyer
  • Sacramento, CA

A: In Indiana, once a lender sells a car to an insurance company and receives payment for the actual cash value (ACV), they generally lose their rights to the vehicle, including any claims to its title. If you have bought the car back from the insurance company at a salvage price and received the title with the lien holder's release of lien, it indicates that the lender has relinquished their claim to the vehicle. In this scenario, the lender typically cannot file for a lost title or a duplicate title, as their interest in the vehicle has been settled and transferred. It's important for you to ensure that all paperwork, including the lien release, is properly processed and recorded to avoid any future complications.

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