On our loans where the client has lost the car and only has the minimum insurance we have the client pay off half of the balance due and then we offer the client another loan and add the balance due to new loan. ----- Original Message ----- From: "Luisa Vilchez" <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Tuesday, November 25, 2003 10:18 AM Subject: RE: [WTW] stolen vehicle
> Hi Dave, > > I encountered this case as well as a car that was totalled. What I have > done is ask the client to continue paying until they only owe half of > the loan. Then they can reapply for another loan where the half owed is > paid off and the remaining amount is used to buy another car (I might > offer a $4K Loan). This way, I am giving the client a solution and I am > encouraging them to continue paying the previous and the new loan. > > Luisa Vilchez > Family Counseling Services of Greater Miami > > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] On Behalf Of Dave Washburn > Sent: Monday, November 24, 2003 8:38 PM > To: [EMAIL PROTECTED] > Subject: [WTW] stolen vehicle > > > Hi folks, > > I'm interested to hear your experiences and courses of action taken in > situations where a borrower's car has been stolen. Obviously, this is a > tight spot: no car, still needs to pay the loan. (We don't require full > coverage insurance, so in our immediate case I'm assuming insurance > won't replace the car.) > > How have you tackled this? > > Dave > > >
