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If you have another lien on the vehicle, then the funds you receive after you have paid off the auto loan would go to the personal lenders which have a lien on your title
It's the same as if you sold the vehicle
The lien means that the lender has an interest in the funds related to that car
Do you have any further questions?
Yes, but what I have left over will not pay the personal loan in full. Also, does the insurance company pay that also or do I?
You would probably pay that yourself. If you can't pay the loan off in full, then they would just put installments on the rest of the balance that you do owe
I am getting another car preferably a new one. Can I us that as collateral?
That would be between you and the lender
Also, is any of this in consideration that this wasn't my fault. Probably not, they just want their money. Ok, Thank You for your help.
You're welcome. Is there anything else you need?
No Thank You
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