Endorsing a check to a third party - PeachParts Mercedes-Benz Forum

AuctorEcclesiae · #1 01-13-2003, 01:40 PM

Hello friends:

I just received my check today from the insurance company to pay for the damages to my car. The insurance company made the check out to me personally. What should I do:

1. Should I deposit the check in my bank account, and then pay for the repairs to the car with a credit card?

2. Should I endorse the check to the body shop that is fixing the car for me and just hand the check over to them?

If option #2 is the best way to go, would someone be so kind as to tell me how to endorse the back of the check? It's been so long since I have done that, and I'm afraid I don't remember. Option #1 would be nice, especially if they took American Express. That would be a motherload of frequent flyer miles for me!!

Thanks much for the help everyone!

Peace-
Michael.

Gary Ganaway · #2 01-13-2003, 02:30 PM

What I have always done in endorsing a check over to someone else is to write on the back " Pay to the order of" and write in their name.and sign it. I do this when I mail in a check for deposit to my brokerage account , where I write on the back "for deposit only" and then sign it.

But in this case I think I would deposit it, wait for it to clear then use credit card.

84300DT · #3 01-13-2003, 05:45 PM

michael,
to answer your question you can write on the back of the check
"pay to: _______ (fill in the blank) and then sign your name.

otherwise you certainly could deposit the check in your own bank
account and settle with your shop using whatever method is acceptable to them - in your case if you earn FF miles from Amex
then you could earn a few there..
just keep in mind the merchant is charged a percentage of every sale by the credit card companies. Merchants' accept credit cards for the convenience of their customers and should be counting on paying that percentage when setting their prices/fees.
whatever you do check with your shop

before you endorse the check over to them!

Ashman · #4 01-13-2003, 05:52 PM

personally what I would do is shop around for a bodyshop that will do the work right, at less cost than the check formt he insurance, and I would try to lowball their quote by paying cash.

I would deposit the check,t hen pay the bodyshop myself in cash, hopefully after having worked out a lower price for repairs.

Alon

84300DT · #5 01-13-2003, 05:55 PM

alon, i would also do exactly as you have describe and you certainly have a lot of recent experience in these matters for better or worse

it appears from the above however that michael's car is already in the process of undergoing 'repairs' . he might still be able to profit a bit by re-negotiating for a 'cash' payment.

AuctorEcclesiae · #6 01-13-2003, 07:43 PM

Well guys, thanks very much for all of the great replies. I will definitely contact the body shop and see what they would prefer, and will leave it to their discretion. The body shop that I am dealing with is WONDERFUL - they work on Porsche, Ferrari, as well as tons of Mercedes. The guy was just great to deal with. AND they will have it back to me way sooner than the dealership would have been able to do. Six weeks is ridiculous in my opinion. Thanks again!

Peace-
Michael.

Ashman · #7 01-13-2003, 09:24 PM

ahhh. see when my car was at the shop, insurance paid the shop direct, so since they did, I went to liek one of the best shops in town.

hehehe might as well since I didnt get any money out of it, but I did get my bodykit installed, and a flawless repair to my car.

Alon