Customer Car Totaled.... Insurance Claim higher than payoff

Off-Ramp
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15

It’s all guesswork until you see the policy. And even if the policy calculates payoff by ACV, you never know. Just a few months ago, on a no significant money down 2017 Chevy volt lease my client received a $5,000 check when his car was totaled, after the lease was paid off.

2 Likes
16

Not New car replacement. Market Value based on a vehicle 1000 miles

17

If a car is negotiated well with much lower transaction price, that transaction price seems to drive the payoff amount… I would not surprised if they claim that that is the replacement cost of the car since there is at least one transaction at that price! That leaves acq. fee and tax on rebates… if taxes are coming back, tax on rebates should also be coming back? Perhaps that is why you don’t pay acq. fee upfront and keep upfront payment minimal

18

Well they don’t know what the sales price is as they don’t ask for the contract. For all they know, the client could have put 10k down.

19

We know a thing or 2, because we’ve seen a thing or 2.

4 Likes
20

That would be a different insurer :slightly_smiling_face:

1 Like
21

I realize that now after I caught the commercial. They all blend together anymore.

22

Why was the insurance company even made aware of the payoff?

Without that knowledge they would have paid out the ACV as usual, and BMWFS would have given the difference to the lessee.

23

Thanks Guys!! superviser agreed to a check of 4k!

9 Likes
24

@nyclife going above and beyond dealing with insurance for a customer. Good service!

2 Likes
25

Wow, kind gesture helping out

26

A Florence casualty?

27

Glad you’re sticking through with the customer during this process even though you don’t need to. You probably have a customer for life.

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28

Nope normal NJ shore rain.

29

Yeah, right. More like sunroof left open :smile:

30

No sunroof… misordered car… why the deal was amazing

31

Love those mistakes. I never use a sunroof and I HATE having them.

1 Like
32

I’m the opposite lol… I need a sunroof. I rarely put my windows down, but my sunroof is always open

33

I never open my windows, nor sunroof. Auto AC is always “ON” :slightly_smiling_face:

2 Likes
34

Windows down only to evacuate hot air, then AC on, even in winter. I miss my plug in CMAX which let me cool the car down before I left work so it was 65 degrees when I got in the car.