HMFis asking a different buyout amount than quoted

my 2018 Hyundai Sonata was totalled recently. The other driver’s insurance assumed liability and after inpsection came up with an amount of 20K. My payoff amount to HMF was 15K. Today I got a call from the insurance cmpany saying, HMF is asking for 19K as payoff amount. I asked HMF and they said for a crash, they expect the original value not the buyout value. Is that accurate?

If anything shouldnt the value be low? What should my next steps be?

Could it be sales tax/remaining payments? If the insurance company totals it out they are buying the car. Sales tax would need to be paid on the payoff amount.

I thought the payoff amount included sales tax.

They said they are paying the actual value and giving me the calculated tax amount

Get a detailed payoff quote from them. It should break out all expenses.

They said the lease contract is between me and the finance company. For a third party to but the vehicle they have to pay the fair market value

Taking out the payoff amount from savings and buying the car myself then will settle with state farm and put my savings back…

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It is their contract and I guess they can do as they like but that is totally ridiculous.

VW does the same. The customer payoff and the dealer payoff. They can be thousands different

On my last total I got value of car plus tax back minus payoff but of course, that was retail purchase.

I suspect it’s taxes that’s jamming you up there but 4K is a whole hell of a lot of taxes so there’s something else at play here.

That’s wild.

I hope the people who are still putting thousands down at signing read this thread.

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