My 2021 Hyundai Ioniq PHEV got totaled. Insurance Settlement is above current buyout, but Hyundai says they want the ACV for the vehicle. So my question is, how does Hyundai calculate the ACV?
They go to the auction and look up MMR I would think.
ACV usually means Actual Cash Value, but I read it as Auction Calculated Value. Unless they are talking about it’s RV at the time of the accident.
ACV is literally the insurance payout. It’s just another way of saying they will keep the entire insurance payout.
1 Like
Hope that’s not the case, but i had a feeling that’s what they were trying to do. I thought it could be different. USAA settlement for replacement value. Where Hyundai said they wanted Actual Cash Value
Which, if memory serves, is agreed to in the hyundai lease contract.
1 Like
The odd thing was when I logged onto their website and request a buyout quote, they have different options to select from. Insurance claim being one of them. When the buyout quote is generated with insurance claim selected, it gives me the same quote as if I were just doing a purchase, but when I spoke with Hyundai they said they want Actual Cash Value. Lol
Good reason to look up the contract, OP.
Without that clause, you might have some luck in a consumer-friendly state.
Yes need find it since it was put on a flash drive. Hyundai is taking forever to send over the pay off to the insurance, so I ended sending what their website generated for insurance claim and I will see where this goes lol
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.