Keeping money after totalling car

I had gotten in a crash recently and my car got totaled. I know mostly how insurance works but i couldn’t find this answer anywhere. If my insurance gives more than the payoff amount on the car the who gets the leftover money? From what i remember it should be me but when i talked to the finance department of my leased car I received no straightforward answer at all. they kept dodging my questions over and over.

i would assume that every insurance company handles the claim differently. For example, they might pay them directly instead of paying you first.

thanks but what i want to understand is for example theres 2k extra left… who gets that, me or the leasing finance?

I believe you should get the extra, if any. What are you basing the $2k extra on? Has the insurance company offered you any settlement amount yet? Good luck and let us know the outcome.

the acv or avc thing was already sent and was above the payoff amount. i used 2k as an example but its a bit more than that. i was told the check was already sent to the finance.

If you don’t mind me asking, which car did you have that had such positive equity? Did you put a down payment (cap cost reduction) on this vehicle?

2016 Hyundai Genesis with 1000 drive off from what i remember.

Your insurance company will pay any amounts owed on the vehicle out of the settlement. Anything left over is yours to keep. Any shortage should be picked up by gap (if its leased).

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Finance company will return any surplus to you.

we’ll after arguing for a couple of hours this is what has happened. Apparently the payoff amount of my car (37,218) has now been updated to 50,100. So they say i should relax and they’ll take care of the rest. I am pretty sure that illegal as hell and i’m very pissed off. after talking to the supervisor he happily said we’ll have a 3way call with them and my insurance then puts me on hold and hangs up. calling back doesn’t work because he’s busy now so i told them to leave him a message that my lawyer would give him a call. i’m so confused and pissed off and im hoping im not doing anything wrong here.

Can you check the payoff amount online? Or maybe it’s on your monthly statement?

Payoff amount should be (approx) on your latest statement. Don’t confuse payoff with residual.

Your insurance company should be your friend (if you had to pick somebody from all parties involved). I have Farmers for all my stuff and they paid for 2 cars totaled (car fire) and also home fire + rental + all my stuff that burned (had to itemize it) – so they are definitely on “my” side (no matter what the “public adjusters” say)

@chrisgo insurance company is only friend with the insurance company…glad you had some good luck with yours but its not the norm

That was what I thought too … however, literally within 5 minutes of my house fire, there are “public adjusters” (5 different ones) asking me to hire them to make sure “I get every penny due to me from my insurance” – it was pretty surreal & I was pretty pissed. They are feeding off the “norm” but I guess YMMV. The firefighters told me to just let my insurance handle it and tell these guys to “get off my property”.

so after my lawyer had a word with them on 3way with me involved the finance department suddenly started agreeing that i was supposed to receive the difference but still said they didn’t find the check. it seems like the insurance company will cancel the check and send again so hopefully they’ll receive it this time.

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I don’t know I can compare my case to yours…

But I had car with finance and totaled. My insurance company paid all and sent me $2.5k check. Was Farmers. I don’t know what other company handle this but I had no problem to get extra$$.

Not sure lease car does samething like car I bought with finance.

just to update the insurance has voided the check and sent another. gonna give it two days before calling to see what happened.

So what happened?