“That’s fine, but I am still owed the overage regardless of what you send to BMW. I had a contractual right to purchase that vehicle for $XX,XXX, and I had quotes from Carvana and Vroom to purchase the vehicle for $YY,YYY more than the residual value. The loss of that contractual right, and thus the loss in potential profit, is an easily defined financial loss that was incurred as a direct result of your client’s conduct. If you are obligated to send my overage to BMW, that’s fine, but you’re also obligated to send it to me. If you aren’t willing to compensate me for this easily defined loss, I’ll need to file a claim with my insurance company and let them subrogate it with you.”
Insurance companies pay out on lost wages, lost future revenue, etc. all the time as a matter of their regular course of business. Same with diminished value, which is a claim insurance companies pay out all the time. In this case, with quotes from third party online dealers so easy to get, it would take maybe 5 minutes to generate a dollar figure which concretely represents the actual loss incurred by you.
This is why you never deal with the other party’s insurance company, by the way. Pay your deductible, let your insurance compensate you as they are obligated to do, and then let THEIR lawyers fight the battle with the other company. That’s what you pay your insurance company for.
I’m on the same boat here with a 2020 M5 comp. Vehicle was hijacked then found 10 days later with multiple bullets to the front end, engine oil cooler, dashboard, seat, etc. one of the bullets ricochet and caused a small crack on the block.
Repair estimate came out at 82k and the vehicle was totaled by State Farm. Buyout option is $89k and market valuation with taxes paid is $119k. According to the finance rep at my local BMW, any overage will be automatically sent back to me once the dust settles. It seems like there are actually a handful of people who got their overage back. Does any know for sure that bmw will remove the buyout option once insurance settlement is initiated. I’m holding up the entire payout to bmw with not signing the poa form than was sent to me. My State Farm adjuster advised me that if I’m able exercise my buyout option and have title in hand, they’ll cut the check directly to me. Thoughts anyone??
Maybe they used to do it pre-pandemic when it wasn’t common when ACV > payoff. All I know is that BMW is no longer doing it. I confirmed with BMW Financial Services several times, even with a finance manager through them directly.
They’re only giving customers pity checks after taking several thousands of dollars of overage. A finance manager at BMWFS said they determine the amount by taking your down payment and dividing it by the amount of months of your lease term. Then multiplying that figure by the number of remaining payments in the lease term. It’s bizarre.
