As if they even care…
Shouldn’t matter who the bank is, AudiFS or Bank of America, owner should still get the surplus value (if it’s there).
Just read about Offleaseonly on reddit today ahaha
Who’s the owner? The bank.
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Then if the owner is the bank, why do you get the surplus back from when your car is financed? Where is the difference? Also per Audi contract it states “If the insurance settlement we receive is greater than the Net Lease Balance, you will receive credit for any excess up to the amount of the Additional Credits above”.
In which part does it say that you is the bank?
You’re the one that said the owner gets the surplus, not me.
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This is really tricky language I found on Audi GAP brochure,
“Audi Guaranteed Asset Protection (GAP)
Plus waives the difference between your
primary insurance settlement and the
outstanding balance on your vehicle’s
financing, subject to terms and conditions
of the program.”
waives the difference between your primary insurance settlement and the outstanding balance
I wonder if this is for both positive and negativity equity…
Does this mean that if you have GAP, your payoff is irrelevant to Audi and they simply negotiate a payoff with insurance? That would align with what Audi told me over the phone about how they 1. negotiated the amount with insurance and 2. that they dont pull a pay-off quote.
lots of different inputs. Thanks all though! I have paid $1400 (including TTL and first month lease). That is why I am concern even if there is a surplus, I may not get any back and I still lost my $1400. I am going to call AUDIFS total loss department to see what they say.
called AUDI FS total loss. They said no refund even there is a surplus. Got the same answer by talking to the supervisor. They said they are the owner and entitled to get all the money. Once the car is totaled, payoff quote is not valid any more. Their answer was firm and does not sound this is negotiable. not sure what I can do now. 
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Yup, same thing I got served with.
I paid for the audi care. I asked if I cancel audi care ($990) if I can that money back. The answer is no because this is financed through audi. really sucks!
But On My case . I called Volvo Fin. Service , They said they will send the cheque if anything more than payoff amount. Also i have to continue pay monthly payment till VFS receives Payoff amount from Geico.
Should i believe VFS customer care or Should i wait till the cheque to me.
Finger Crossed
Got a call from my own insurance (liberty mutual). Sounds like if there is a surplus, my insurance will issue a check to me directly (thanks god!). But I am not 100% positive since there is too many uncertainty. My insurance will call AUDIFS to figure out how much they need to pay. I just logged into my account to have my payout amount printed out, should I tell this number to liberty mutual? This is lower than liberty mutual’s settlement value. I am afraid if I tell them how much I own, this will work against me (something like they will revise their settlement value). if not, I am afraid that audi will ask for as much as audi can since audi told me once car gets totaled, payout is invalid. Any suggestion?
Your wrong
My Audi (lease) was totaled last year and my insurance payout was much higher than the payoff. Mercury cut AudiFS the check for what was owed to them and the remaining was sent to me.
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The total loss adjuster will call AudiFS (mine was on the phone with me at the time) to get the correct payoff. There is no need to call them and get in the middle of it.
I think that is liberty mutual going to do. Payoff Audifs first, the cut a remaining check to me. But if liberty mutual gave all money to Audifs, Audifs will just take all of it and will not share a penny with me.
which insurance company you have?
I don’t know what to say other than to get a new carrier?
Like I said above… I was on the phone when the total loss adjuster called in to Audi to get the total payoff and there was no discussion about them saying to send everything including the surplus.
Yes. Geico Insurance said same thing to me . Insurance will send entire payment to leasing company.
Not sure about other insurance…
Leasing company will decide what to do with overage payment …
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