EXACTLY. I am in 9.75 city in Calif. If you guy a car here, you better be in for the long haul.
I was just reading my Infinity lease contract and it states the same as Audi:
So itâs not just Audi who does that.
Hey, ran into this discussion and wonder how did you settled eventually?
I am having the same kind of issue with Audi. My down payment was 15k, the insurance settlement is around 12k higher than the buy out. But Audi refuses to refund me the full surplus. Any suggestion will be appreciated!
Your contract should specify what happens with any extra insurance payouts. What does it say?
How it is related to contract with Audi, if you have separate contract with insurance company? You pay premiums for insurance, you got money for damage, it should be simple.
Because you agreed to how the insurance payments would be distributed when you signed the contract.
2 Likes
I donât think I agreed to that. If they are including this wording now, it is highway robbery. I had car totaled 2 years ago and everything was handled properly
Different banks handle it differently. It also seems to vary by state. The only way to know if this is being handled properly is to reference the actual contract to see what applies.
2 Likes
You will get your money back from Audi, donât worry.
But $15k down?!? Ouch. If it werenât for the amazing used car market youâd have lost all of that instead of just $3k.
1 Like
getting fresh bucket of popcornâŚ
1 Like
âI wanted a payment in the $300sâ
1 Like
Fixed it for you.
EDIT: for the OP, just a joke, I donât mean you specifically. Just joking about how people say they can only âaffordâ a certain payment but are willing to drop a massive DP to get there, many times even in the face of impossibly low interest rates or money factors.
1 Like
any update here? Iâm also in the same situation hereâŚAudi says they will keep the surplus, and itâs pretty substential.
What does your contract say?
Well, it says this:
âIf the insurance settlement we receive is greater than the Net Lease Balance, you will receive a credit for any excess up the amount of the Additional Credits deducted aboveâ.
I talked to AF on the phone, to different 3 reps, all say that they will keep the surplusâŚHowever, when I pointed to this in the contract one of the reps saying that since theyâre the âownerâ of the vehicle theyâre entitled to the âsettlement benefitsâ. They also mentioned that âcreditâ does not mean a ârefundâ.
Audi seems to have different contract language depending on state where the contract originated. It may be worth escalating up the ladder. You may be talking to someone used to one way and not the other.
2 Likes
Thatâs what I wanted to do, I will call them up on Monday since it does sound like that they owe me per the contract, so did Insurance told me that they will have to pay me the difference. Itâs just a bad taste om mouth that Audi doing this or even trying to collect the surplus from the insurance that I pay.
I think youâre right, it depends on the state and some 1st T reps just go by âthe bookâ.
Iâm just curious if there are people who actually collected from AF after they been told no.
Iâm in WA state.
Just saw this message. No, unfortunately, AUDI did not pay me the surplus after contacting them multiple times. AUDI has good cars, but I would not buy/lease from them after this terrible experience.
3 Likes
Thanks for letting us know @jet !
It looks like the best luck is to get a separate check from the Insurance.
State Farm says they have to go by the âbookâ of what the lien holder tells them, and AF requested the full check instead of the payoff quote. Thus, State Farm wants to pay them the full amount, but State Farm says that AF should send me the differenceâŚ
Is there a way just to deal with the Insurance on this and push on them to send me the separate check?
Any thoughts?