I had a Hyundai with end of lease on 10/22 that was totaled on 10/7. My insurance has had difficulty getting a letter of guarantee from Hyundai because they are saying the actual cash value doesn’t match the settlement amount.
This went back and forth for a few weeks with no progress until my insurance just sent them a payment for the buyoff quote amount which they received. Hyundai is still saying I owe an additional $600 dollars but they haven’t explained what that is for.
ACV ~14K
Settlement ~14.5K after addition of taxes minus deductible
Buyoff ~13K
Hyundai wants additional $600
Does anyone have experience with this type of situation? Should I just pay the amount or should they honor the buyoff amount? It seems like they are trying to get more than what they are owed because the car had equity and I’m having a hard time understanding why I would owe more in this situation. Any advise is appreciated before I call them again. Thank you.
Yes it had GAP. The thing is if I had bought the car from Hyundai at end of lease it would have been 13K and that is exactly what my insurance company paid them. So I am not sure why they are asking for more than the buyoff. Note the settlement was for more than the buyoff.
Talked to Hyundai and they are saying that when there is a total loss the buyoff amount no longer matters. They make a valuation based on the numbers provided by the insurance company and provide that in the letter of guarantee. To me that sounds like they are taking the equity in the car since it had a higher value than the payoff. Not sure there is much else I can do to fight it or just pay the extra.