Need Advise : Single Pay Lease and Total Loss - Leasing Company creating problem

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1

Need advise on the situation I’m facing… want to get some input from you whether my understanding is correct or not.

Car : Buick Encore 2018
Lease Date : April 2018
Term : 3 year
Single Pay : $3627.01 ( Single Scheduled Pay : $1658.88 + Lease Acquisition : $650.00 + Sales Tax : $978.13 + Doc : $150.00 + License Fee : $152.00)

Car Got Total : Apr 2019.
Insurance Paid to GM Financials : $17,356.08
Lease pay Off : $14,184.50

Here is my Question and my understanding on what I should be getting back.

  1. Refund from Insurance Payment - Lease Pay off
    $17,356.08 - $14,184.50 = $3171.58
  2. My Single Pay Refund
    $3627.01 - $1200 (for 1 year use) = $2400
    The total Refund I’m supposed to get is : $3171.58 + $2400 = $5571 (apprx)

GM Financials sent two checks (without any details)
Check 1 : $2690.46
Check 2 : $610.92
Total : $3301.38
when called them they said they are not giving right details… and they say my Single Pay they only consider Single Scheduled Pay : $1658.88

What should I be getting back actually ?

2

You can apply to the state for a partial tax refund if the state allows it but the lessor doesn’t owe you that.

Similarly doc fee and DMV were paid to other parties and the lessor doesn’t owe you that either. Likely none of those are refundable for a total loss.

3

thanks for the response…

so does that mean… whatever GM has calculated is the right amount as per rules ?

4

you get back unused months x base payment.
not sure about coming up on equity…

the back of your control long form has the full details.

1 Like
5

It depends how the deal was structured.

Two scenarios:
(1) If they capped all your fees into the lease (taxes, registration, doc fee etc.) then the lease payments would be the only part of the single pay. You’d get a refund of whatever monthly payments were left which in theory would be “higher” per month even if it totaled the same.

(2) If they structured it so that the doc fee, taxes, and registration were NOT capped into the lease and essentially paid upfront, then they effectively treated it like a cap reduction, which is now gone. So your lease would have been Upfronts DAS + monthly payments DAS.

Seems like your lease was structured like #2.

6

<Nevermind 20202020>