So my Hyundai Santa Fe that I leased got totaled. My insurance company sent Hyundai Motor Finance a check for the “Retail Market Value of the Vehicle”. Not the pay off, according to Hyundai Motor Finance that is what the insurance had to send them.
First time talking to representative, Could not get a straight answer out of the representative, told her what my payoff is and she told me what my insurance is sending then.
The retail market value of the vehicle is about 5k more than what the payoff is. So I asked if I would be getting a check back then? She said she does not have the information and will know within 30 to 90 days once the account is closed.
Other places I have read say Hyundai cuts the check back instead of the Insurance company. The leasing company can’t keep the entire amount of the check if the payoff is less than what My insurance sent them correct? The insurance company bought the car from Hyundai so they can scrap it.
Recently, I called Hyundai again after one representative said I would be getting a difference. This time they said I owed them money. According to them “because my insurance company took out my deductible from the market value amount and I owe them the difference”?
That sounds like some pure bs to me, I read reviews people complaining about this very thing “hyundai motor finance stole my insurance money” stuff like that. I also spoke with someone who dealt with a similar situation, they had to get their insurance company back involved and had to escalate the issue with a higher up in Hyundai motor finance.
If anyone has anything to share on this topic please help!
That’s not clear. They owned the car not you. I would be surprised if you get anything at all. But what do I know. If you made some sort of cap cost reduction payment at lease inception then (just maybe) you’d get something back (prorated).
Regarding the deductible, if you were at fault then it’s reasonable for you to pay that. If another vehicle was at fault then you (or your insurance) can try to recover that amount from them.
Your lease end buy out is not the current payoff. You need to add in your remaining payments (may be a little lower depending if your responsible for finance changes and sales tax). What you need to know is your current payoff amount vs the insurance payout. You will owe for your deductible as it would have been taken out of the settlement check your insurance company sent.
If your payoff is lower than the insurance settlement you should expect the difference back. If the insurance settlement is less than your payoff you will need to get the GAP coverage involved to pay the difference. The wording of the gap coverage will determine if are responsible for the deductible. Some gap companies pay it and some do not.
Most likely you will find that your settlement was less than the payoff of the vehicle. This is why people preach not to put money down on a lease. I would let things move through the process or talk to someone in the total loss department of the leasing company that knows the ins and outs of this kind of transaction.
I apologized not lease buy out but the payoff was 5k less or so then what the insurance company sent including taking out the deductible. The insurance company asked me to send them the payoff quote so I did call the line for payoff amount then sent it to Insurance. But they call to to verify, they sent according to Hyundai “retail market value” of the vehicle.
You should expect the difference back. Keep in mind the payoff needs to include any taxes and fees as the insurance company just bought the vehicle from you. They will take possession and sell it at an auction for parts. Usually the insurance company will get the payoff and send in that amount to the bank cutting any additional proceeds to you. You may want to call your adjuster and find out if they did in fact send in more than the payoff amount to the leasing company. If you have an agent you may want to call them and see if they have any info to help you out.
My brother totaled his lease deals Volvo last month and was in the same situation.
In the end full check went to Volvo and the Volvo cut him a check for the overage between insurance check and payoff amount.
I think you may be freaking yourself out over this. If the settlement was higher than your payoff that Hyundai received, you’ll be getting the difference. It may take a month or two, but you’ll get it.
If the settlement was less than what hyundai calculated as a “you owe,” then that’s a different story and requires a call to the gap coverage. Aside from that, it’s a pretty straight forward process
It has been almost 3 months and liked I said they are now telling them I owe them money which even with fees, taxes , and the deductible. I should definitely not owe them a dime and get some money back. I am going to contact my insurance company and try to figure it out and look over my lease agreement again to see if their is something I am missing their
Hi, I am in the same situation. Insurance company sent the Chequers to Hyundai finance as per market valuation of the totaled car. That amount is more that what principal amount on the car value . So when I called Hyundai finance they told me in car of goal loss they consider values amount as final amount and I will not get any difference.
Nothing like this is mentioned in the contract.
Can some one help me here. In my view this is cheating.
So the worst possible scenario just happened to us. 1 pay 3 year lease on a 2019 Jeep Grand Cherokee totaled in month 10 through no fault of our own. Negotiated what I thought was a pretty great settlement with the insurance company. Chrysler Capital will not put anything in writing or tell us how much we stand to get refunded if anything at all. Don’t understand how they can legally do this. They say have the insurance company send the check then we’ll tell you. They have the insurance companies settlement figure. Feel like this is extortion. Anyone have any advice?
Don’t understand how they can do this either. Accident happened two weeks ago. They’ve had the insurance settlement offer for over a week. Have placed numerous calls and have sent numerous emails. They never reply to the emails and every call is sent to a different representative. Being in the middle of a pandemic is not helping the situation. They say they can’t put anything in writing without approval from their legal department. Who knows how long that will take. Lease makes reference to owing them (gap insurance scenario) but nothing about what happens if they owe you. They have said verbally that we will owe more than what the residual is because “total losses are valued differently than a buyout” but they don’t elaborate how. Was hoping someone on this forum would have some insight.
