Did they just do it? or he had to fight with them about it
I didn’t hear from him anything this being horror process. Just took a fairly long time.
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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
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Wish it was lol Like I said I got difference answers from different Representatives. It is frustrating
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
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I am in a same boat . Hope i will get overage money back from volvo .
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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.
can you post lease contract? Mainly the back of it.
I’ve seen exact wording in my Infinity contract that they keep the change.
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?
What does your lease contract say? Some have clauses regarding how things are handled if the car is a total loss.
This is why we all recommend never putting money down up front here.
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It’s not a typical CCR scenario. He did a one-pay.
One-pays are fine when the lessor gives back a prorated amount. Did you look up CC’s policy before signing the one-pay?
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Ah, missed that. Helps if I read a bit closer.
I still go back to my original question of what does the lease contract say.
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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.
To answer directly, did not ask their policy before signing the one pay. Never imagined this would happen and dealer didn’t mention this potential pitfall when we were making the deals. Three years of no payment and buying out the lease At the end seemed like a convenient way to go about paying for the car. Thanks for rubbing salt in the wound though…
Don’t need to ask them,m. The question is what does you contact say? There should be something on a paperwork to explain how losses are processed.
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You said the accident was two weeks ago, I’d imagine regardless of the outcome it’s going to take considerably more than 2 weeks to settle everything. I could be wrong, and I get your panic but read your contract.
OP claims to have reviewed the contract and there was no statement in it in case the lessor owes the lessee in case of totaled car on a one pay.
If you don’t get anywhere, I recommend speaking with legal counsel, OP. It may just be a matter of waiting for The lessor to do their own evaluation and give you notification when it occurs. I think legal action would be the only way to force a response from the lessor.
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Several years later and they are still doing it. My market value is 9k higher than what is owed. I was at the end of my lease. Nowhere in the contract does it say they will do this. Only about GAP insurance if the market value is lower than what is owed. I went into sales office and found out they are doing this to multiple people. How did you get this resolved?
You can try suing them, but depends on wording on their lease agreement. Most banks don’t directly say “we will keep any excess proceeds” but I think the way they justify it is- 1) lease typically has a clause that says if vehicle is a total loss the lease is terminated, which ends any right you have to buy the car for your payoff amount. 2) lease also says you must insure vehicle and add their leaseholder interest on the insurance policy. This means when the car is totaled, they can step in your place to collect the ACV $$ directly from insurance company as if they are the insured on the policy since they own the asset.