Volvo Car Totaled off , Do i owe or Do i get Refund?

Hi My car was totaled off due to flash floods in my area .

I signed lease on June 21st 2019 and flooded on July 22nd with just 955 miles on it

Gecio adjuster decided to total off the vehicle and Estimated value of the car us $50XXX .

I checked with Volvo how much i owe to Volvo Financial services. They stats that the Payoff amount for this vehicle is $42XXX .

Question : Will i get any money back from Volvo or Gecio . OR do i owe any money to Volvo .

Comments and feedback is appreciated .

You should get the overage from the payoff but I will let others confirm that have more details.

It’s a good month for Volvo leases and you should also qualify for Loyalty.

Thanks . I have signed lease for X3 last saturday. As i did not find the right deals on Volvo .

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I believe you need to read your lease contract carefully and see what it says about that. In the past 2 weeks someone posted a similar vehicle totaling, it was a Hyundai, and even though there was several thousand in equity, the Hyundai lease said all proceeds from a totaling go to Hyundai.

Make sure you payoff includes all taxes and fees (you may need to call in and get the exact number). Once you have it and can prove it to your adjuster ask them to send the payoff to the lien holder and you any additional proceeds.

I spoke to Volvo financial services . Payoff amount is $42XXX and the rest will come to me.

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Geico will contact VFS and will release only check the Payoff amount and the rest they will send it to me.
If Geico sends full settlement to VFS, then VFS will send the money back to me.

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That’s good to hear! Enjoy that X3 for a really low price! haha

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Thanks. Really awesome Vehicle to ride.

Probably the first time in a while a Volvo has been worth more than expected; plus you got to drive it for a little bit and get paid for it lol

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Just received call from geico that they will be issuing the entire totaled money to VFS cheque of $50XXX.

Now VFS decides whether they will send overage money to me or not .

So now Geico part is clear that they cannot send cheque to me as Car was leased . I will have to check with VFS what they will decide on this .

Any chance you can call Geico and say “Hey, I’ve already made arrangements to pay the amount off to Volvo. Can you send me the entire check?”

But i liked this vehicle and i got disappointed with dealer i worked with. They were quoting as high as above market . They could not able to give me with same deal as my volvo Car.

Yeah. I tired that , but they already released cheque to VFS.

I’m really struggling to figure out how a one month old car had $8k in equity unless he put down a massive down payment.

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Volvo isn’t good at holding their value. However, Geico valued the car from the view that it was a new vehicle and off the data they had for a car that’s one month old.

Been on the same boat as you. My MB E300 was declared a loss in July from a flash flood. I had such an amazing lease payment on that… it was a bit of a bummer. Got another E class, paid a bit more but still a strong deal.

I thought i had positive equity on the car based on the appraised value from insurance but it’s because they added taxes and I didn’t take that out. However, in the end I got a check from insurance for $14xx. Not really sure what it’s from (no positive equity and I should not be owed taxes as I pay 10% on the monthly so never paid more taxes than I used the car for) but oh well! Also, I just called MB Financial to see where they are at with returning my security deposit and any payment I made between when the car was declared a loss and while I was waiting for all the details to get figured out between them and the insurance company. For some reason they stopped holding me liable for payments May 22nd even though the date of loss was July 8th. Very bizzare and probably a mistake on their end but, hey, another win I guess.

It was an annoying process though… lot of calls to make sure the process is moving along. I got a lot of inconsistent answers to my questions at MB Financial and even my insurance co (Travelers… they are the cheapest for me but slowwww to deal with all this and not very responsive).

Glad you’re (potentially) getting the positive equity. I just hope you get more clarity around how they got to that number than me (value of car vs. taxes).

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AudiFS told me that because I am not the owner of the car, I would not receive the difference in my payoff versus insurance payoff. I had about $1-2k coming to me (lease payments I made while total loss process was going) and they are sticking it to me. They said I have the right to go after the other party (who was at fault) but I am not getting a check from AudiFS lol

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Did they paid back any monthly payment ?

Is insurance paid more than payoff amount to MB ? If yes did MB sent any money back to you ?

mine also not sure. from morning i called twice to VFS, they said they will refund the money if insuarnce pays more than payoff amount . By checking multiple comments , i doubt whether the executive is not aware that i leased the vehicle . How ever i will call them in another 1 hour and will try my luck .

If they can payback the money i paid for them during my lease term . That will be great.