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.
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.
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.
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).
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
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.