In the end (after sorting through the weird way they handle taxes) they valued the car less than what the payoff was. The gap coverage on the lease covered the difference. Fortunately, I was not liable for any payments made after date of loss. I still had to make payments on the car while they were sorting through the payoff details… which i did … but they refunded me the overpayment once they received the buyout funds from the insurance co. The odd thing, as I mentioned, is that they had the wrong date of loss (by about a month and a half) and it worked in my favor.
@Parth_Bharwad - MB Financial told me that the gap coverage included in the lease covers any payments made after date of loss. I’m surprised the same is not true for Audi. That really sucks as it takes a while for them and the insurance company to sort out all the payoff details (about a month for me).
I’m not sure if this is worth anything, but since you’ve called twice and got the same answer that they’ll pay you the difference. Try downloading a call recording app or put it on speaker and record it from your computer so that you can have “proof” that they’ll pay you the difference. Again, I’m not sure if that would be worth a damn but you could use that just in case.
Its possible that insurance values close to MSRP because of some of rider that makes you whole as if this is new car and not plated. Some insurance had ads for that and I think that applied withing 6 months of getting the car. After that usual process.
Few years ago, one of my friends lost control of his 6 month old m3 convertible, ended up crashing into my new bmw 3 hydrid at the time. His car was totaled, mine sustained about 7k in damages. He walked away with 5k in equity on a leased BMW. Sometimes you get lucky and keep difference from payoff.
