Over payment on insurance payoff

[deardoris]

Hello. I had a lease that was totaled. After 3 months of the bank waiting because the insurance issues a check higher than the settlement amount and after weeks of them contacting my insurance and me advising my insurance they need to submit requests for refund by writing to the bank they said I don’t know what I’m talking about and they didn’t do it. So now the bank is issuing me over payment. Since I don’t know what I’m talking about do I keep what the bank is paying to me as overage ?

 

[michaelaland]

@deardoris If its a lease, the full settlement goes to the leasing company. As they typically are the only ones listed on the title. If there is a difference between what is left on the lease and the settlement that typically is for the leasing company to figure out as the insurance company goes by who is on the title.

When i use to work property damage for personal auto. We never really got payoffs for leased vehicles. I can recall once where a leasing company called about an overpayment and it was just to ask if our company needed to approve or sign off on the overpayment to give to the customer (which we didnt cause we have no interest in that)

It sounds like that might be the situation you are in.

 

[deardoris]

@michaelaland This is a great explanation so my bank is also the leasing company because it was a Subaru and they act as the bank and own the lease so if they decide whatever amount I receive then everything is good to go I assume. This has been a headache I will never make payments again or get a brand brand new car. The liability is dangerous !

 

[michaelaland]

@deardoris Pretty much, i wouldn't be terribly concerned about it.