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Smart Shopper Gap Insurance
440 messages, Last post on Sep 24, 2009 at 1:20 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
| who have a glass of wine with dinner intend to drive drunk... | |
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Hello, 4 Month old car just totaled. I'm not at fault but the "other guy" had no insurance/license etc. I have GAP provided by BMWFS and I also pay for it to my insurance company. I will hear from the Total Loss department Monday I suppose. The lease payoff amount as of today is $44,000 The actual cash value is probably $41,000 My concern is this: The $44,000 lease payoff amount includes nearly $2,000 in origination and MACO fees which I rolled into the lease instead of paying up front. The "car portion" of the payoff is only $42,000. When settling, will GAP pay up to and only the $42,000 that is "car" and I will then have to come out of pocket to pay the remaining $2,000 of the payoff amount which is not "car"? Also when settling should I be happy if they just pay off the lease payoff, or should I ask them to make me whole by giving me an additional amount to cover new drive-offs as well as the $700 more the lease will cost me given the money factor has gone up from the lease deal I wrote? Will insurance companies negotiate this with me and pay me if I ask/demand/threaten? Will they subrogate that amount on my behalf in the claim, or do I go after the guy who hit me for it in small claims? Thanks
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Replying to: artvanelayjr (Feb 10, 2008 8:39 am) Plus, you didn't really pay MACO fees.. Your dealer might have itemized it that way, but MACO fees are paid by the dealer, on their invoice.. The only real fees, are those that are paid to someone else by the dealer on your behalf. This would include the acquisition fee (remitted to the lender), and any governmental fee required by your state or locality. Even a document fee is just a way for the dealer to add to your price (or to make your selling price seem lower). Not that any of that last paragraph matters, in answering your question. No matter what goes into the CAP cost of the lease, the GAP insurance makes the lender/leasing company whole, so you don't have to. It doesn't matter how you got to that number. If you wish to recover any other costs (such as start-up costs for your lease), I'd guess your only avenue would be to sue the person at-fault. I think that would take more effort and money, than you could possibly hope to recover, though. regards, kyfdx visiting host not an attorney
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Replying to: kyfdx (Feb 10, 2008 11:28 am) I'll just fight to keep my security deposit out of the settlement as well. Besides security and 1st month payment; I only paid $411.00 at "inception". Most of it CA registration I'm not getting half the value of. I agree: to go after the guy is probably not practical... assuming he's still in the country. |
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understand the desire to sue the other guy, one must look at the probability of collection...if he has a regular job that he intends to keep, you may have a chance at garnishment... It is amazing how many people who commit these infractions never have a regular job, then maybe that is simply indicative of their personality type...the same guy who can't hold a job may not have car insurance and may not even have a regular place to live, which is really just one simple syndrome of itself, the unstable person... Maybe the uninsured should spend 30 days in jail for being uninsured, but, sadly, I myself have said that jail space needs to be held for those who commit serious crimes, but, maybe some minimum security space could be found in the middle of the Mojave desert...the old Georgia chain gangs come back to my mind...where is Cool Hand Luke when I need him??? What we have here is a failure to communicate... 
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Replying to: marsha7 (Feb 10, 2008 6:07 pm) 
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Amen to that...I say, send all 12 million back tomorrow...oh, they can't find them???...check any construction site or crop field...if 12 million of us told the IRS we weren't going to pay our taxes, they would round us up in less than a week, find jail cells and incarcerate us indefinitely... Well, pretend that they are 12 million tax scofflaws, which they are, anyway (Fair Tax, anyone???) and send them back to the Hinterlands...then fine all the employers who hire them, because if they can't find work they will not stay...and, if they turn to a life of crime, send in the vigilantes... Strong message to follow...
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Replying to: marsha7 (Feb 11, 2008 10:06 am) Please, let's not go there. tidester, host SUVs and Smart Shopper |
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Wayne when we REALLY need him???????????????????????
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Replying to: marsha7 (Feb 11, 2008 6:54 pm) |
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