XBimmers | X7 - View Single Post - Total loss on X7 Lease and difference between Cash Value and Pay off

midavi68 · 01-19-2022, 04:16 PM

My insurance company has deemed my leased 2019 X7 as a total loss from an accident. The payoff on the vehicle is $54K. Actual Cash Value (ACV) is $84K. I was told by a couple of different people (unrelated to BMW) that typically insurance pays the leasing company and I get paid the difference between ACV and pay off which is $30K.

I spoke to BMW Financial Services this morning and they indicated that they keep the entire amount, so they would be profiting from the accident and I would not receive the overpayment to put it towards a new car. When I said I am willing to pay the payoff amount to purchase the car, they said it can't be done now that insurance contacted them about it being a total loss. Seems quite unfair.

Does anyone have experience with this and can provide guidance on how to resolve it?

Thanks...

01-19-2022, 04:16 PM	#1
midavi68 Enlisted Member 7 Rep 35 Posts Drives: x7 Join Date: Nov 2019 Location: CA iTrader: (0)	Total loss on X7 Lease and difference between Cash Value and Pay off My insurance company has deemed my leased 2019 X7 as a total loss from an accident. The payoff on the vehicle is $54K. Actual Cash Value (ACV) is $84K. I was told by a couple of different people (unrelated to BMW) that typically insurance pays the leasing company and I get paid the difference between ACV and pay off which is $30K. I spoke to BMW Financial Services this morning and they indicated that they keep the entire amount, so they would be profiting from the accident and I would not receive the overpayment to put it towards a new car. When I said I am willing to pay the payoff amount to purchase the car, they said it can't be done now that insurance contacted them about it being a total loss. Seems quite unfair. Does anyone have experience with this and can provide guidance on how to resolve it? Thanks...
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