Quote:
Originally Posted by Tondtar
I believe GEICO is entitled to that difference. They will eventually find out after BMW sends them a copy of settlement.
So play dumb, keep it for yourself for now but don't spend it on anything yet.
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Nope, pretty sure it's his. Geico sent the money to BMWFS because they had the title to the car. Geico pays out what it calculates as the market value of the car. That value happened to be more than he owed to BMWFS so he gets the rest. Think about it. Let's say you bought a 50k car and you paid 30k cash and financed the other 20k. If that car gets totaled a week later and the insurance company settles for 45k they'll send the check to the finance company because they hold the title to the car as collateral. After they take their 30k they'll send you a check for the remaining 15k you are entitled to.