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Lori
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Joined: 10 Sep 2007
Posts: 4169
Lori's Home Page
Location: Missouri
302.31 Dollars($)
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 Posted: Mon Oct 08, 2007 10:27 am Post subject:
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Good morning Richard and welcome to the community,
| Quote: | | determine total loss auto pay off |
, Not sure if I total understand your question the way it is worded. I don't nor have I worked for Nationwide, but all carriers opperate under the same general principle. After it has been determined your vehicle is a total loss. They will then determine the value. Some companies use N.A.D.A. some other computer programns, CCC, etc. After they have determined your vehicles 'gross value'. They will scope the vehicle for 'PED or UPD (Pre-exsisting damage/ Unrepaired Prior Damage), anything that is glarring that would detract from it's value, (ie, prior unrepaired hail damage, a banged up panel that was not repaired, interior cig.burns, seats ripped,you get the picture) PRIOR now, before you got into this accident. They will write an estimate on this damage and a percentage of this damage will come off the value, (another thing that reduces the value is a 'salvage title' anywhere from 15-40%). Now they'll subtract a percent of this from the Gross ACV (actual cash value). Now that's the true ACV of your vehicle this is the amount they will pay for the claim.
If you have a lein holder that is where the money will go upto your payoff any left you will receive. Not enough to pay it off? The entire amount (less your deductible), will go to your lein holder and you will be left to deal with the balance. If you have GAP insurance then that is the company that will kick in and pick up this difference or 'gap' between what the vehicle is worth and what you owe.
Clear as mud huh? Let us know if you need more information, please provide more specifics........
lori |
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