topic Overpayement refund? in Auto Loans

Overpayement refund?

ooeemusic — Fri, 17 May 2019 23:47:32 GMT

Not sure if this is the right place to ask this or not but...
2 weeks ago I bought a 2019 Kia sportage. I put 5k down on it and got $3500 in customer casb/incentives. They bought out my lease that had about 6 weeks left on it. I had about 900 negative equity in it. Today I got something from the dealership, I opened it assuming it was the title. Nope, it was a check for $451 cited as an overpayment.
I intend to call the dealership in the morning to see what this is as I don't want to cash it and them come back to me claiming it is a mistake, but, has anyone had this happen with no explanation?? There was nothing in the envelope besides the check. No explanation at all.
Thoughts??

Re: Overpayement refund?

nax — Sat, 18 May 2019 00:01:08 GMT

I’m going to take a stab at it, I can guess how they accounted for the buy out and your down payment may have been bundled with another cost which caused a portion of your down payment to be considered as an overpayment. It’s really hard to tell unless you look at how they accounted each charge and credit. Dealerships will often “play with the numbers” or allocate them in different ways.

Re: Overpayement refund?

ooeemusic — Sat, 18 May 2019 00:07:24 GMT

I actually pulled out my contract and I can't find the right amount to match anywhere. They have the gross trade in as 12k, 5k down 909 in negative equity, and then 3500 in Kia cash making my downpayment 7591 after using 909 to pay the negative equity. I thought maybe it was a refund of the doc fees but they were only 250.
I thought maybe they overestimated what was left on my lease but I had two payments left which came to 500something. I thought maybe they charged me for the lease end fee when they shouldn't have but that would only have been 400.
I just can't find $451 anywhere in the paperwork.

Re: Overpayement refund?

nax — Sat, 18 May 2019 00:11:50 GMT

Yea nothing adds up! Me personally I would take my signed copy and have them explain the check and go over the numbers with you one more time. If it works out in your favor, well sucks to be them, the signature is done.

I have had this happen once maybe 15 years ago, dealership called me back to re-sign... I said no, and paid $4,000.00 less for the car.

Re: Overpayement refund?

SoundoftheSuburbs — Mon, 27 May 2019 23:43:35 GMT

@ooeemusic wrote:
Not sure if this is the right place to ask this or not but...
2 weeks ago I bought a 2019 Kia sportage. I put 5k down on it and got $3500 in customer casb/incentives. They bought out my lease that had about 6 weeks left on it. I had about 900 negative equity in it. Today I got something from the dealership, I opened it assuming it was the title. Nope, it was a check for $451 cited as an overpayment.
I intend to call the dealership in the morning to see what this is as I don't want to cash it and them come back to me claiming it is a mistake, but, has anyone had this happen with no explanation?? There was nothing in the envelope besides the check. No explanation at all.
Thoughts??

Payoffs are an estimate. If they rolled in more negative equity than the actual payoff, they will refund the difference. If they rolled in too little, they would add the difference. That is the most common reason you would receive a refund. You can also be refunded if the dealer miscalculates the taxes. The reason you might not be able to find an exact corresponding amount in your contract is because they need to refund the interest payments too.