I recently experienced a total loss, and Geico mistakenly overpaid my lienholder, Hyundai Motor Finance (HMF), by $5,600 on my claim. They issued a payment to both me and Hyundai. Unfortunately, some pending payments went through after HMF sent their letter to Geico, which led to the overpayment. HMF has since returned the check to IAA because of the amount involved.
I’ve got the check number from HMF, and when I contacted Geico, they advised me to have IAA credit Geico’s account so that Geico can then issue the refund to me. I haven’t reached out to IAA yet. Does this seem like the best approach to get my money back? Alternatively, I could ask IAA to cancel the check and have Hyundai issue the payment directly to me, but it seems like going through Geico might be the simpler option. What do you think?
It sounds like you’re navigating a tricky situation, but your strategy seems reasonable. Here’s a breakdown of the steps you might consider:
Contact IAA: Before taking any further steps, reach out to IAA and explain the situation clearly. Let them know that the refund check from Hyundai Motor Finance needs to be credited back to Geico. Make sure to have the check number handy for reference.
Request Documentation: When you contact IAA, ask if they need any specific documentation from you or Hyundai Motor Finance to process the return of the funds to Geico. It could expedite the process if they have everything they need from the get-go.
Follow Up with Geico: After your conversation with IAA, follow up with Geico to confirm they are aware that IAA is returning the funds. This can help ensure a smooth transition from IAA back to Geico.
Evaluate the Alternatives: If IAA is uncooperative or takes too long to process the return, consider reaching out to Hyundai Motor Finance to discuss canceling the check. However, it’s likely that returning the funds directly to Geico will be the more straightforward route, as you mentioned.
Stay Organized: Keep a record of all communications (dates, names of representatives, reference numbers, etc.) related to this process. This documentation may be useful if there are any disputes or delays.
Be Persistent: If this process takes longer than expected, don’t hesitate to remain persistent with both IAA and Geico. Regular follow-ups can help keep your case on their radar.
Given that Geico has indicated this path, proceeding with the crediting of the funds seems like the best initial approach. Good luck, and I hope you get your money back quickly!