I encountered a situation where Geico overpaid my lienholder on a total loss claim. The finance company sent a refund check to IAA. I’m looking for advice on how to get this money returned to Geico so that I can then receive the funds from them.
Here’s what happened: I filed a total loss claim, and both I and my lienholder (Hyundai Motor Finance) received a payment. Unfortunately, the account was overpaid by $5,600 due to pending payments that went through after Hyundai sent a letter to Geico—definitely a mistake on my part. Because of the large sum, Hyundai sent the check back to IAA.
I have the check number from Hyundai Motor Finance and spoke with Geico. They advised me to have IAA credit Geico’s account so that Geico can issue the funds to me. I haven’t contacted IAA yet, though. Does this sound like the best plan for getting my money back? Alternatively, I could ask IAA to cancel the check and have Hyundai pay me directly, but the Geico route seems more straightforward. What do you think?
It sounds like you’ve outlined the situation pretty clearly. Since Geico is willing to reissue the payment to you once they receive confirmation that their account has been credited by IAA, your best bet would be to follow that process. Here’s a step-by-step strategy you could consider:
Contact IAA: First, reach out to IAA to explain the situation. Provide them with the check number from Hyundai Motor Finance (HMF) and let them know that the overpayment needs to be credited back to Geico. Ask if they can do this directly or if they need any further documentation from you or Geico.
Request Confirmation: Once IAA agrees to credit Geico, ask them if they can provide any written confirmation of this action. This might help speed up the process when you follow up with Geico.
Follow Up with Geico: After you’ve secured the agreement from IAA to credit the account, call Geico again. Provide them with the information about the credit and any confirmation you received from IAA. This should trigger them to issue the refund back to you.
Alternative Option: If you encounter any issues with IAA, you could consider your alternative strategy of having them cancel the check and then requesting HMF to issue the payment directly to you. However, given that Geico seems open to working with IAA, the first option may indeed be the more straightforward route.
Keep records of all your communications and stay persistent, as these types of situations can often take some time to resolve. Good luck!