Was it legal for MBFS to take away my $20,500 MSD deposits?
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Joined: Sep 2018
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From: New Orleans Area
2015 E400 Sedan
Did OP make a claim with his gap insurance company to cover this difference since MB did not (not like they have to either)?
Would they not then write him a check since MB was made whole.
OR did he not have Gap insurance?
I can see why MBFS said "heck you do not need gap insurance as you gave us $20k money to invest and keep any interest on it while you drive around in our car and this money should cover any gap you should have should something bad ever happen"
PS "we hope you do not wreck so we can make plenty of money from your money."
"We will give you a little off the payment but not as much as we can make off your deposit"
Seems everything is setup for MB to make money and not lose money on any transaction - Go figure.
IF it was me I would go back to original Insurance company who only paid $92k and try to get more money from them.
Then call gap insurance company and say hey I need to make a claim.
And if he did not have Gap - start scrounging up money - oh but waait I gave them a huge deposit they can just take the gap from there and send me the difference via certified check or bank wire.
simple question: Who owns the wrecked car?
your insurance company, MBFS and/or OP
Thereis still value int he wreck - PArts are not cheap today and delivery can suck.
Would they not then write him a check since MB was made whole.
OR did he not have Gap insurance?
I can see why MBFS said "heck you do not need gap insurance as you gave us $20k money to invest and keep any interest on it while you drive around in our car and this money should cover any gap you should have should something bad ever happen"
PS "we hope you do not wreck so we can make plenty of money from your money."
"We will give you a little off the payment but not as much as we can make off your deposit"
Seems everything is setup for MB to make money and not lose money on any transaction - Go figure.
IF it was me I would go back to original Insurance company who only paid $92k and try to get more money from them.
Then call gap insurance company and say hey I need to make a claim.
And if he did not have Gap - start scrounging up money - oh but waait I gave them a huge deposit they can just take the gap from there and send me the difference via certified check or bank wire.
simple question: Who owns the wrecked car?
your insurance company, MBFS and/or OP
Thereis still value int he wreck - PArts are not cheap today and delivery can suck.
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Joined: Jun 2015
Posts: 9,141
Likes: 4,630
From: Maryland
2024 S580
I am from Southern California. Based on the information I got from Orange County Small Claims Court, lawyers are not allowed.
It will cost $30-75 for filing which I can even apply for waive. Already lost $20,500 and does not matter to lose $100-200 more.
As I posted in my previous message, I will sue both MBFS and the dealership that I rent my EQS in Orange County Small Claims Court. I will sue $10,000 for each of them. On the lease agreement, MBFS did not specify possessing during default MSD deposit before Gap Waive kick-in. The dealership I leased the EQS did not tell the potential loss of my MSD deposit when I signed on the MBFS agreement. Actually, the financial manager did not even know that risk at all!
It will cost $30-75 for filing which I can even apply for waive. Already lost $20,500 and does not matter to lose $100-200 more.
As I posted in my previous message, I will sue both MBFS and the dealership that I rent my EQS in Orange County Small Claims Court. I will sue $10,000 for each of them. On the lease agreement, MBFS did not specify possessing during default MSD deposit before Gap Waive kick-in. The dealership I leased the EQS did not tell the potential loss of my MSD deposit when I signed on the MBFS agreement. Actually, the financial manager did not even know that risk at all!
And all you had to do was read the lease agreement, its not the dealers job to explain the agreement to you unfortunately.
Seems everything is setup for MB to make money and not lose money on any transaction - Go figure.
simple question: Who owns the wrecked car?
your insurance company, MBFS and/or OP
your insurance company, MBFS and/or OP
Thereis still value int he wreck - PArts are not cheap today and delivery can suck.
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Joined: May 2021
Posts: 2,527
Likes: 2,044
From: US
2008 E350, 2012 ML350, 2014 E350, 2015 ML350
. However, it is their practice to keep you distracted and under pressure to close the deal. With phases such as: "Do not worry about the details, it is a boilerplate contract like everyone else uses" or along those lines, which is in fact true, BUT ...
MBWorld Fanatic!
Joined: Jun 2015
Posts: 9,141
Likes: 4,630
From: Maryland
2024 S580
It is true though, all the agreements are the same. You just need to take the time to understand how all of it works. When the sales manager said "yes you will get your MSDs back in the event of a total loss" my first question would be please point out where in the contract it says that, and put that in writing and sign it.
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But yes - this it all depends on how much the insurance pays and how MBFS applies GAP.
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