Making a Settlement

The settlement represents the final step in the Total Loss process. The settlement process can begin after a request has been submitted and the valuation returned. After the settlement has been reached, the vehicle may become available for salvage disposition.

The Settlement Summary consists of the Vehicle Valuation Report with the following additional fields: Settlement Adjustment, Title Fees, License Fees, and Sales Tax. The sales tax rate is determined by the vehicle ZIP Code and is calculated automatically using rates associated with the location of the loss vehicle. The Settlement Summary is listed in the navigation pane under Documents.

How to

  1. From the Work Queue, open the valuation.
  2. Click Settle to open the Settlement Summary. Then, do one of the following:
  • Complete or update the Settlement Summary fields as required.
  • Click Revise and revise the settlement.
  • Click Save Summary.
  • Click Settle & Close Suffix.
  • Click Close w/o Payment.
  1. In the navigation pane under Documents, click Settlement Summary.
  2. From the Settlement Summary, click Revise.
  3. Make the required changes and click Save or Submit Request.

Reference

Loan Information

 

Lien Holder Payoff

 Provides the Lien Holder Payoff value. Click the underlined value to open the Lien Holder Information worksheet.

Loan/Lease Payoff Coverage

 Enter the payoff coverage for the loan/leas for the valuation vehicle.

Payment Information

 

Lien Holder Payment(s)

 Enter the amount of payment made by the lien holder.

Net to Owner

 Provides the net amount due the owner of the valuation vehicle.

Settlement

 

Adjuster License #

 Enter the adjuster's license used for the vehicle valuation.

Comments

Enter a descriptive note to accompany the settlement. The note will be saved as a Diary entry.

Stated Amount

 Select to use the Stated Amount for the valuation vehicle.

Actual Cash Value

 Select to use the Actual Cash Value for the valuation vehicle.

Loss Vehicle Adjustments

Lists adjustments to the loss vehicle, including:

  • Base Value
  • Title History Adjustment
  • Refurbishment Adjustment
  • After market Parts Adjustment
  • Condition Adjustment
  • Settlement Adjustment
  • Prior Damage  Adjustment Click theunderlined value to open Prior Damage Settlement Worksheet.

Settlement Adjustments

Lists settlement adjustments, including:

  • Fees Click the underlined value to open Fees Worksheet.
  • TaxesClick the underlined value to open Tax Worksheet.
  • Company Obtains (from Salvage)
  • Owner Retains (from Salvage) Click the underlined value to open Mitchell WorkCenter Salvage Summary.
  • Net Settlement
  • Settlement Adjustment (Post-Tax)
  • Deductible
  • Other Adjustments Click the underlined value to open Other AdjustmentsWorksheet.

Total Settlement

The calculated amount to be paid.
Command Buttons  

Live Agent

Opens the Live Agent chat window to connect you with a live agent.

TrueCar Referral

Opens the TrueCar Referral window from which you can submit a TrueCar referral for an individual.

Reassign

Opens the Resource Lookup window from which you can choose a resource to reassign the valuation

Revise

Reopens the valuation work sheet allowing you to revise and to resubmit the request. Revisions are numbered sequentially and appear before the original valuation in the navigation bar.

Create Forms

Click to create a customized version of the Settlement Form (Bill of Sale), Odometer Statement, and Power of Attorney.
Print Preview Opens the Print Settlement Summary preview.

Save Summary

Saves the summary

Settle & Close Suffix

Settles and closes the suffix.

Close W/O Payment

Closes the suffix without payment.
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