Complete Settlement Summary

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 provides a complete view of the information available for the valuation vehicle. It includes additional fields for notes, adjustments, fees, loan, salvage, and tax. The sales tax rate is determined by the vehicle ZIP Code and is calculated automatically using the rates in the associated profile.

How to

  1. On the Job Overview page, click on the Total Loss Valuation card.

  2. Apply changes as needed.

  3. Click Save Summary to apply changes to the claim file.

  1. On the Job Overview page, click on the Total Loss Valuation card.

  2. Apply any changes as needed.

  3. Click Settle and Close Suffix. The status of the valuation changes to Settled.

  1. On the Job Overview page, click on the Total Loss Valuation card.

  2. Apply any changes as needed.

  3. Click Close w/o Payment.

Reference

Field Description

Lien Holder Payoff

 Provides the Lien Holder Payoff value.

Loan/Lease Payoff Coverage

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

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.

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

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.
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