I would say 12k, since that is what it is worth. OP came out ahead, but I think he got more than what the car was worth because he didn't claim any inquires (would be more money if he did claim injuries). That extra bit of money above KBB is being used as a settlement so OP doesn't come back asking for soft tissue damage. Once the check is cashed, that is the agreement to the settlement and a waiver of any future claims. imo iPhone ?