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January 24, 1995. That letter stated in pertinent part:
We believe the Actual Cash Value of the involved 1989
Mercedes is $40,086. To this figure we add sales tax,
$3,307.10, pro-rated license fees, $89.00, and subtract
the deductible, $200.00. This gives us a figure of
$43,282.10.
* * * * * * *
We will continue to handle the claim pursuant to the
California Code of Regulations, Title 10. [sic] Chapter
5, Subchapter 7.5, Section 2695.8.
By letter dated January 27, 1995, Mr. Perez asked State Farm to
issue a check payable to petitioners in the total amount of
$43,282.10 and stated that petitioners “will continue to keep the
claim open to determine if * * * [they] are entitled to more.”
By check dated February 2, 1995, State Farm sent petitioners
$43,282.10 in settlement of the automobile damage claim. By
letter dated March 8, 1995, Mr. Perez notified State Farm that
petitioners were unable to purchase an automobile that was
comparable to Mr. Mitic’s Mercedes for the amount of State Farm’s
settlement offer and asked State Farm to reopen the automobile
damage claim. By letter dated March 28, 1995, State Farm in-
formed Mr. Perez that, based on further investigation, “the
settlement amount of $40,086.00 (base selling price), plus sales
tax and pro-rated DMV fees which we paid for your clients’ car is
fair and reasonable.”
At no time in 1994 and 1995 during the negotiations between
State Farm and Mr. Perez with respect to the automobile damage
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