Lease Deal
03-02-2012 | 04:41 AM
#31
Registered User
Joined: Jul 2009
Posts: 380
Likes: 3
From: Porter Ranch
If i lease a car, and put $3K as a down payment, and then it gets stolen 2 months later.... what happens? - My insurance pays what is owed on the car (remaining lease payment amounts + residual). I DO NOT get my $3K back.
Same thing if i buy it. I buy a new car for $40K. I put $3K down. As soon as a drive off the lot it's worth maybe $33K? So it gets stolen 2 months later. Assuming i have gap insurance, i get covered on the outstanding loan balance (which is at this point is still around $39K). Bank gets a check for $39K. I DO NOT get my $3K.
Yes, you lose the money.........
Same thing if i buy it. I buy a new car for $40K. I put $3K down. As soon as a drive off the lot it's worth maybe $33K? So it gets stolen 2 months later. Assuming i have gap insurance, i get covered on the outstanding loan balance (which is at this point is still around $39K). Bank gets a check for $39K. I DO NOT get my $3K.
Yes, you lose the money.........
My 2010 was totaled after 9 months, 10k miles. My insurance company deemed my car too new to go off market value, so I was given MSRP and a prorated amount towards license fees, I believe I even received some towards taxes. I sent them a copy of my window sticker ($45,700). Using that and my VIN my car was valued at nearly $48,000. Anyhow, my car was paid off and the difference was sent to me.
Any amount you pay into your car, regardless of it being a purchase or a lease, reduces your principle balance. Yes, even when you lease you have a "payoff" amount (for the total value of the car, not the lease balance). I can log into the Infiniti site and tell you what mine is right now. I recently paid my lease balance in full. All that means is that in the event of a total loss I can expect to receive a LARGER check than if I hadn't.
That's not good for you.
This, of course, was in regard to your "2 month" hypothetical sit. Everything I said goes out the window if your car hasn't "aged" well and/or you have **** insurance.
03-02-2012 | 02:57 PM
#32
Registered User
Joined: Jan 2010
Posts: 706
Likes: 0
From: Riverside, CA
No. You don't.
My 2010 was totaled after 9 months, 10k miles. My insurance company deemed my car too new to go off market value, so I was given MSRP and a prorated amount towards license fees, I believe I even received some towards taxes. I sent them a copy of my window sticker ($45,700). Using that and my VIN my car was valued at nearly $48,000. Anyhow, my car was paid off and the difference was sent to me.
Any amount you pay into your car, regardless of it being a purchase or a lease, reduces your principle balance. Yes, even when you lease you have a "payoff" amount (for the total value of the car, not the lease balance). I can log into the Infiniti site and tell you what mine is right now. I recently paid my lease balance in full. All that means is that in the event of a total loss I can expect to receive a LARGER check than if I hadn't.
That's not good for you.
This, of course, was in regard to your "2 month" hypothetical sit. Everything I said goes out the window if your car hasn't "aged" well and/or you have **** insurance.
My 2010 was totaled after 9 months, 10k miles. My insurance company deemed my car too new to go off market value, so I was given MSRP and a prorated amount towards license fees, I believe I even received some towards taxes. I sent them a copy of my window sticker ($45,700). Using that and my VIN my car was valued at nearly $48,000. Anyhow, my car was paid off and the difference was sent to me.
Any amount you pay into your car, regardless of it being a purchase or a lease, reduces your principle balance. Yes, even when you lease you have a "payoff" amount (for the total value of the car, not the lease balance). I can log into the Infiniti site and tell you what mine is right now. I recently paid my lease balance in full. All that means is that in the event of a total loss I can expect to receive a LARGER check than if I hadn't.
That's not good for you.
This, of course, was in regard to your "2 month" hypothetical sit. Everything I said goes out the window if your car hasn't "aged" well and/or you have **** insurance.
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