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Asking for help... Auto Leasing company is saying they want more money for a totaled car than what is owed on it.
self
| 06/16/21
| Self
Posted on 06/16/2021 6:16:22 PM PDT by know.your.why
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Thanks in advance for any help.
To: know.your.why
You were going to have to surrender the vehicle at the end of the lease, right?
What do you plan on surrendering?
2
posted on
06/16/2021 6:19:27 PM PDT
by
E. Pluribus Unum
("Communism is not love. Communism is a hammer which we use to crush the enemy." ― Mao Tse-tung)
To: E. Pluribus Unum
You were going to have to surrender the vehicle at the end of the lease, right?
No! I was planning on buying out the lease.
3
posted on
06/16/2021 6:20:46 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
My nephew had a car impounded and he followed the poor advice given by the judge as to how to handle it and the impound fees become worth more than the car. We forced to let it go and tell the creditor that it was in possession of the impound so we couldn’t make payments in it.
Tell your leasing company to hash it out with insurance company. I wouldn’t add onto the insurance payout unless legally obligated to.
4
posted on
06/16/2021 6:21:17 PM PDT
by
Jonty30
(Just because I coughed on you does not mean that I have covid. It means that we have covid. )
To: E. Pluribus Unum
5
posted on
06/16/2021 6:21:28 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
Are you going to buy it out?
6
posted on
06/16/2021 6:21:45 PM PDT
by
E. Pluribus Unum
("Communism is not love. Communism is a hammer which we use to crush the enemy." ― Mao Tse-tung)
To: know.your.why
Were you going to make the lease payments up until then?
7
posted on
06/16/2021 6:22:27 PM PDT
by
E. Pluribus Unum
("Communism is not love. Communism is a hammer which we use to crush the enemy." ― Mao Tse-tung)
To: Jonty30
look....I have been paying down the principle on the car for three years. Insurance is there to cover my a— incase stuff like this happens. Now they are saying that it doesnt matter how much I’ve paid into the car. What if I had payed all but $100 on the car?
8
posted on
06/16/2021 6:24:03 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
I’m guessing that because you were leasing and had not yet outright bought the car that they, the leasing company, are claiming they still were the owner and therefore due the entire value of the car from the insurer, is that correct?
9
posted on
06/16/2021 6:24:06 PM PDT
by
Rurudyne
(Standup Philosopher)
To: E. Pluribus Unum
I WAS going to buy it out. yes.
10
posted on
06/16/2021 6:24:26 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
I spoke with a former coworker that went through this. Did you get their insurance? That is pretty much your way out- ins cos have asked for ‘admin costs’, ‘lost revenue’ and a whole bunch of other things that go over what your own ins pays.
To: Rurudyne
I’m guessing that because you were leasing and had not yet outright bought the car that they, the leasing company, are claiming they still were the owner and therefore due the entire value of the car from the insurer, is that correct?
Yes.
12
posted on
06/16/2021 6:25:17 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
The folks that leased your vehicle should have informed you about
Gap Insurance.
13
posted on
06/16/2021 6:25:27 PM PDT
by
Bratch
To: know.your.why
Sorry, I was thinking you had a rental car!! Disregard my post!
To: know.your.why
I’m guessing that because you were leasing and had not yet outright bought the car that they, the leasing company, are claiming they still were the owner and therefore due the entire value of the car from the insurer, is that correct?
How can the leasing company ask for more money that what is owed on the car???
15
posted on
06/16/2021 6:27:06 PM PDT
by
know.your.why
(If you dont watch the MSM you are uninformed. If you do watch the MSM you are misinformed.)
To: know.your.why
It sucks. I recognize that. However, I also recognize that life will have its downs and the smartest is always to cut losses as they come up and not try to hold onto anything. That’s my advice.
If there is a better way than I suggest, I hope somebody suggests it or you think of it.
16
posted on
06/16/2021 6:27:42 PM PDT
by
Jonty30
(Just because I coughed on you does not mean that I have covid. It means that we have covid. )
To: know.your.why
I have no idea the terms of the lease nor would I likely understand them LOL. One thing to find out though, is there GAP insurance? That’s meant to pay off any difference in situations like this and many lease contracts include it.
To: know.your.why
Sorry, but I don’t see that the value of the car is related to how much is owed on it.
And your insurance company will set a value as well, and that’s not necessarily an amount where you could buy another just like it with similar features and similar mileage.
18
posted on
06/16/2021 6:31:11 PM PDT
by
libertylover
(Our biggest problem by far: most of the news media is agenda driven, not truth driven.)
To: know.your.why
Were you going to continue to make the lease payments until then?
19
posted on
06/16/2021 6:32:17 PM PDT
by
E. Pluribus Unum
("Communism is not love. Communism is a hammer which we use to crush the enemy." ― Mao Tse-tung)
To: know.your.why
Read the lease. It may well say they can do exactly what they are doing. I believe I have heard of this happening to others.
You might also review what the lease says you would have had to pay to buy the vehicle at the end of the lease. Was it depreciated original cost, or current market value, or something else? The current market value of used cars is sky high.
If the contract says they could have charged you fair market value, they had a reasonable expectation of receiving that at the end of the lease. It is certainly harsh to make you pay it, but maybe not totally unfair.
20
posted on
06/16/2021 6:32:20 PM PDT
by
Cincinnatus.45-70
(What do DemocRats enjoy more than a truckload of dead babies? Unloading them with a pitchfork!)
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