I'm not a lawyer but I suspect that just because there is a buyout option at the end of the lease doesn't mean that your lease payments are building equity in the car.
Have an attorney look over the lease contract. I suspect you don't have a claim. The vast majority of people who lease cars relinquish the vehicle at the end of the contract.
Just a guess. But to them the loss is a 20K vehicle not your 14K paid on it. If your house burned down tomorrow (G-d forbid!)would you expect the insurance to pay you only what was owed on the mortgage or the full insured value? You would want to replace what you physically lost not just the money paid on it.
Because it does not matter what is owed, only the value to the owner.
You are not the owner, they are.
its in the fine print of your agreement. They were going to sell it for the full amount after they got it back. It’s like buying a timeshare condo.
“How can the leasing company ask for more money that what is owed on the car???”
Because they own the car and the insurance covers the value of the car, not the debt.
If you owned the car, you’d get the 20K and pay off the loan and pocket the difference.
The amount you owe on the lease is what you owe on the “diminished value”. When you lease, you are taking an amortized loan on the amount that the car is depreciating over the term of the lease. The owner (the company) is entitled to the car back after the lease ends, and still has equity in the car. They are looking for that equity.