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Originally Posted by Eric SS
Glad it worked out ok in the end for you. Hopefully you took a check for your car and didn't put any money down on the lease. If your lease gets totaled next week, all that down payment money just disappear unlike a purchase.
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Quote:
Originally Posted by keon718nyc
Exactly, the same reason i only pay the tags, license, fees ect. and put no money down on all my leases including my Camaro. I rather have a higher lease payment then lay all the out of pocket and then get into accident to loose out that money.
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Quote:
Originally Posted by G6SS
I never ever put any money on a lease. Roll all the fees and taxes into it.
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This isn't necessarily true that you lose out on money down on leases. If you get yourself screwed on a lease deal and are upside down this won't help you.
But...
We had a Chevy Traverse get totaled a few years back. I'd put down enough to cover TTL and a small amount of cap cost reduction. It was in a rollover accident where all the airbags deployed and there wasn't a straight piece of sheetmetal left.
I contacted Ally to inform them and find out what the lease payoff was. They refused.
My insurance company inspected the vehicle and declared it a total loss and paid off Ally the market value which was around $26000.
I followed up with Ally again and asked what the payoff was. They said $22000.
I asked what happens to the $4000 overpayment they received and they got catty. I pressed and said you don't just get to keep the overage and they finally conceded that it was mine if I wanted to do a dealer transfer of collateral.
I had to find another vehicle and replace the VIN on the existing contract. The money gets applied and the payment can change but the length of the contract remains the same. In my case $4k was more than double what I'd put down and the contract had 18 of 24 months remaining so my payment dropped.