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      02-14-2008, 05:43 PM   #5
Jimmyz
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Drives: E92 M3 or Audi S5 (soon!)
Join Date: Aug 2007
Location: NY

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Quote:
Originally Posted by geoff2010 View Post
so your saying that if I total the car i just lose the 12K i put down? How is that possible... isn't that what car insurance is for?
Well, you don't lose is per se, but you owe BMW the lease amount, and if you crash, the insurance company only gives you how much the car is worth. Most of the time this is less than the lease cost, so you generally end up losing your down payment. What you need is gap insurance to cover the difference. I believe you get gap insurance through your lease company, not auto insurance company, so make sure you ask for it when you pick up your car. I think it ranges from 300-800 bucks, which is worth it IMO.
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