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      11-30-2010, 06:20 PM   #1
mike2010m3
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Help!!!!!! Lease question :(

So my father was driving my car and crashed it. Im not sure if the car is totaled yet but it is a lease so im not sure what happens. My fear is if the car is totaled i put 3 k down to get my payments to 757$ every month. Im not even sure if that is a good price it is a 2010 m3 e90 it has almost every option and is close to 73k. My question is what happens if it is totaled am i screwed?
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      11-30-2010, 06:22 PM   #2
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You lose the 3k, afaik.
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      11-30-2010, 06:22 PM   #3
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Shit. Thats what i was afriad of, And i dont think bmw will be to happy to give me a new lease.....
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      11-30-2010, 07:36 PM   #4
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It would have to be really bad to be totaled. Remember 80% of the cars value and you said its almost brand new.
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      12-01-2010, 01:55 AM   #5
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insurance will give pay you for what the car is worth... usually more than what you owe.
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      12-02-2010, 01:21 PM   #6
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Quote:
Originally Posted by white9duece View Post
insurance will give pay you for what the car is worth... usually more than what you owe.
This. You'll be out the difference between the book value and the amount left on your lease. Gap insurance FTW.

BMW doesn't mind if they have to give you another lease. It's another sale as far as they're concerned. If you go back to the same dealer, you might be able to sweet talk them into cutting you a small deal on the new car to help ease your pain a little.

It's probably a longshot but the "I'd love to buy this car from you but I can't afford that price because of my loss" approach might be an effective negotiation strategy.
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      12-02-2010, 05:00 PM   #7
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Quote:
Originally Posted by white9duece View Post
insurance will give pay you for what the car is worth... usually more than what you owe.
Insurance won't pay you anything, you don't own the car. They will pay off BMWFS, you lose whatever money you put down. That's why everyone recommends not putting any money down on a lease.
As far as gap insurance, it's mandatory here and comes with the lease.
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      12-02-2010, 05:09 PM   #8
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That's why you never put down any more money than you need on a lease. Always minimum drive off because of situations like these.
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      12-02-2010, 05:11 PM   #9
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Quote:
Originally Posted by saeyedoc View Post
Insurance won't pay you anything, you don't own the car. They will pay off BMWFS, you lose whatever money you put down. That's why everyone recommends not putting any money down on a lease.
As far as gap insurance, it's mandatory here and comes with the lease.
This. Usually the car is worth LESS than what you owe, hence gap insurance. Without it, youre stuck paying bmwfs the difference between what the car was worth and the buyout on the lease.
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      12-02-2010, 05:35 PM   #10
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insurance writes you a check boss. you pay bmwfs or whatever bank you used.


Quote:
Originally Posted by saeyedoc View Post
Insurance won't pay you anything, you don't own the car. They will pay off BMWFS, you lose whatever money you put down. That's why everyone recommends not putting any money down on a lease.
As far as gap insurance, it's mandatory here and comes with the lease.
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      12-02-2010, 05:42 PM   #11
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Quote:
Originally Posted by white9duece View Post
insurance writes you a check boss. you pay bmwfs or whatever bank you used.


Quote:
Originally Posted by saeyedoc View Post
Insurance won't pay you anything, you don't own the car. They will pay off BMWFS, you lose whatever money you put down. That's why everyone recommends not putting any money down on a lease.
As far as gap insurance, it's mandatory here and comes with the lease.
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      12-03-2010, 12:00 AM   #12
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Quote:
Originally Posted by white9duece View Post
insurance writes you a check boss. you pay bmwfs or whatever bank you used.
Right, but who gets the check is irrelevant. The check is going to be less than what you owe (unless you put down a substantial amount, in which case you're just out that money, up to the value of your car at the time of the accident). GAP coverage makes up the difference, won't pay you a dime other than to bridge the gap between the loan and the car value.

scenario 1 might look like this:

MSRP: 73k
current buyout from bmwfs (leasee put nothing down): 58k
vehicle value: 50k
insurance pays 50k plus 8k in GAP insurance

scenario 2:
MSRP: 73k
current buyout from bmwfs (substantial down payment of $15k was made): 43k
vehicle value: 50k
insurance pays 50k, you get $7k of your $15k back, pay off bmwfs.

Last edited by sor; 12-03-2010 at 12:06 AM.
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      12-05-2010, 01:30 AM   #13
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Thanks chief, that's what I was saying. Lease cars if I am not mistaken have to have the gap, because I know lease car are obligated through the financial institution to have full coverage with the highest limits.

Quote:
Originally Posted by sor View Post
Right, but who gets the check is irrelevant. The check is going to be less than what you owe (unless you put down a substantial amount, in which case you're just out that money, up to the value of your car at the time of the accident). GAP coverage makes up the difference, won't pay you a dime other than to bridge the gap between the loan and the car value.

scenario 1 might look like this:

MSRP: 73k
current buyout from bmwfs (leasee put nothing down): 58k
vehicle value: 50k
insurance pays 50k plus 8k in GAP insurance

scenario 2:
MSRP: 73k
current buyout from bmwfs (substantial down payment of $15k was made): 43k
vehicle value: 50k
insurance pays 50k, you get $7k of your $15k back, pay off bmwfs.
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