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11-30-2010, 05:20 PM | #1 |
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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, 05:22 PM | #2 |
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You lose the 3k, afaik.
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11-30-2010, 05:22 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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12-02-2010, 12:21 PM | #6 | |
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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, 04:00 PM | #7 | |
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As far as gap insurance, it's mandatory here and comes with the lease. |
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12-02-2010, 04:09 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, 04:11 PM | #9 |
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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, 04:35 PM | #10 |
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insurance writes you a check boss. you pay bmwfs or whatever bank you used.
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12-02-2010, 04:42 PM | #11 | |
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12-02-2010, 11:00 PM | #12 | |
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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; 12-02-2010 at 11:06 PM.. |
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12-05-2010, 12:30 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.
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