What happens if I Crash or TOTAL a Leased Car?
Vložit
- čas přidán 18. 08. 2024
- This is what happens if you were to Crash or TOTAL a Leased Car? NOTHING usually, but you've got to have the damage fixed well, and definitely have GAP insurance for the lease!
Visit SaveOnMyAuto.com to receive pricing from multiple dealers in your area: bit.ly/2XkXs1Q
Check your FICO Auto Score 8: fxo.co/7czb
#NewCars #SaveOnMyAuto #BostonAutomotiveConsulting
_________
Lease Calculator : goo.gl/vYSr6i
-----
All The Gear I Use....
----------
*DISCLAIMER:* This video and description contains affiliate links, which means that if you click on one of the product links, I’ll receive a small commission at no additional cost to you. This helps support the channel and allows me to continue to make videos like this.
STUDIO
----
Big Boy Camera : amzn.to/2NXH7ME
FAV LENS EVER! : amzn.to/2VTxf9F
Office Microphone : amzn.to/2UuhcyJ
Ring Light : amzn.to/2AHOtP1
Cool Green Background LED Lights: amzn.to/2XThqS3
Portable Green Screen : amzn.to/2VHxiWC
Toolbox Mini-Fridge : amzn.to/2RCusmR
crashing a leased car, damaging a leased car, fixing a leased car after crash, totaling leased car - Auta a dopravní prostředky
The title of your video is what happens if I total a leased car but your whole video you talk about body shops and damages come on man
😂😂😂
My father leased a 2013 Honda Civic and it was totaled out by USAA in 2015 (a couple months before the end).
It was in good condition (minus the front end damage) and had low miles and was still totaled out, he drove it home a few blocks and no airbag deployment.
Anyway after it was totaled the Honda GAP insurance covered it and we didn’t have to do anything else. The dealer also reimbursed us the protection plan we purchased. The car was brought to a body shop that the Honda dealer mainly uses.
We weren’t ready to buy yet so we just leased another civic
Thanks for the advice. My Cadillac was hit by another driver and cost $10,000 in damage. I took it to a GM dealer and had it repaired. Feeling better now that I saw your video. Thanks.
Answer: your car insurance pays off the note to the bank that holds your car loan note. most often the actual cash value of the car (ACV) is below (less then) the outstanding debt. some people buy gap insurance for this very instance. peace!!!!
If you total a leased and it has equity who gets it?
Make sure to ask for a refund of the remaining months of gap insurance coverage if you end your lease or financing early.
Matt Sherman man these things can be so confusing. I’m new to this and I’m hungry for knowledge 🤷♂️
@@yoya1117 when if you had gap insurance you'll still losing a lot at the end of the day
I was rear ended in my lease and had it fixed to factory standars using OEM parts paint matches and has lifetime waranty
Im still worried when my lease is up they might want to charge me extra
Any tips ?
How can you tell if the Gap insurance is "added into " the lease agreement? I can't find it anywhere, they said it was and that it was the "acquisition fee" but I don't trust them much, can you please help?
Was on the rear of a page in my lease agreement
Thank you for all the great advice!
What if i crashed or totaled my car that im financing i have insurance but i dont have gap insurance with dealership
My Audi was totaled and Audi Financial took care of it, no hassles and I walked away not owing a dime.
Lol Your insurance probably paid a settlement that surpluses the amount you owe, and Audi took all that surplus from you.
@@alexan4948 The hell if I cared. It was leased, got another car, and moved onto something else.
@@jacobarrietta 😂😂😂
How about if you total a leased car, and the insurance estimates it at higher value than the residual value, who gets the difference?
Let’s s say the car the residual value is $30k, and the insurance totaled it for $35k who gets the $5k?
Thank you.
I have this exact same question. But I’ve googled it and it SEEMS like you would get that $5k. I asked my insurance and they said yes. But I’m still skeptical.
Did you guys find an answer to this question?
So do you pay the dealership what the car is worth at time of it being totaled or do you only have to pay off what is left on the lease?
@Ari Janessian , perhaps you can put together a video that illustrates the best lease brands as an aggregate based on pertenant factors (term, miles, return ease, accidents, and what ever you feel is best)?
Love that idea!
My first lease was for a 2014 Dodge Dart GT (yeah, I know). With about 8 months remaining on my lease, I hit a dear doing 70 on the highway. Repair cost were about $4,500. Had parts repaired including paint at the local Chevy dealer bodyshop and turned in the lease without any charges.
What is I get a big scratch. Should I report it, if it’s not a “accident”
Useful ❤
Hey Ari, do u have any knowledge on something called a GAP Waiver Addendum? My 2017 lease from Chrysler Capital (Dodge Charger) had that paperwork. I was really hesitant on signing it because it said waiver but when I read it, it states that my lease obligations would be waived in the event of such and such happening up to a limit of $50k. Something like that. I think they could’ve named it better. What are ur thoughts? Is that the legit GAP form? Thanks.
I’m a little confused as to what you mean when you say the lease company, you mean the bank?
He means the leasing arm of the dealer.
Thanks for another good video ari
I put 5k down and lease my 2020 mazda cx-5 for $230/ months, 36 months. The financial guy at the dealership told me my loan is about 24k. The current market value of the car is about 29k. I don't know how much depreciation the car can get in 3 years but look like my loan amount is much less then the value of the car. Do I still need gap insurance in this case? It cost additional $20/ mo nth and it is added to my lease payment. Please advise. Thanks!!
No. Get replacement endorsement on your insurance policy instead and your are good to go.
For loss of use Of car, can we get about More than $20 per day ? I have a expensive car $85k and insurance adjuster is paying $20 for loss of use as compare to basic car rental, that does not even cover car payment
What if i crashed my car that im financing without gap insurance what could happen?
Good info
My wife got read ended on a lease, next month we have to sit down with the dealer, contract says that on accidents they need to authorize the repair shop but we went where her car insurance said to go. Big problem? No frame damage.
did they charge you?
@@---Kai no, we told them they were original parts (true) so no need to charge anything extra and they didnt. Thank goodness they are not out to get you like those small dealers or scammers acting as dealers.
@@---Kai no, as long as you take your car to a good shop they will be fine, make sure care is clean, no dents you're good to go.
@@oppndahouse3109 thats good to hear. I just got my car back from the collision shop and they mostly used OEM parts but used aftermarket on small parts like reflectors, tow cap etc. I hope they won’t charge me for this
could you drop a video about CPO leasing? pros and cons of it?
great fkn question.....
Good to know 👍
Keep going ya Ari
What is your opinion on one pay leases? And what would be a reasonable 36 month one pay lease price for a Range Rover Supercharged HSE LWB? Sticker is at 121. Thanks
Bann Alghrary good thing you are leasing that. Those are known to not be reliable
Don’t know how much you know about leases, but you can use the leasehackr.com calculator, enter in the terms, and click one-pay.
It should just be much less than adding up the payments and due at signing costs of a regular lease
Sucks if you total a car ....big expenses