Looking for advice on leased car...

[RickDaTuner]

well as some of you may remember, I was recently in an accident, I had leased a 2004 Nissan 1.8s, it was on a lease to purchase agreament..

well my problem is that the Insurance company told us that we would have the car repaired at first. wich was fine, but the auto body guy did his own estimate on the car and it was about 3000.00 more than what the insurance compnay aprasier had said, so now the insurance company decides that its a write off,

my problem is I am only getting so much money back and the Value of the car is higher, how do I go about this with out taking a big hit and having to pay the dealer the full Lease agrement value wich is about $29,000. on a $19,000. car..

would it just be that I pay the Dealer the "breaking lease" fee and what ever amount the original car value is, or are they gonna KY my ass ask for the full amount?

any and all help would be apreciated.

[1badPT]

These questions can't be answered without a copy of your lease agreement from whoever is underwriting your lease (I'm assuming Nissan Credit - but anyone can underwrite a lease).

For everyone else, when you lease a car or buy new for that matter, spend the extra cash on your insurance for an endorsement called "limited depreciation waiver". Basically if your car gets written off in the first 2 years of ownership, you are insured for up to the full purchase price instead of its current market value - then you'll never have to deal with this.

[1badPT]

Don't want to scare you there btw, but have a look through your lease agreement - there should be surrender or cancellation clause spelled out quite clearly in it. But if you're only insured for market value, you'll likely be taking a loss at least to some degree on closure of that contract.

PS - One last thing. If you agree to open a new lease contract, it will give you and the finance company room to deal. GL

[ICEBERG]

I had a lady who passed a red light and totaled my 96 Mustang GT. At that time i was also leasing the car. I got more than what i owned on it from the insurance company. The accident happened in '99 so my car was allmost 3 years old at the time.

If you terminate your lease early i know they will ding you for all the payments up to your lease end.

What is the buyout on your car at the moment? And how much is your insurance giving you? Do you still owe the dealer 29K?

Talk to your insurance company, i think they are trying to short change you a little here. It is still a new car.

Good luck.

[RickDaTuner]

the insurance company is offer 17,000.00 the cars Sticker value is about 21,000.00 the car at the time of the accident had about 9,000.km on it, but the cost of the car at the end of the lease agreament would have been 27,000.00 with a 1,000.00 buy out at the end of the lease.

yeah the car is new only about 4-5 months old im just looking to not get shafted at the leasers convinience.. they make enough money already as is