| 02-16-2019, 12:55 PM | #1 |
|
Captain
 
313
Rep 909
Posts |
Leasing and you total the car?
On a lease, if you get into an accident and the car is a write-off, what happens from a financial perspective for you?
Does it differ between Canada and the USA too? I've always wondered this... |
| 02-16-2019, 01:02 PM | #3 |
|
Colonel
 
2868
Rep 2,757
Posts
Drives: 2020 M4 ZCP / 2023 X3 M40i
Join Date: May 2005
Location: Northern VA
|
The lease ends if the car is totaled. In the US, BMW FS lease includes gap insurance so if the value is upside down you walk away clean. But if you put any significant money down at the beginning you wouldn't get that back unless the value is more than the payout.
|
| 02-17-2019, 02:50 PM | #4 |
|
Colonel
3612
Rep 2,858
Posts |
No financial penalty. Walk away whole and order an other one. Insurance rate might increase, but it's par for the course.
__________________
2022 G83 PCD & 2024 G05 S68 PCD
Retired:2021 F95 ZCP PCD,2018 F85 PCD,2018 F83 ZCP- ED/PCD, 2015 X5 50i PCD, 2015 435 vert ED, 2011 X3 PCD, 2011 335is vert ED/PCD, 2007 X3is PCD, 2007 335i vert PCD, 2004 328i vert PCD |
|
Appreciate
2
uniqueMR1883.00 Westsider4513.50 |
Post Reply |
| Bookmarks |
|
|
