Has anyone ever totalled a leased car?

[FergieTCat]

Before I begin --- my mother is fine! She spoke to me on the phone yesterday, and except for cuts, bruises and whiplash, she's fine.

With that ... she totalled her leased car on Monday. [Gorey details -- she hit a manhole cover, lost control and flipped over on the median. She told me they had to remove her with the jaws of life. She's lucky she can tell the story two days later.] My question is -- if her insurance covers the car, how much does she get back? The bluebook value? I think the lease was up at the end of this year, so does she owe the car dealer the remainder of the lease plus whatever he would have charged her for the cost of the car? How does the dealer determine the cost of the car?

Just wondering ...

 

[Big V]

YIKES! I don't know about your her leased car, but just glad that she is all right!

 

[jfulcer]

I would think it would be up to her the insurance that she took out. I think most lease companies require you to purchae 'gap' insurance that would kick in to cover the amount above what the lease was worth (or something like that). she should call her Insurance company (if she hasn't already) to ask about it - they will give her a better answer.

 

[Dan Murphy]

Glad she is okay, Donna!!! Wow.

I agree with Jeff, gap is required by most leased (if not all) car leasing firms. I am sure she knows already after having talked to her company today.

 

[Miss Jasmine]

I hope she has Gap insurance. Some leases automatically come with it (it's built into the price) other times you have to make an additional purchase. I know it's not required everywhere because I had a choice and do pay a little extra for it. If she doesn't have Gap, she'll have to pay the difference out of pocket.