cobbyy

Hello fam,
I have 2014 IS250 lease that ends in 7-8months.
Two weeks ago my car was stolen, and cops called me today saying they found my car.
They said its damaged but don't know how bad it is.

Anyways, I don't want to drive it after I get it back and want to return early.
What would be the penalty?
You think Lexus would reduce the penalty if I get an another Lexus?
If so how much?

toyotatom

If its not totaled the insurance company will fix it most likely. It would need to be fixed before you turn it in anyway down the road. The car needs to be checked out mechanically also. Who knows what they did or tried to do with it. I doubt if you will get a break from LFS on the final payments. Im guessing your best bet is have the car fixed and finish out the lease and turn it in. You can pay off the rest of lease now, or maybe you can work a deal on a new car and roll over the rest of the payments into the new lease, it will be an expensive lease though obviously. As far as LFS just dropping the rest of the payments would be a real longshot at best. You signed a contract to make X amount of payments and that's what I expect they want. I think the best way out is to finish the lease and go from there. Sorry this happened to you.

IS350SWFL

Most dealers will buy out the last 3 months of a lease, but they're not just gonna wipe away 7 to 8 payments...even if you get another Lexus. You'll either have to pay the rest of the lease or the dealer will roll the owed amount into the payments of your next car...either way, you have to pay the remainder of your lease.

Unless the car is totaled, you'll have to get the damage fixed before you turn it in. If you don't, you're gonna get charged for any damage

cobbyy

Thanks guys, the car is most likely a total loss. I saw it today and it had a pretty big front end damage.

toyotatom

If its serious fender damage and cosmetic things like that it may not get totaled, if there are structural issues with the front end the car then it may get totaled. If it gets totaled hopefully the payoff amount will be more than buyout price with LFS. If it is you can get out the lease then I would imagine. Register with LFS to see what your current buyout is of the car and use that number when dealing with the insurance company

cobbyy

Car was confirmed totaled from my insurance. Value is a lot higher then the payoff so I'm good.

dnasians

iTrader: (4)

That's good to hear.

toyotatom

Yes you are, what are you going to get now? What kind of damage was there?

sick21

You'd be good either way, all LFS leases have gap coverage. I guess now you'll have a down payment or some change in your pocket, that's good!

cobbyy

Front end was pretty bad. Some interior parts were broken/ripped although not caused by the accident the thieves probably treated like **** and wheels were damaged rear bumper etc..

From what I heard, I won't get the difference from the value and the payoff since the car was leased.. Is this true??

cobbyy

They said I wont get the difference since car is leased.. Is it true??

toyotatom

You will have to argue that with the insurance company I would think, They are supposed to pay the cash value of the car regardless of the buyout price if totaled. But they are probably only required to pay the owner of the car though which is LFS. I would question them on it, but don't get your hopes up too high. Keep us informed

toyotatom

Im assuming you must have put down a pretty good down payment when you leased the car. Very rarely is the cash value of the car worth more than the buyout price of the car. Im not sure what the difference is between the buyout and what the insurance will pay is but the only other thing you can do is buy the car yourself and then the insurance would have to pay you the cash value of the car. Obviously it takes a lot of money to do this. I would then think you could sell the car for scrap also. Got to be some valuable stuff still on the car I would think.

FastTags

It depends on how you had the insurance structured. If you got the oprion called Actual Value, then you would get the difference if not, you shouldn't.

hoya08

Unfortunately, you will NOT receive any monies from this.

LFS is the legal owner of the vehicle in which you are "renting' from. All insurance payments will go to LFS. It appears you have GAP insurance, so you will walk away with owing nothing to LFS.

If you were financing the vehicle, any excess payments over the "fair market value" (aka actual value - to include depreciation) to the lien holder would pass to you since the loan was secured by the vehicle. If you have a "replacement cost" (aka agreed value) insurance, then you would receive a payout equal to what you and the insurance company determined the vehicle is worth at the commencement of the insurance coverage.