cobbyy

My deal was $1000 drive off. 24 months/12k year. $350 LA tax included.
I had to think I got a pretty good deal at the time.
LFS website shows my payoff at $32,800, My insurance valued my car at $34k plus tax and other fees.. totaling about 38k.(give or take)


I need to figure this out from my insurance right?


Does Lexus have gap insurance? because I didn't request for one.
so basically, any leased vehicles, in situations like this nothing would go to the "renter" of the vehicle??

toyotatom

If the insurance is figuring in taxes, fees and probably the Aq. fee in the settlement for the car you very well may get some of that back. Those are things that you paid for out of pocket.
As far as the Gap insurance, all Lexus leases automatically come with the lease I believe. Gap insurance only comes into play if you were underwater at the time your car was stolen. If your car buyout on LFS was 35,000 and your insurance would only pay 32,000 the Gap insurance would make up the difference, otherwise you have to pay LFS yourself. What was your negotiated price for the car, Im a little surprised the buyout on LFS was only 32,800 on the car after such a short time on the lease with only 1K down. Must have gotten a great price on the car. Keep us informed on what the insurance company does for you. .

cobbyy

I spoke to my representative at all state, she said I "should" be getting the differences. She'll know for sure in a day or two as they are still going through with my claim.
She said initial value of the car was 33,800 + taxes, unused registration and other fees, so she said I "should" be getting some back.

My car MSRP was $41,772 and selling price was $36,819.88.
$1000 drive off including first month payment.
$350 with LA tax included for 23 months. 12k a year.
I had the car for 16 months now and my pay off is $32,8XX.

hoya08

I hope you get some money back, but prepare not to receive one.

You may receive a pro-rated LA Tax refund, but I do not believe you will receive a pro-rated refund for other fees required to obtain your lease. Those are sunk costs, much like the down payment.

You should receive a pro-rated refund for registration, but this is generally through DMV and not the insurance company.

And yes, in lease situations, the lessee generally does not receive any monies from the insurance company since the lessor owns the vehicle. The lessee is "renting" from the lessor and agrees to insure the lessor's vehicle from damage/theft. The insurance company sends the check to the lessor (the owner) for the loss of their vehicle. The lessor has no obligation to refund the difference or any money to the lessee for "borrowing" the lessor's vehicle.

In a finance situation, the buyer owns the vehicle, but the financing institution has a lien on it. The buyer owns the vehicle, and the loan is secured by the vehicle as collateral. Should you "default" on the loan, the bank takes the collateral in lieu of payments.

As for Actual Value insurance coverage, this is the default type of coverage. Actual Value is the depreciated value of the car. This is what your insurance company quoted.

An Agreed Value coverage is the value you and the insurance company agree upon before starting the coverage. For example, you feel your car is worth $40,000 even though the depreciated value (Actual Value) is around $32,000. If your insurer offers Agreed Value coverage, you and they agree to the $40,000, and you pay the "premium" for it. If your vehicle is totaled, you receive $40,000 instead of $32,000 or less (the Actual Value).

toyotatom

That was a pretty good price on the car, hopefully you will get something back for your trouble you went through.

FastTags

Yes you need to find out if the insurance was for actual value but as others have said depending on which state you live in, bank will put their name on the cars in some states they will not. If you can keep the car then you could get the money regardless. If the insurance offer you to keep the car, you may be able to get the money after you trade it to any dealer or sell it.

FastTags

I was leasing acura, and i had an accident, i fix the car and then traded it in, only then insurance paid me $2800. They give you 24 months to do so

FastTags

If insurance offer you to keep the car, look at all the options, it may be in your interest to fix it and sell/trade it.you may even sell it they way it is, it doesnt matter as long as the bank no longer is the owner of the vehicle

cobbyy

All state called. They said they will payoff lexus and pay me the difference.
They calculated 33.8 + tax + unused registration.
Pay off Lexus and pay me $3k.

gmanusmc

Glad to hear it worked out that way - whatever coverage you had on the IS, get that same stuff on your next car!

hoya08

That's fantastic!

Are you gonna hop into another IS?

toyotatom

Glad it worked out for you, it has been discussed here a lot that people leasing cars never get any money back from insurance if the car is totaled or stolen. I guess that's not always true then. Did you have any coverage for such a thing or was it a standard policy if you know. Go pick out a nice car somewhere now

cobbyy

I know right? Thank you.

Thanks, I was going to but no.. I'm still debating RC F sports or 435i



Thank you. Yes, I heard some people not getting it.. but All State has been great for me in 10 years I've had them. I am in good hands lolz.
I do not know if I had any other policy.. First time leasing after 10 purchases..