More lease return data...re: residual insurance - Saab 9-5 Bulletin Board - Saabnet.com
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More lease return data...re: residual insurance
Posted by JHKC (more from JHKC) on Thu, 10 Apr 2003 23:50:02
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Spoke w/ SFSC tonight...$21,355K to buy my 9-5 SE Wagon '00; leas ends in Sept. Said I understood, that they had insured the residual; ask how it works. Basically SFSC takes your car back, and they take it to auction. Insurer picks up any difference between $15K and $21,355. So if car sells at auction for $16,000, Saab gets $21,355 and insurer pays out $5,355. If car sells for $14,000, Saab gets $20,355 and insurer pays out $6,355.
This pretty much bullet proof. Barring an economic meltdown, Saab gets its residual back plus over miles and damages. In theory the insurer limits its exposure by just handing you the car for $15,000, and telling Sabbto never take possession of the car. But if SFSC, is carrying your car as a secured asset on its B/S, it has to get the expected value ($21,355) on a fairly routine basis or its credit rating tumbles. Maybe you could offer to split the differene with the insurer, or maybe my brain isn't working this late. Any thoughts?
Drone I was talking to said he did not know who the insurance company is, but I think that must be the next step...
posted by 65.26....
Posts in this Thread:
- More lease return data...re: residual insurance, JHKC, Thu, 10 Apr 2003 23:50:02 <-- Viewing This Message
- Why not find a wholesaler and have him, Allan, Sat, 12 Apr 2003 08:49:02
- Re: More lease return...re: residual ins Great posts, JHKC, Fri, 11 Apr 2003 11:06:11
- Re: More lease return data...re: residual insurance, pursang, Fri, 11 Apr 2003 10:00:03
- Re: More lease return data...Upside???, MGS, Fri, 11 Apr 2003 07:48:52
- Re: More lease return data...re: residual insurance, MJP, Fri, 11 Apr 2003 00:37:36
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