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Re: More lease return data
Posted by Geoff [Email] (more from Geoff) on Fri, 11 Apr 2003 10:33:42
In Reply to: Re: More lease return data...Upside???, MGS, Fri, 11 Apr 2003 07:48:52
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I don't work for a dealer (I'm a banker) but I expect the insurer charged Saab Finance a premium for the insurance, and then probably re-insured the risk by buying its own insurance on part of the downside to spread the risk. The insurer doesn't take possession of the car so I'm not sure of the point of negotiating with them. But if your dealer took back the car with a $21k residual on behalf of Saab Finance and then sold it to you for $16k - you'd have your car for what it was supposedly worth and the insurer would pay Saab Finance the difference less any deductible. Not sure how the leg between the dealer and Saab Finance works. Also not sure about the legality or permissibility of this kind of wash sale to get the insurer to subsidize you getting the car for less than the buyout you agreed in the original contract.
My bank got out of the auto lease business not long ago - the guys and gals running that area had insured some but not all of the aggregate residual and took a nine-figure bath, concentrated in large gas-guzzling SUVs.
posted by 24.205.42...
Posts in this Thread:
- More lease return data...re: residual insurance, JHKC, Thu, 10 Apr 2003 23:50:02
- 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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