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Query: Insurance payout on totalled leased car
Posted by Geoff (more from Geoff) on Tue, 27 Mar 2007 10:14:21
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Sorry to ask what may be dumb questions, but....
How does it work when a leased car is totalled? Is the lease contract terminated at that point (no more payments) and the lessee pays the "early termination" fee and walks away?
I know that the the lessor has a priority claim on the insurance payment. I think I read that if the insurance payment is below some value (the asset value on the lessor's balance sheet?), the lessor claims under its gap insurance. What happens if the payment is "long"? Does some over-amount go to the lessee? Presumably not, since the insured asset didn't belong to them?
We haven't wrecked anything, but were curious about how this stuff workd.
/Geoff
'05 G35 7k (hers- leased)
'02 9-3SE 56k (mine - owned)
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