Help: Leased G35 - Totaled - Insurance?
#17
Originally Posted by G35Luver
I've hired a lawyer already,
the accident happened 2 days ago,
so they don't have much information yet.
Does anyone know if I can request their insurance for partial of my down payment back? plus injuries?
It just seems very unfair to me that I am losing my down payment+tax after only 11 months when it's others at fault.
the accident happened 2 days ago,
so they don't have much information yet.
Does anyone know if I can request their insurance for partial of my down payment back? plus injuries?
It just seems very unfair to me that I am losing my down payment+tax after only 11 months when it's others at fault.
#20
#22
Originally Posted by PDX_g35
People today believe that "leased" cars do not belong to you. That is not true. With a lease you are only paying for the depriciation on the vehicle until you decide to finish off the principal on it or sell it back to the leasing company(aka trading it in on another lease) so its cheaper payments. You still own the car as much as someone that got a loan from a bank and gave that bank the title until its paid off.
-DZ
-DZ
I do agree with your last statement. The bank owns the car until the final payment is made, and it is at that time that you get the title and not before. You do have the right to buy a leased car after the expiration of the lease.
#23
Originally Posted by FAST1
And who told you that BS? You own a leased car about as much as a renter owns the apartment that he rents. I own my car, and you know how I can be certain of that fact? I have the title. Moreover, one of the privileges of ownership is the right to sell you possession. Why not try to sell your leased car and see what happens.
I do agree with your last statement. The bank owns the car until the final payment is made, and it is at that time that you get the title and not before. You do have the right to buy a leased car after the expiration of the lease.
I do agree with your last statement. The bank owns the car until the final payment is made, and it is at that time that you get the title and not before. You do have the right to buy a leased car after the expiration of the lease.
sheesh
#24
Originally Posted by FAST1
And who told you that BS? You own a leased car about as much as a renter owns the apartment that he rents. I own my car, and you know how I can be certain of that fact? I have the title. Moreover, one of the privileges of ownership is the right to sell you possession. Why not try to sell your leased car and see what happens.
I do agree with your last statement. The bank owns the car until the final payment is made, and it is at that time that you get the title and not before. You do have the right to buy a leased car after the expiration of the lease.
I do agree with your last statement. The bank owns the car until the final payment is made, and it is at that time that you get the title and not before. You do have the right to buy a leased car after the expiration of the lease.
#25
Originally Posted by TheGest
you can sell your in car the middle of the lease or buy it, just have to find out the buy out from the bank, but you will lose money
Yes you can sell YOUR car anytime and pay off the leasing company. Just like (WHAT DO YA KNOW??) someone that finances(aka buys a car) thru a bank.
Talk to an auto finance agent sometime and you will get clued in. I have one sitting adjacent to me right now.
-DZ
#26
Originally Posted by PDX_g35
LISTEN to your self! you actually backed up my statement! IM TALKING about people that are FINANCING in general! The bank owns the car EITHER way.
sheesh
sheesh
Agreed. In both these cases the bank owns the car. You stated however that a leased car belongs to you. I took that to mean that you own the leased car and that is not true.
#27
#28
Originally Posted by PDX_g35
I hear ALOT of people say how they actually MADE money selling thier leases themselves to private parties and making a couple grand to put down on another car.
Yes you can sell YOUR car anytime and pay off the leasing company. Just like (WHAT DO YA KNOW??) someone that finances(aka buys a car) thru a bank.
Talk to an auto finance agent sometime and you will get clued in. I have one sitting adjacent to me right now.
-DZ
Yes you can sell YOUR car anytime and pay off the leasing company. Just like (WHAT DO YA KNOW??) someone that finances(aka buys a car) thru a bank.
Talk to an auto finance agent sometime and you will get clued in. I have one sitting adjacent to me right now.
-DZ
#29
Originally Posted by PDX_g35
LISTEN to your self! you actually backed up my statement! IM TALKING about people that are FINANCING in general! The bank owns the car EITHER way.
sheesh
sheesh
it's still slightly different because when you return the leased vehicle, it still has to be in a "reasonable" condition that will merit a fair market value.
in the case of a car that you own and are financing, you don't have to maintain the condition of the vehicle - ever (unless you default on the loan).
also, there aren't mileage restrictions on a vehicle you own. you could drive it for 100k miles and you don't pay a cent more on your monthy payments.
so it is different.
when you lease a car, you are in effect renting the car. the car isn't yours to do as you please. if you damage it, you need to repair it. if you "overuse" your car, you'll need to pay for that extra depreciation. There's also many other differentiating factors, but for the sake of discussion ...
while in both cases the bank owns either vehicle, the rules of engagement are different, that's where the discrepancy arises. thus that commonality that you mentioned is moot.
#30
Originally Posted by Cabal
it's still slightly different because when you return the leased vehicle, it still has to be in a "reasonable" condition that will merit a fair market value.
in the case of a car that you own and are financing, you don't have to maintain the condition of the vehicle - ever (unless you default on the loan).
also, there aren't mileage restrictions on a vehicle you own. you could drive it for 100k miles and you don't pay a cent more on your monthy payments.
so it is different.
when you lease a car, you are in effect renting the car. the car isn't yours to do as you please. if you damage it, you need to repair it. if you "overuse" your car, you'll need to pay for that extra depreciation. There's also many other differentiating factors, but for the sake of discussion ...
while in both cases the bank owns either vehicle, the rules of engagement are different, that's where the discrepancy arises. thus that commonality that you mentioned is moot.
in the case of a car that you own and are financing, you don't have to maintain the condition of the vehicle - ever (unless you default on the loan).
also, there aren't mileage restrictions on a vehicle you own. you could drive it for 100k miles and you don't pay a cent more on your monthy payments.
so it is different.
when you lease a car, you are in effect renting the car. the car isn't yours to do as you please. if you damage it, you need to repair it. if you "overuse" your car, you'll need to pay for that extra depreciation. There's also many other differentiating factors, but for the sake of discussion ...
while in both cases the bank owns either vehicle, the rules of engagement are different, that's where the discrepancy arises. thus that commonality that you mentioned is moot.