Reply to Am I a sucker for leasing all of our family cars?

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Reply to "Am I a sucker for leasing all of our family cars?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Never leased, but wondering what happens if you get in an accident in a leased car?[/quote]

Your insurance company fixes it the way they do with any other insured car...if it's totaled they cut a check to the leasing bank.[/quote]

And what happens if the insurance company gives the bank less money than the bank thinks it should get?  What about the deductible?[/quote]

The car's value is spelled out in contract, you insure it for that much. Car gets totaled, insurer pays out. There's no room for "I think it's worth this much".

As an aside, If you wrote off a brand new car you must have been in a pretty bad accident. No one in this position would regret not having an old war without safety features. [/quote]

Unless auto insurance for leases is drastically different, I don’t think you understand how they work.  You have a deductible and the insurance company pays what it believes the value is, not what the bank says.  The bank is incentivized to say its value is high so if you buy it out, you pay even more.[/quote]

I don't think you and I are on the same page. Why is a bank involved in this? Lease is between you and the dealership. No banks involved. You insure your car for a certian amount. You decide that amount, not the insurance company.
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