Car accident and lease question
I live in Canada. I'm currently leasing an X3 and i've got 6 months left on the lease. I was recently involved in an accident and given the damage that was sustained, it may look like a complete write off.
My questions is: Am I still responsible for the 6 remaining monthly lease payments? Does this count as an early termination of the lease? Will I get penalized?
Thanks in advance!
Not really an X3-specific issue, of course, but here is some Canadian content on that topic:
Sounds to me like the insurance company pays out a bit more to the leasing company than they would have made had you been able to return the vehicle.
And if you had some sort of "gap" or "replacement cost" coverage, you could also come out ahead.
Either way, early termination penalty does not seem to apply in your case.
Even if it is not written off, it would appear that being on a lease is a definite advantage in the event of major accident repairs -
you just walk away from it at lease end rather than owing a greatly depreciated vehicle.
It happend to me, with VW credit Canada, and my insurance paid the 8 months lease payments that was left and the residual to VW credit.
No penality, and the lease was clear, and bought a new vehicule.
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