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Re: Theft coverage regarding lease car

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Posted by Carolfair on August 31, 1998 at 07:01:04:

In Reply to: Re: Theft coverage regarding lease car posted by Tony Braga on August 22, 1998 at 14:19:55:

: : It is my understanding that
: should your leased car be stolen
: and not found in 30 days, it is
: going to cost the policyholder a
: heck of a lot more out-of-pocket
: to have that car replaced than if
: you were buying the car. Is that
: true? If so, why?

: ^No idea, except if you do have
: an insurable interest in the vehicle,
: you have a say as to the value of
: the vehicle. How that compares
: to what you owe under the lease,
: I don't know.

: If you have a say in setting the
: value of the car, the principles and
: procedures would apply at:

: How to Get What You Deserve You will find all you need to file and adjust your claim.

As an agent for many years, I have had clients who have had some experience with this.
It depends on the leasing contract, according to
my understanding. With some contracts, a person leasing a vehicle can be held responsible
for all of the lease payments till the end of the term of the lease.

I had one client who had an accident and the leasing company repossessed the car plus held
him responsible for the rest of the payments under the lease.

I felt I probably could have assisted him in successfully negotiating something better, but he
was a young man and he chose to just disappear and not follow through.


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