6G Schnell

My leased C class got hit badly, potential frame damage. Have never been in situation like this: if car is totaled does this mean end of lease? Six months into lease, is down payment prorated in such case?
Would appreciate expert's advice on what is the best way to handle this nightmare...

TunaTaint

when you lease a car there is minimum insurance you MUST have and I am assuming you do or else MB wouldnt let you take the car....

Your insurance will most likely reimburse MB for the car and you will have to start from scratch for new car....


I do believe your down payment is gone? not sure but I never put a down payment on a lease

OSMS_Carlsson

Your full coverage insurance should cover the loss and you should end up being reimbursed to cover a new replacement vehicle? Check with your insurance as to what steps you need to take so you are not out of the money. Depending on the lease and down, you should be compensated.

OSMS_Carlsson

Sorry that happened, hopefully you and your passengers are all okay!

Mike450

GAP and insurance will compensate MB for the value of the car.

You just found out why putting money down on a lease is not a good idea. You'll be out that cash.

6G Schnell

Thanks to all for good advices, the good news is nobody got injured; the bad news is some idiot hit the parked car. The front passenger side and the hood look really bad.
Will know more after body shop examines the car...

miketc

6G, let us know how your insurance handle this. If you insure for the replacement cost of the car, you should get some of your deposit back (not much). As an example, if you put down 50% of the car and drive off the lot and totaled it, you would think you should able to get at least some of your deposit back. Nevertheless, you will lose some of the deposit due to deprecation. Let us know. Sorry dude.

voip1

If the car is totaled (not likely) then you will be out any cap cost reduction you put towards the lease.

That's why down payments on leases are a really bad idea.

amp512

If car is totaled, I believe MBFS First Class lease does cover GAP but you still owe your deductible and lose any down payment/cap cost reduction. I believe MBFS is the only financial service company that I know of provides GAP coverage at no extra cost.