09-10-2020, 01:06 AM | #180 |
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Hey Guys,
Just picked up a 2020 M8C Coupe few months back i wanna see what you guys think of the price 158,695 msrp i paid 5k down ( first month payment included) 1694 monthly ( taxes included) for 36 months lease @ 10k miles/year Last edited by Shubegh; 09-10-2020 at 01:12 AM.. |
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FlorinQCK-2.50 |
09-10-2020, 10:02 AM | #182 |
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Never put money down on a leased vehicle. If the car is crashed/totaled that money is gone forever.
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stein_325i25083.00 FlorinQCK-2.50 |
09-10-2020, 11:04 AM | #184 | |
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I understand the whole dont put crazy money down but.. never put any money down its just |
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09-10-2020, 11:28 AM | #185 | ||
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A person would be better off putting that money in a bank account and using it to pay the lease payments. If anything happens to the car you get to keep the money instead of losing it all. Don't take my word for it though. Just ask someone who had their leased car totaled in an accident if they got any of the money they put down back.
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stein_325i25083.00 FlorinQCK-2.50 |
09-10-2020, 01:15 PM | #186 | |
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09-10-2020, 02:14 PM | #187 | |
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I made the mistake many years ago and put $5k down on a Mercedes SL lease and the car was totaled a couple months later via flood damage (engine hydro-locked). Not a lot of money but that was gone. This has absolutely zero to do with the insurance agent. The value of the car is assessed by the insurance and paid to MBFS as they were the owner of the vehicle. So if the money was short, gap insurance kicks in. In the rare event that title holder receives more money than the open obligation they could choose to return the extra funds to the lease holder. One can assume this is an unlikely event. I was really annoyed that the pre-paid maintenance plan was not transferrable at the time and that was also lost. This has changed in later years.... |
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09-11-2020, 12:33 AM | #188 |
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im not sure on the selling price i just know the payment and all off the top of my head.
the 5K down was first months payment so technically i only have about 3300 dollars invested as my "down" payment. thats just what i assume idk the exact terms and language for all this lol. i sold a old e46 for 5k and just put it into here. im not too worried about that but thanks for future advice!! |
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09-11-2020, 04:07 PM | #189 | |
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09-11-2020, 04:42 PM | #190 | |
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1. person leases an F90 M5 2. naively puts $10K down to lower their monthly payments 3. car is written off say 6 months later (no-fault state/policy) 4. person has your best insurance incl. new car replacement or equiv. ... what happens here once the car is 'written off' in terms of policy payout, etc.? |
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FlorinQCK-2.50 |
09-14-2020, 10:21 AM | #191 | |
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Most insurance agencies are service by glorify telemarketers and they are not trained properly to make sure that the client has certain endorsements in place like RCV or an Agreed Value form. Infact if you are on RCV and the vehicle has gone up in value or its not avalible (example G Wagon) they will have to settle with the insured on a higher amount even if your vehicle is total your fault or not. Companies like Hagerty and Liberty Mutual have these form(s)/endorsement(s) as standard part of the policies but other carriers will take avantage of the insured. Last edited by Amgeater2; 09-14-2020 at 10:26 AM.. |
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09-14-2020, 11:32 AM | #192 | |
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But to my perhaps uninformed eye, you didn't answer my question. What amount does the lessee get back? |
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FlorinQCK-2.50 |
09-15-2020, 02:00 PM | #193 | |
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Gross Capitalized Cost (the price of the car after negotiation) Capitalized Cost Reduction (your 10K are part of it) you need to make sure of 2 things that your policy is either insuring at Gross Capitalized Cost or you have a policy form that will Replace your car at the MSRP.. Some policies even have inflation guard that will allow you to go up 10% of the current value of the car or a year newer which in any case your 10k are safe and sound. |
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09-15-2020, 02:14 PM | #194 | |
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09-15-2020, 02:15 PM | #195 | ||
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09-15-2020, 02:18 PM | #196 | |
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09-15-2020, 02:20 PM | #197 |
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We're in-line, he gave more info on the Gross Capitalized Cost which could apparently be written into the policy vs the RCV. If you don't have either, though, you're losing out.
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09-15-2020, 02:21 PM | #198 |
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Figured I could add to his regarding what happens if you don't have those protections before anyone read through. You're quick.
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