How Do You Pay Out A Car Lease After A Collision Write-Off?
If your insurance company writes off your leased car after a collision, the way you approach paying out your lease depends on the small print of both your lease agreement and your insurance. Sometimes there is a gap between what your insurance pays out for the value of your totaled car and the remaining money you own on your lease. This money may have to come out of your pocket, but there are options to consider before you pay out. Continue to make your monthly payments. While you are waiting for the insurance payout and working on a lease payment settlement with the lien holder (your leasing company), make your regular monthly payments unless you have been advised otherwise by the lien holder. Failing to do so could result in late fees and even repossession, which will still leave you on the hook for paying out the lease. Check the cash value of your car. Ask your insurance company which pricing guide it uses and check your car value in that guide. This price is what your insurance co
