Leased 2019 BMW I3 BEV 10-1-19 got a great deal thanks to the leasehackr family.
Early January 2020 was involved in an automobile accident (not my fault) car was totaled.
I just received the evaluation (see below).
(Will also be returning both CA EV rebate $2500 & SCE rebate $1000)
Thanks in Advance
If BMW returns the insurance overage, then yes.
You have to contact BMW to find out your buyout. Your not getting 10k back.
The residual + rent +depreciation was roughly 10k less than the insurance payout quote, so if BMW returns the overage, yes, he will absolutely get 10k back.
Was any of that cap cost reduction EV rebates from BMW?
Check you contract fine print.
My Infinty contract stated clearly any insurance overage would be kept by infinity.
I see this happen on very new cars. Just get your full payoff (including sales tax- and don’t forget your residual will be taxed as well). The insurance company is buying the car from you at $43,312.00. You should be able to keep the difference of that amount and your full payoff. Not sure how your post sale rebates work as I am not in CA, but I am assuming they have to be paid back. I would personally get the payoff from BMW in writing and submit that to the adjuster and ask that the difference be sent directly to you. If not you could be waiting for awhile to get the difference back from BMW.
It doesn’t - There were many discussions before and Infinity and Audi have kept the overage.
Insurance is buying the car from the manufacturer. Lessor is not the owner but a renter.
My experience with this was that I didn’t get a check but rather the money to be used on another lease.
It’s called a dealer transfer off collateral where they apply the money to a new contract on a new vehicle/VIN.
Are you considered the “registered owner” though? On leases it’s often the manufacturer.
I’m waiting to hear who gets to keep the check - BMW Finance or OP.
That would be a good data point to know.
Well it does say “Lienholder” (BMW) would get 31103, so looks like OP’s getting 12k
Should we all get i3s and total them?? Lol
I’m sure BMW might be asking for those federal credits back and such but either way, you’re still getting money back! We got $3500 back from Volvo after I totaled my wife’s s90. Minus some fees of course kept by Volvo
Possibly? GM Financial is my lienholder, but my cars are registered under “A Car Leasing”, which is a subsidiary of General Motors.
Unless someone slips up and issues the check I don’t see the dealer or lienholder taking a chance at Tax fraud. I read somewhere and I can’t find it but if the vehicle is sold within the first year there were implications to state and federal tax credits.
The EV Federal tax credit ($7500)was received by BMW financial (not sure if the Feds would want that $ back since the point of the credit is to help sell Electric Vehicles and the car was ultimately sold)
*CA EV rebate ($2500) will be returned by me to state (not sure if they prorate the 3-4 months I did use the vehicle?)
*SCE Rebate ($1000) at this point not sure what SCE will want me to do.
*These rebates were post-sale rebates that were not factored into the cap cost reduction…that’s why these leases were so incredibly inexpensive with all said & done.
Keep you posted if and when I receive a check 
Had a similar situation with a customer who totaled a WRX. Car was valued higher than what his payoff was, insurance co. paid the car off and sent him a check for $2k which he used towards the new car
The CVRP is prorated, the SCE you keep.
You mean Infiniti? 
