Does anyone know what happens to your one lease pay if the car is unfortunately totaled during the lease term? Will the insurance refund that? I never wanted to put much down payment for any lease because I think (not sure right or wrong) that in case of the leased car being totaled, I would never be able to get that down payment back. Not sure about one lease pay or MSD either. Can anyone shed some lights on this?
It all depends on the market value vs the residual. If the residual is $37k, that’s all that’s left owed on the car after a 1-pay. If insurance totals it for $40k, you get $3k of your 1-pay back. If they total it for $45k, bonanza for you! However, if they total it for $37k or less, you could actually owe money.
Just picked a dark blue today for 35 payments of $353.75 with 9 MSD from the same dealer. (I called to ask the sale manager to match the OP’s deal and he did. He even gave me $1000 rebate for Memorial Day Weekend that I didn’t even know or ask for to sweeten the deal).
Deal includes Excess wear & tear ($695) + GAP ($950).
Thank you every one in this forum for helping me lease 2 cars within 30 days without much of effort. I hope I won’t have to deal another lease in 3 years.
I didn’t know about GAP insurance because it is automatically included in all other makes (like BMW, VW,…) but Toyota. Had I known that GAP is a must, I’d have tried to get it included in the deal. When I came in all paperwork had been completed and by the very end, I was asked to consider this and I was totally unprepared. Fortunately, the finance guy included $1,000 credit for Memorial Day Promotion that started today (and I didn’t know about it yesterday). So my number is as good as the OP’s deal with GAP included and monthly payment. After driving the car from dealer to home, I kinda like it a lot. Very smooth. After rebate & free fuel, it is more or less $120-130/m. It’s like free car.