Accident Question

This morning I was rear ended by a lady who fell asleep driving. The damage to my Tacoma isn’t overwhelming, but requires a new tailgate, bumper, and lights on the passenger side. My question is how this impacts my lease at turn in with Ally? Do I need to contact them prior to any body work being done?

Thanks!

Craig

Welcome to one of the benefits of Leasing. As long as the body shop fixes it so that it’s not noticeable (back to proper specifications), Ally will not say anything even if it appears on Carfax.

However your equity probably just disappeared if you were thinking of buying / selling it.

Edit : Added the proper specifications as Spray Foam won’t cut it.

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Thanks for the response. From what I understand, Ally doesn’t allow you to do third party buyouts without raising the payoff to market value.

You are correct about the buyouts. However they have been getting slightly more reasonable when used prices came down a bit.

What alot of people did was buyout the lease then trade it in, it sometimes still have a little bit of equity. Unfortunately in your case with a bad carfax now you probably wont experience that.

Still a good truck, maybe I can negotiate the buyout when I turn it in.

+1

Hopefully you weren’t injured! Tacomas are strong trucks.

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One of the bad things of leasing, you can’t (Or at least in recent years). Buyout is buyout.

Your lease contract will spell out your reporting requirements