For a sign and drive, $0 down and $0 DAS, and car lease fees and tax are rolled into monthly payments, when car is totaled, would I owe prorated fees and tax? The lease has gap insurance, specifically it’s a Hyundai lease. Asking because some dealers charge higher doc fees than others. Even though both dealers offer same monthly payments, if a lessee needs to pay prorated fees and tax when car is totaled, it would make sense to choose a dealer with lower fees instead.
You’ll pay those fees whether capped or not. You will receive credit for the unearned interest (rental) charge on those capped fees as well as all other earned rental charges. However, you need to read that portion of your lease contract dealing with the calculation of amounts owed in the event of a total loss. GAP covers the amount, if any, by which the lease balance exceeds the ACV of the vehicle as determined by your insurance carrier in most cases.
I hope you didn’t buy Gap as Hyundai comes with GAP built in.
The real key on a ‘total loss’ is that if you had Equity, would the insurance company give it to you, most times the answer is No.
No all the fees and taxes due at lease inception were capitalized into the lease and paid on your behalf by the bank.
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