This is incorrect, with many leases. Many leases specifically state that any overage over your buyout goes to the lessor, not the lessee. The foundation of your argument here is based on an incorrect (or at least sometimes incorrect) assumption.
3 Likes
Even if correct I wouldn’t want the hassle of dealing with insurance when I can just do msds and be on my way.
1 Like
Also, most (i havent looked at all) “vehicle replacement” insurance policies specifically don’t apply to leases.
1 Like
Your choice. I don’t assume OP is an imbecile, I assume he can do math, look at his options and select the path most suitable for him/her. I just say there is a thing called replacement insurance. He/she can check the costs/benefits/options and decide what he/she wants.
I won’t speculate, it would depend on the insurance and the terms of the contract.
I borrowed 15000 from you and have a collateral securing your 15000. That collateral has 30000 appraised value at the time of loss. I destroyed that collateral, one way or another. Are you now entitled to full 30000 if I paid extra1000 premium out of my pocket to insurance company for the full replacement cost of the collateral? Just a question here, not assertion. Waiting for you to answer.
I totally get what you’re saying but Logic doesn’t matter when dealing with banks and insurance. Just show a contract or it’s all moot
2 Likes
That’s up to OP to read that contract and make sure all his bases are covered. I assume he would do so before signing it, like any rational person would.
Well op hasn’t replied. You have guaranteed 45-50% roi over 3 years with msds (at least with my Toyotas). That’s always going to be the best thing to do with down payments if it’s in your budget to do so.
2 Likes
This is exactly how it has been playing out with multiple people who have leased cars with equity.
You are correct for a purchase, not a lease.
Aren’t you the one who dislikes strawman arguments?
Because you just made one…
There is both a hypothetical lease and insurance contract at play, how would a personal loan argument ever make that point?
And as @mllcb42 patiently explained to you, we’ve looked at countless examples here over the past several years, with real contracts, and occasionally argued with lawyers about it. People have reported their outcomes after the fact, and if you spent as much time reading as posting (hopefully talking to Siri or an AI assistant and not typing), you’d see proof.
Experience here would teach you that insurance (and tax obviously) varies by state, and the lease agreements are different by captive, so, if your point here was a concern, you would’ve asked it in your first post, and not first written 7 replies with so much conviction that was dependent on that point.
In fairness’s, 2 of those first 7 replies were saying you were reporting disagreement to mods and making a poor news outlet misinformation joke.
If you’re trying to express your opinions, swell, but expect disagreement when they are wrong — you may not know why they aren’t, but if they are someone will explain it, none of us currently lives in all 50 states and leases from every single captive since their standard lease agreement got revises. And understand that your wrong opinion isn’t helping someone else who came here for help.
All of that said:
Is the correct answer
And OP can do whatever they want, but they shouldn’t apply their trade equity as a CCR.
And if @Eric51 disagrees, he is welcome to search LH for all the “bank stole my equity” posts since 2020 and reply here with links to each of them, there is probably 1000+ replies distilled here into the best recommendation to OPs question.
5 Likes
Too many words and too vaguely stated to understand what the point is. But as far as disagreements go, anyone can share any opinion on the subject they want. No one can be forced to agree with the other. And no one is preaching a Gospel here. But it’s one thing to disagree with what the other says and it’s entirely different thing to harass them, demand that they stop posting, disparage, libel and personally attack them.
They can, but expect to get called-out when wrong. That doesn’t make it ad hominem.
Now that we agree your points lacked context and were wrong given the question OP asked, can we move on, or more word salad?
6 Likes
Remember if you disagree with that guy you are automatically wrong and committing murder/slander/money laundering or any other crime he says.
2 Likes
Or you sell GLE for a living.
2 Likes
Oh dang the lots of long-winded text guy is the same guy who dislikes the GLS and GLE?
3 Likes
They can, but expect to get called-out when wrong. That doesn’t make it ad hominem.
I guess you don’t understand the definition of ad hominem. Telling people "Don’t ever listen to Eric51, he always lies/misinforms/tells tall tales! Moderators! Censor him, ban him, shut him up now!!! I can’t stand him!!! " is not the same thing as saying “Eric51 said replacement coverage for lease could work. He is incorrect and here is why…”.
Here is the dictionary definition for you:
ad ho·mi·nem
/ˌad ˈhämənəm/
adjective
1. (of an argument or reaction) directed against a person rather than the position they are maintaining.
“vicious ad hominem attacks”
Source: Oxford languages.
Now that we agree your points lacked context and were wrong given the question OP asked, can we move on, or more word salad?
Not so fast. Where are the answers/sources/links to support what you claim? I asked specific questions, among them this one: if you total a car that has $15,000 pay-off (amount owed to bank), but you purchased (without being required to do so) full replacement coverage for that same car, with replacement cost of the car being $35,000, are you saying the bank is entitled to $35,000?
You have to do the research if you want to marinate in your certitude, it’s not homework for others at this point.
Then don’t say what I say is full of cr@ap. Do your own research first and then explain why what I stated is inaccurate. Or bring a source to prove that bank is entitled to $35000 if you owe it only $15000 for leased vehicle, if that’s what you claim.
I have, many times
Do you’re homework Eric, we’ll wait …