You’re going to have to hound Geico relentlessly for that check. Otherwise…
In the same boat at the moment and my contract doesn’t state anything regarding overages. Based on the comments, it seems that BMW is one of the brands (depending on where you’re located) that keeps anything extra? Has anyone who experienced this in the past hired a lawyer for the difference? Or went back to BMW and was able to get the difference? Any insight would be appreciated.
TBH, while we don’t have an exhaustive inventory of every state/lessor combo showing who should be doing what, the chances are about zero that you’d be covering any new legal ground by litigating this for your situation.
Forget about the lessor’s financial exposure for a moment.
No lessor/manufacturer wants a national news story about illegally keeping insurance proceeds after a disabled transgender nun loses her adopted autistic Inuit daughter who was finally recovering from uvula cancer in a fiery auto crash.
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Like no manufacturer would want the news exposure of an emissions cheating scandal?
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That had a much different risk/reward profile for the bottom line.
yeah BMW recently changed their policy on this so they can capitalize on the current market. It used to be the lessee could keep the excess but that was before the market was so crazy
Where’d you find this info?
I forget the thread but a few months back there was a post where someone’s X2 burned down in their garage and like you they had a substantial amount of positive equity which the bank took instead.
In that thread someone had detailed the recent policy change at BMWFS
M3-Fast is unfortunately right based on what the BMW reps informed me as well. They apparently used to provide the difference to the leaseholder in the case the payout was greater than the balance. That apparently changed in the last year or so (not sure of the exact timeline).