Lease car totaled : did single one time payment

Ask the Hackrs Insurance
1

Nov 2023 lease Kia Niro EV (2024 model)
for about $8000 single Payment for 36 months.
About a week ago car got hit by another car and got totaled. Police told we were at fault.

Insurance came back yesterday with total payoff around $39000. I remember opting in for gap with auto insurance but does it help me here ?

Kia payoff as per call center is 33000 plus 7% tax. The residual is high as per Kia finance due to single payment. I am at the 12 month period of 36 months.

Do I need to review anything from lease signed contract and is there anything to speak to insurance or Kia?

Would Kia Finance help with another new lease or will I get any royalty credit? I already asked them to refund remaining balance on my single payment. Is that possible?

Any other suggestions or pointer to consider here?

Thanks in advance

KiaNiroTotalLoss-contract
KiaNiroTotalLoss-contract1179×1314 543 KB

Edited : added the page from contract that I think indicates total loss. Please let me know any inputs.

2

I’d recommend reading your contract - there should be a clause in there concerning this specific situation (i.e. the vehicle is totaled and the lease was a one-pay). I definitely know there is such a clause in my Jeep contract.

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3

Also, if it’s too hard to read through the legalese, post that section of your contract here and the forum will help you decipher it.

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5

Thanks .

Added the contract page to the original post

6

I think there should be another page that talks about total loss with a one-pay. If you can, please post the whole contract.