2018 Alfa Romeo Stelvio with 5000 miles totaled in California (not at fault) 6 months into lease. Insurance company is asking for a photo of the price sticker and a copy of the lease agreement, specifically the payout section. I am ok sending the sticker but wouldn’t it be beneficial for me to withhold the lease contract? Sounds like they are wanting to pay payoff and not replacement value. Also, am I entitled to any upfront fees, such as tax and title since I’ll clearly have to pay that again in a new lease?
Any advice or additional things that I can or should seek to recover? Things to be mindful of?
Thank you in advance.
The lease contract wouldn’t let the insurance company know what the payoff is FYI.
If your lease is thru Ally … they offer what’s called a Substitution of Collateral(SOC).
Call customer service and ask to speak to someone concerning that topic.
They will tell you to go pick out a similar like vehicle from a dealer’s lot.
Something of the same year, model, and mileage.
If your insurance company is paying $35,000 for your total loss and you find a car for $35,000 (and the car is approved by Ally) … you just substitute that vehicle into the current lease contract.
I’m not sure how any policies such as tire and wheel would work with the SOC - I would assume it would have to be cancelled.
If the vehicle only costs $33,000 - then the difference from the insurance company is yours to keep.
Just an option to think about.
