I leased the new redesigned Tesla Model 3 Highland less than 90 days ago.
Put $0 down, but about $2500 in upfront fees tax etc.
I was rear ended hard by large pickup. The other drivers insurance company GEICO, accepted 100% fault. GEICO is telling me this car will likely be totaled based on their initial analysis.
I have made only 3 payments to car on a 36 mo. Lease.
GEICO says their insured drivers policy limit is $50k. So, If the leasing company wants more than ~$45k to settle the lease, they won’t do it, instead I have to go thru my own Insurance company.
Santander USA is the leasing company Tesla used for my lease. They won’t give me a lease payoff , but instead are asking GEICO to send a settlement letter etc.
I feel stuck in a loop other than waiting to see how this plays out.
I am hoping this gets resolved soon, so I can order a new Tesla.
Any tips? Has anyone been thru something like this before?
What was the MSRP of the M3? Isn’t there a way to get an online payoff quote through the Tesla app?
You are most likely in a negative equity situation and your upfront payments are gone.
Based on what you said, the other driver is under-insured which is why geico said you’ll have to work through your own insurance company for any excess.
Only thing I can think of is to start looping in your own insurance company and let them do the heavy lifting for you via subrogation. Good luck.
Do you happen to have this in your lease agreement? Pulled this from another Tesla lease contract
If this is in your contract then whatever the insurance company gives Tesla they’ll call it good
Gap Protection. If your vehicle is a total loss and we get a settlement under your insurance policy that complies with this lease, you will not owe an early end liability under item 28. Instead, if such settlement is less than the adjusted lease balance (see item 28), you will owe the difference (up to your insurance deductible) plus any amounts due under item 30. We will credit you for any excess of the insurance settlement over the adjusted lease balance.
Other Amounts Due at Lease End. You will owe us the following when this lease ends: (i) any monthly payments already due and unpaid at such time; (ii) any official fees and taxes for the lease end; and (iii) any other amounts due and unpaid under this lease.
Right on. Typically the insurance company will create an ACV (Actual Cash Value) report to determine payout. They’ll send that over to the bank and if the bank accepts it, they’ll send over a LOG (Letter of Guarantee) to the insurance.
Yes, I had it towed to my house. Car was in my garage for a few hours, then decided to move it outside on my driveway to be safer. So, it’s outside for now.
