A brand new car ( < 3 yr) with non-OEM parts? Bah! insist on OEM on a lease.
I would check the lease agreement to see if it requires OEM parts. On my Audi lease, the agreement stated I needed to use OEM parts.
On my owned Toyota, my insurance company refused to provide OEM parts after an accident. The repair shop ended up buying used headlights, which cost more (according to the repair bill) than a Toyota dealer was charging for new OEM lights.
This car is likely not totaled. New bumper and tail gate with some broken parts underneath. It is probably about 15k in damage (just a guess). Until you find out what the insurance company is going to do you are just going to be in limbo.
The bigger problem is that the value will not be the same once you have the Carfax showing damage. If it is fixed you may just want to sell for what you can get. I would also get bids now and after the repair to see if you possibly have a dimished value claim.
The way I see it: Get it fixed without exercising any more time and brain power. OEM, non OEM, you donāt need to care. Youād never buy out this car for yourself.
See if Carvana, Vroom, Driveway etc. offer any equity despite the accident. If you can make some easy money, make some.
Otherwise just return the lease.
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If you want the 8k back, you want the price to be as low as possible. Repaired and the lease grounded as quick as possible. Once your made whole on to the next
What 8k is there to get back? It was a cap cost reduction which reduced the monthly payments over the 36 month lease, which is basically done. The residual is the same it would have been with or without the cap reduction. And even before the accident it didnāt seem like there was 8k in equity, barely 4-5k if that based on numbers thrown around earlier. This one feels like bad candidate for a āflipā at this point with 2 accidents - if not buying to hold for the long run, Iād just fix it and return it.
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missed the last lease payment submitted already. Dudes wholeā¦slap that rear tray on and return lol
The other problem now is that it would likely take longer than the lease return date for the car to be repaired. Has OP inquired with Lexus about whether the lease needs to be extended?
Thatās the first thing Iām going to do tomorrow. Donāt they have to extend it?
I would think you donāt want to pay for another month while itās not in working condition either.
Anyone think it might be a good idea to get it fixed and try to extend the lease for another year and wait for the market to cool down? Have leasing companies been exdending leases these days? A lot of the quotes I have been getting are marking up the price of the car by 3k-7k.
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Any damage to the frame or hybrid components?
LFS most likely will not grant a 12 month extension, itāll probably be 3-6 months.
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I agree. Fix it and get the 6 month extension or even longer if possible. Downside is that with supply chain issues, it could take several weeks or months to fix thisā¦.
Insurance should provide a comparable rental car while itās being fixed. I would keep the car (if comfortable making the payment) as long as possible until the market corrects (if it does).
With two accidents it will be hard to flip for a profit and replacement options in the current market (aside from the 4xe Wrangler) are terrible.
Not sure about that. Itās going to be towed to the body shop on Thursday (2 days from today) and iāll find out then.
Unfortunately, my insurance only has a $30/day ($900 total limit) limit on the rental.
So should I tell the leasing company about the accident before asking for an extension (I havenāt yet, but was going to this morning until I thought of extending the lease)?
You were rear ended? Shouldnāt the person who hit you provide a rental through their insurance?
How long is the body shop telling you repairs will take?
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OP hope things work out for you. I think you should
Just fix the car and move on. I wouldnāt purchase to keep.
Iām shocked that there are so many folks that donāt understand that the the 8k up front would have been gone by now anyway
Just an FYI, the Eminent White is a real PIA to match. Make sure youāre thorough with your inspection when picking up. Thatās if itās not totaled out.
Iāll know this on Thursday