Received check from GM financial after car was totaled

Ask the Hackrs
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1

After 7 months in a lease, blazer ev was otaled and received a check for $5k from GM financial .

My one payment lease was $2400😀

What could be the reason?

2

Somethings you just cash and keep quiet. This is one of those things

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3

$1,700 of it would have been your remaining lease payments and the balance sounds like the insurance company paid them more than what your payoff was. Some companies keep the difference and others pass it onto the lessee.

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4

This thread should be fun. How much can we get if our blowout EV lease is totaled?

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5

GM, or any other leasing company, have no idea how lessee structured the original deal. The lessee could have a trade-in or special one time credit or whatever. Hence, I suspect how much your pay lease you out-of-pocket is irrelevant. The insurance company adjuster simply calculated the reasonable depreciation for 7 months of ownership + tax and titles, and cut you the check for that amount.

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6

This is especially true for those of us that had the “off contract” rebate checks from the dealer.

7

The bad news is that there is no EV replacement even with that extra money you got :confused:

Unless you like VinFast.

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8

Have we seen new lease information for this month?

9

This isn’t true. They gave the original contract. Yes they don’t know who paid for what, but they have the lease contract

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10

One-time cash back is typically not in the lease contract, otherwise it would reflect neg depreciation which would cause it to not fund.

11

Right that’s why I said they don’t know who paid for one. Usually in a one pay lease, the dealer doesn’t write me a check back for negative depreciation, they just don’t collect the full amount written on the contract

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12

sorry…I read your message out of context. But yep, we’re saying the same thing.

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13

There are many ways to structure a deal that are not reflected on a single contract.

Just as an example to illustrate my point, this year I leased 2 cars from the same dealer, on 2 different contracts. He sweetened the deal on 1 car to make the deals for 2 cars work. If I totaled loss the car that has the sweetened deal, I would be very upset if I only get back what I paid for it as reflected in that contract.