Totaled after 2 months. What to do?

Hello guys.

I have leased 2020 Mercedes C300 in September and right after 2 months, this high schooler literally stopped on the highway trying to merge into jammed exit, resulting my careless action of bumping into him. Airbag didnt pop off, so I thought I was good for now but apparently…estimate blew the insurance off.

MSRP: $50,120
Estimate to fix: $23,276.32
Insurance Market Value: $43,493.03
Lease Payment: $17,714 remaining
Mileage: 3400mi

My Plymouth insurance will cover everything, however I feel like Im just following up whatever they tell me. They said they are just waiting for a pay off letter from MBFS so they can send them a check.
I tried searching for the similar car’s market value but it seems to be higher than the value my insurance declared. The question is, should I just let them proceed with whatever they will do? Is there any pocket money I can take to pay for my future incoming insurance rate blast off?

PS. The car infront had $900 of damage.

EDIT: Im covered with GAP and there is no negative equity

1 Like

Are you sure they are going to total the car? If the estimate to fix is 23k I would assume that is the route they will go vs paying out 43k to total the car unless it would not be safe to operate after repairs.

1 Like

Im covered with everything.
I wont have to worry about negative equity because of Mercedes lease protection

not the OP obviously, but I’ve read the GAP portion of the lease 3x and am still not positive. It explicitly states there is no GAP coverage; however they MAY waive the GAP if you have specific level of liability / collision etc coverage. Left me a little uncomfortable as state farm doesn’t offer GAP.

Yes I received final estimate saying this vehicle is marked as total loss.

I don’t understand the question.

You cannot stop an insurance company from declaring a total loss; in fact it’s in your best interest to not take back a car repaired after massive amount of damage.

What is this pocket money you speak of? Who is supposed to pay this? Your own insurance? Mercedes? The other driver? You’d need to talk to an attorney about what you may or may not be legally entitled to in your state given the specific circumstances

1 Like

Reply: My insurance said they will cover everything by paying my lease off. Ive been told if the market value is greater than the insurance’s end, the positive equity check will be added. I might be misinformed but Im learning

IDK who told you this, but I also don’t know why you’re not asking an attorney if that is the case rather than a bunch of internet strangers who may or may not have any clue what they’re talking about.

1 Like

I was fully responsible therefore didnt think attorney was needed.

You’ve got it backwards. “Market value” is a debatable concept. You can go back & forth with your insurance about the value; all that matters is the check they write at the end. Let’s say that’s $45,000.

MBFS is owed the current payoff (not just your remaining payments). If that’s 44k then someone will pocket the extra $1,000 in positive equity; the language of the contract will determine if you or MBFS get that.

But let’s say the payoff is $48,000. Then there’s no positive equity for anyone to fight over.

Then we’re back to square one…what’s the question? Let them pay the car off, total it out and get something new. You’re not going to get some windfall out of this. Again, if you’re looking for additional monies, if they even exist, you should be talking to an attorney who understands the laws in your state, and your circumstances…not a bunch of internet strangers you have no idea if they know what they’re spewing is correct or not. For all you know, I’m a garbage man by day, and a shoe salesman at night.

Hopefully nobody was hurt, if so definitely see a doctor immediately.

As mentioned, you’re in a total loss process now. Get your lease documentation together, and ask for any upfronts you paid to be refunded. This is where you may need a lawyer.

Start shopping your next lease, and don’t put any money down next time, since you only got 1/18 of any value you paid for (now: @max_g will tell you how statistically impossible it is that you totaled your lease that early, and how I’m likely it is that you would ever total another one - I’m the unlucky slob who leased 3 lemons, so I shift all the risk to the captive lender).

What other questions do you have right now?

1 Like

You are responsible for your deductible and being presumptive at fault, your premiums will go up.

I didnt put down any money!
This was my first time totaling a leased vehicle. The minivan I bought got totaled due to snow and I got 6K extra (check was $16000, car calue was $10000 ) so I thought the sitution would be similar. Oh wells its completely not

1 Like

2 total losses in a short period of time? Insurance rates go :rocket:

1 Like

This was awhile back…

But unfortunately, some taxi rear ended my family member and his 4 discs popped this March and still getting treatment and surgery. Because of this accident, insurance will be flying to mars

if they don’t drop you altogether at renewal time

Both of the cars were under same name. I was the co-signer for this mercedes though. Is there any way to get around?

yeah, it’s a bad idea to put any money down on a lease. I hate to see offers asking for huge upfronts just to show a low monthly payment. Totally unnecessarily on a lease car unless your credit score is bad I guess.