Attached photo shows the numbers when I leased the vehicle. The adjuster deemed my car a total loss, and valued its current value at $117,334. Am I understanding this correctly? Am I supposed to get back the difference between the 117k and the original 111k balance forward? Bottom line is that I want my down payment back. If I’m not understanding this correctly, and I’m going to get screwed out of it, what are my options? Can anyone recommend what my next steps should be? Can I fight my insurance company’s valuation? How do I do that?
No, forget about it
Be nice to the guy - he was just in a accident
The $4k goes toward the dinner bill
Mind explaining where my thinking is wrong?
Because you do not own the car.
Lets say you bought it. the loan balance was 105 and the vehicle was worth 108
then you would get the 3k
This is MBFS’ car
Right, but I also had the right to purchase the car at the end of the lease, and if if it’s residual value exceeded the buyout value, I could purchase it and turn it around and sell it at a profit.
I mean Geico themselves told me that if the current value of the vehicle exceeded the purchase price of the vehicle, I could get some money back.
It’s underwater looks like you owe MBZ money bro
Look at your lease agreement, and let us know what it says about this type of situation. That will probably answer the question.
Thats a whole lotta “ifs” currently it is MBFS car
MBFS leases have Gap built in. Else all us EQS owners are screwed lol
Tell me your joking, or I’m going to shit my pants right now.
OP thinks there is equity in it …
In an EQS?! Bagahhahaha
Why do you care if its underwater?
It’s literally not your car, not your problem
OP WANTED TO FINANCE THIS CAR OMG
This is why you don’t buy the extended warranty until your current warranty is almost up or you don’t do down payments on leases.
Your right to purchase the vehicle was shattered when you totaled the vehicle.
On a unrelated note, what happens if you have MSDs? is it gone too?
I believe you get those back.
MSDs you get back. Only case of equity check in a total loss situation I’ve heard was on CCAP lease.