The insurance companies want to collect money and minimize the payments going out. Unfortunately what happens on these transactions are always on a case by case basis. Not only to mention different insurance companies act differently. Luckily you were made whole in a sense, but should of been entitled to more.
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They clawed back my deductible which the insurance company deducted from the payout to the leasing agent.
If I may ask, how long did it take for the insurance company to pay the leasing company? Currently in a similar situation.
I tried to quickly look at all the responses but didnât see it mentioned.
The $500 charge is the deductible for GAP insurance. I recently went though this in April. In my case, I didnât pay a deductible to my insurance company. The insurance company calls Infiniti, they agree to total cost they need to send a check and I paid $500 deductible to Infiniti. I paid it through the same website/account I paid my regular car payments through.
In this case though there is no gap required? There is no gap in coverage vs payment
I can tell you what happened in my case:
Geico was going to pay what they thought the car was worth. It was less than what I owed from total lease payments which left some money left over. Thatâs where GAP kicked in. I had some negative equity from previous vehicle. Not sure if OP had negative equity, but even if he didnât Geico, for example would determine what they thought the car was worth and if it wasnât enough to fulfull the entire loan, GAP I would assume would come in.
I received diminished value 3 times on leased cars. Each time itâs sort of a negotiation. My last Subaru I needed it because at the end of the lease I bought the car because it had equity in it. However due to two minor accidents the car could not be sold as a certified car. I collected $2000 and thatâs about what I was out if I sold it to a dealer. I ended up selling it privately.
I donât remember exactly but it was less than a month. Kudoâs to GEICO.
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