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Originally Posted by markem
1. NO MATTER WHAT, you have to pay the lease. While I never had a bad accident, I have been told stories from people about how the payout from the insurance company didn't come close to fulfilling the lease requirements
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As some know I recently totaled my 4 month old leased car (well, the guy who hit me totaled it). There was a lot up in the air whether or not I had gap insurance (covering the difference between market value and payoff value), after many phone calls I learned that ALL leases from Nissan come with this included, it's not something that needs to be considered or paid for additionally. It sounds like a lot of car companies are doing this, probably to protect themselves from somebody totaling the car and not paying the full amount so they lose out or have to go to collections. In my case my insurance company will be (eventually) paying Nissan their fair value, Nissan will write off the rest, and I will be completely out of the lease.
Gap insurance is definitely something worth asking about when considering the lease, because I could have been out a few thousand dollars despite not being at fault in the accident. I didn't consider it when making the lease, so there were a few overly stressful days there while trying to get it figured out