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I wrecked (totaled) a leased auto and I failed to maintain ...

Sent to Car Experts August 08, 2006 6:09 p.m.

I wrecked (totaled) a leased auto and I failed to maintain auto insurance. I paid for GAP coverage on the auto. What will the Auto Dealer do?

Optional Information:
2006 Toyota Highlander

Already Tried:
nothing

Customer (name blocked for privacy)

Status: Closed Value: $8

Answer
August 08, 2006 6:22 p.m. (13 minutes and 32 seconds later)

REPLIED

It's a bank or finance company that actually owns the car. I'm sure they will come after you for the value of the car.

The dealer may be required to take over the car and problem from them but that's between the dealer and the finance company.

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Hammer Time -- L1 Master Technician -- 98% Positive Feedback on 2710 Car Accepts
ASE Mastertech with Adv level Engine performance cert.

Reply to Hammer Time
Sent August 08, 2006 6:44 p.m. (21 minutes and 53 seconds later)

true. The auto is in my opinion totaled. If it is declared totaled and I had insurance, the lien holder and the insurance company would have contributed to the auto. But since I don't have coverage, I should be responsible for what the insurance company would've contributed towards the damaged auto in conjunction with the GAP coverage I paid for with the lien holder. I shouldn't have to pay for the entire vehicle only the part GAP wouldn't pay. Legal representation may be needed if they try to come after me for the entire amount. Will the lien holder arbitrate this matter?

Customer (name blocked for privacy)

Answer
August 08, 2006 6:52 p.m. (7 minutes and 44 seconds later)

ACCEPTED

Who knows what decisions the lienholder will make. They have legal costs also and that will play into their decision. Of course they will try to get as much as they can and could win if your not represented well. Your theory appears to be correct but you never know what a bank will try.

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Hammer Time -- L1 Master Technician -- 98% Positive Feedback on 2710 Car Accepts
ASE Mastertech with Adv level Engine performance cert.

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