Originally Posted by cpiguy
Not sure where you got that info from, but it is totally dependent on your insurance policy. I had an X5 totalled 6 years ago. The accident occurred less than a week after I picked the car up. The insurance company gave full original cap value from my lease contract, and I was able to rebuy the car at a better discount, putting 2 grand in my pocket.
And oh yeah, I had done a $5000 cap reduction.
Just the way my policy works.
I think you are the exception rather than the rule because the accident happened so close to your delivery date. Usually if the accident were to happen a year or two after pick-up the car is worth less than the remaining payments on the lease and gap insurance kicks in. Pretty much everyone I've ever talked to says not to put money down on leases for this reason - sales managers, CAs, finance managers.
Current: 2013 Monte Carlo Blue F10 M5 (ED on 9/1/12)
Previous: 2009 Carbon Black E60 M5, 2006 Silverstone II E60 M5, 2003 Sterling Grey E39 M5, 2000 Anthracite E39 540i6, 1998 Jeep Grand Cherokee 5.9 Limited, 1990 Eagle Talon TSi AWD, 1978 Mazda RX-7