Quote:
Originally Posted by pochesq
I dont know for sure so this involves some speculation using the numbers I see on my own contract which is similar to the posted deal. Assuming selling price is $90k with $102k MSRP and it gets totaled within the first few months with only 2k miles then I would assume insurance will pay FMV of appx $92-$94k. The $9k drive off is comprised of appx $6000 for cap cost reduction so total cap cost is $84k. You would then get the difference of the insurance money of $92k-$94k and the current payoff of $82k. Again these are assumptions on my part but the car is $13k off MSRP so you get that added value against instant depreciation with or without the accident.
Just for full disclosure I got my car brand new with msrp of appx $103k, gross cap cost of $87,388 less $6,400 for cap cost reduction ($8,750 drive off) so net cap cost for me is $80,964. So if I got into an accident and my car was totaled I think I would come out at minimum flat (return of my $8750) and at best with a a few thousand in addition to my drive off.
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It is actually a very good deal on the car. However, it is becoming quite common on the 2013. The cap cost reduction is so high purely to get the advertised pmts to such an attractive advertised range, however, net bottom line remains extremely attractive. As for the $9k ("if you get in a wreck"-which is a silly question) is no different than on any lease/purchase, with the exception that you are fully protected by Gap ins. on the lease.