In reply to jfryjfry :
What is complicating is the lease legal agreement one has to sign. Never read one but I bet it is written to screw the customer. What adds to the complication is the several insurance companies, lessor, lessee and who knows who else. Why someone leases a car is beyond me.
In reply to porschenut :
My wife's 2005 Sequoia had 200k on it, and cost me 300$ a month in gas. she drove locally 98% of the time, sat in carpool lines more than driving. Lease for the Hyundai was around 300$ a month with fees, but no maintenance costs and not concerned about my wife and kids getting stranded. Also so much more enjoyable of an experience. Instant torque, self driving, AC you can control when the car is off. I still think it was a good deal, I just got screwed.
I don't know how I found this out because I've never considered leasing, but I asked my insurance company and they verified it was true. Here, if you own/finance your car, get drunk and total it, you're SOL, the insurance company doesn't pay. If the car is leased, the insurance pays the company you leased it from. WTF?
Peabody said:I don't know how I found this out because I've never considered leasing, but I asked my insurance company and they verified it was true. Here, if you own/finance your car, get drunk and total it, you're SOL, the insurance company doesn't pay. If the car is leased, the insurance pays the company you leased it from. WTF?
Because you wrecked someone elses property vs your own property. If you get drunk and wreck MY car, you are responsible, why would a lease be any different?
When you lease a car, there is no ownership, you are paying to use something that belongs to someone else for a set time. Take cars out of it, if you lease office space in a building, do you have ownership in that building? It's really not a hard concept, but make it about a car and people go sideways when discussing it for some reason.
Peabody said:I don't know how I found this out because I've never considered leasing, but I asked my insurance company and they verified it was true. Here, if you own/finance your car, get drunk and total it, you're SOL, the insurance company doesn't pay. If the car is leased, the insurance pays the company you leased it from. WTF?
The leasing company requires that you buy insurance that makes them whole in pretty much any circumstance. You're likely to pay more for that leased insurance than for the same policy if you owned the same vehicle because of that carve-out.
It is only by dumb luck that I haven't found out the hard way myself. I have taken the regional lease deal numerous times in the past (with money down up front to tweak the payment).
I stumbled across the leasehackers website a couple years ago. Now that I know better I may try my luck negotiating the numbers next January when my 22 Outback lease ends.
codrus (Forum Supporter) said:Peabody said:I don't know how I found this out because I've never considered leasing, but I asked my insurance company and they verified it was true. Here, if you own/finance your car, get drunk and total it, you're SOL, the insurance company doesn't pay. If the car is leased, the insurance pays the company you leased it from. WTF?
The leasing company requires that you buy insurance that makes them whole in pretty much any circumstance. You're likely to pay more for that leased insurance than for the same policy if you owned the same vehicle because of that carve-out.
Lease insurance can be more expensive enough to negate the difference between buying and leasing, as a result.
Back when I really really wanted a new 2.5RS, leasing would have shaved $50 from my monthly payment but added $50 to my monthly insurance premium. Either way it totaled $800/month.
I was taking home about $1200-1500 a month. I did not ever get a 2.5RS 
dj06482 (Forum Supporter) said:I've never leased a car, but this thread is eye-opening - I had no idea a totaled lease vehicle was this complicated. Hoping the OP comes out of everything OK.
It simply is not but as with so many things adding a heaping tablespoon of autocrosser personalty disorder makes it so.
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