Question about totaled leased car

[starry_solo]

In our paperwork when we have leased cars, and that is just our experience and may not be standard, it is not the lease amount owed if a car is totaled, but the value of the car. Others more experienced please correct me if wrong. If the car is totaled, replacement value of the car may be more than what you owe on the lease. In that case, the entire amount will go to the owner of the vehicle not the lessee.

I would think so too, only because the lease value does not equal the actual value of the vehicle...that is, if you finished the lease off, you couldn't just walk out with the vehicle and owe zero dollars. But I've never leased a vehicle before.

 

[TheIncredibles!]

The insurance company called to confirm. They have the payout, after they pay off the lease and take out deductible we are getting just over 2k back. Works for me!!!