Totalled Car

[riotzone299]

What is the name of your state?I live in Pennsylvania. I was involved in a car accident two weeks ago. The other driver was at fault. Her insurance company valued my car below what i still owe on the lease. It was a 1998 explorer. I'm worried that the leasing bank will tell me I still owe them. I'm also out of a car and can't get a another one due to credit problems. Is there any way to get her insurance company to give me more money to at least replace my car.

 

[Lynx 36]

The insurance company will only give you fair market value f/ the car. They are not required to pay off your loan. So unless you have gap insurance you will be responsible f/ the balance of your loan.

 

[jpritchett81]

Do you have gap coverage...?

 

[Jeeplady66]

Gap coverage is standard in most leases. Read the back of your contract or contact the finance manager at the dealer.