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Auto Leasing Problem

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marchypnos

Junior Member
Rhode Island

I leased a 2007 Cadillac Escalade in September of 2007. The salesperson and the business manager suggested that I put down more money because I was worried about what the payments would be down the road. I put $12,000.00 down to lower the payments like they suggested. It lowered the payment $500.00 per month. It seemed ok at the time. Recently a tree fell on my Escalade and totalled it. The insurance doesnt quite cover the amount still owed, but there is gap insurance through GMAC the leasing company. The problem is that the deposit that I put on the vehicle is spread over 24 months on each payment. I still haven't made 14 payments. There is $7000.00 of deposit that wasn't used yet. If I had not put the deposit down, the GAP insurance would have covered the $7000.00 difference in the book value of the vehicle and what my insurance company would pay up to. The dealer tells me I'm out of luck. They say it wouldnt have happened if I hadn't put a deposit down. What should I do?
 



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