If the car is leased, and it got stolen/ total lost...

[tun]

I'm about to lease this baby

And this is the first time I've got the guts to go for a new car and on lease.

Can I ask, what happened if the car is stolen during the lease period? Normally insurance will not pay in full (I guess). Do we , should we or can we buy Gap Insurance on a lease car?

Thanks.

 

[Stvtech]

You need to look at the fine print of the lease contract, or at least ask the question.
Total Loss insurance is often built-in to the contract, so no need to buy a GAP product separately.

 

[tun]

You need to look at the fine print of the lease contract, or at least ask the question.
Total Loss insurance is often built-in to the contract, so no need to buy a GAP product separately.

Thanks! I've tried reading it in a sane manner but the fine prints are really really fine. Both in size and in the language they use

 

[maby]

Greendwarf is a lawyer, so he should be able to make sense of it for you!

 

[tun]

And I quote...

"...In the event that the Vehicle is stolen or, in the opinion of the insurance company, damaged beyond economical repair the Hirer will notify ARVAL immediately. The Hirer hereby assigns to
ARVAL the right to receive any monies due from the insurers. The Contract Term will terminate on receipt by ARVAL of such insurance monies or upon notification to ARVAL that the
insurers have declined or refused to make any payment under the insurance policy and ARVAL will calculate the difference between the insurance proceeds received and the ARVAL
Written Down Value at the date of termination of the Contract Term plus ARVAL's standard early termination administration fee plus VAT to produce a charge or credit, any charge will be
invoiced to the Hirer any credit will be credited to the Hirer by ARVAL. ARVAL will also determine the difference between the total Maintenance Charges received and the total amounts
invoiced to ARVAL (or authorised by ARVAL..."

 

[welljock]

And I quote...

"...In the event that the Vehicle is stolen or, in the opinion of the insurance company, damaged beyond economical repair the Hirer will notify ARVAL immediately. The Hirer hereby assigns to
ARVAL the right to receive any monies due from the insurers. The Contract Term will terminate on receipt by ARVAL of such insurance monies or upon notification to ARVAL that the
insurers have declined or refused to make any payment under the insurance policy and ARVAL will calculate the difference between the insurance proceeds received and the ARVAL
Written Down Value at the date of termination of the Contract Term plus ARVAL's standard early termination administration fee plus VAT to produce a charge or credit, any charge will be
invoiced to the Hirer any credit will be credited to the Hirer by ARVAL. ARVAL will also determine the difference between the total Maintenance Charges received and the total amounts
invoiced to ARVAL (or authorised by ARVAL..."

In layman's terms that means ARVAL will decide how much you owe them

 

[tun]

And I quote...

"...In the event that the Vehicle is stolen or, in the opinion of the insurance company, damaged beyond economical repair the Hirer will notify ARVAL immediately. The Hirer hereby assigns to
ARVAL the right to receive any monies due from the insurers. The Contract Term will terminate on receipt by ARVAL of such insurance monies or upon notification to ARVAL that the
insurers have declined or refused to make any payment under the insurance policy and ARVAL will calculate the difference between the insurance proceeds received and the ARVAL
Written Down Value at the date of termination of the Contract Term plus ARVAL's standard early termination administration fee plus VAT to produce a charge or credit, any charge will be
invoiced to the Hirer any credit will be credited to the Hirer by ARVAL. ARVAL will also determine the difference between the total Maintenance Charges received and the total amounts
invoiced to ARVAL (or authorised by ARVAL..."

In layman's terms that means ARVAL will decide how much you owe them

Hahha.. That's what my I'm worried and see if I could get a Gap Insurance to cover.

 

[greendwarf]

Greendwarf is a lawyer, so he should be able to make sense of it for you!

Teach me to boast but my training was general business law and practice is immigration, so I'm no use on this I'm afraid