Diminished Value - Lexus Lease
02-08-15, 06:06 AM
#31
Lexus Test Driver
It's already repaired. I picked it up today. There is no issue to simply keep it until the end of the lease and turn in the car. But, if I wanted to get out earlier, or buy the car at the end of the lease, it's definitely worth less after all the body work. The diminished value appraiser told me that since the title is not in my name, that the payment would go to Lexus financial at which point they would apply the amount to future payments, or apply it to the residual value at the lease end. I was wondering if anyone else had done this and what Lexus did with the payment.
There is a walk around if you sell the car, with in 3y I think the deminished money will go to you! But you have to tell the insurance that you do not wish to ise the money towards the lease and that you will be selling the car, so that they would not send out the $ towards the paymets!
How much was the deminished value???
It maybe be worth selling even to the dealer just to get paid!
Also, if you not happy with the deminished value, you can always find people who specialize in the apraisal of things like that, pay them to apraise the car and gwt more $ from the insurance!!
Btw i did write a litle about deminished value in the "All About Lease " stiky
https://www.clublexus.com/forums/car-chat/747867-all-about-leasing-and-buying.html
Last edited by FastTags; 02-08-15 at 06:17 AM.
02-08-15, 06:24 AM
#32
Lexus Test Driver
Wait wait, did you say lexus gave you a card of the apraisal?? So the diminished value apraisal wasn't done by the insurance??? Did you pay for that apraisal? Most likely that was the 3rd party apraisal and it not the same thing as the apraisal by insurance. Get the insurance company involved, so if it was yoir fault then it would be your insurance, it its wasnt your fault then the other guy insurance must pay the diminished value!
02-08-15, 06:28 AM
#33
Lexus Test Driver
Here is my story, I had an Acura damaged, not my fault. Though i let my insurance fix the car. After it was fixed, i went to a few dealership to see what would be the trade in value, i asked them to email me the value to have proof.
Then I contacted the orher guy insurance and ask for the demished vslue apraisal ( i also sent the the proof of dealee trade in value, i did smuged the numbers a little) the insurance apraised the dim. Value of $1800, then the insurance told me since it is a lease i cant get the money untill i sell the car. In a few months i sold the car and sent them proof of sale, got my check in a week!
Then I contacted the orher guy insurance and ask for the demished vslue apraisal ( i also sent the the proof of dealee trade in value, i did smuged the numbers a little) the insurance apraised the dim. Value of $1800, then the insurance told me since it is a lease i cant get the money untill i sell the car. In a few months i sold the car and sent them proof of sale, got my check in a week!
Last edited by FastTags; 02-08-15 at 06:31 AM.
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