by garywichita » Sun Oct 24, 2010 02:23 pm
Hi all, I've read through some of the responses on various threads here, and Lori, you seem very knowledgeable, maybe you or someone else with a similar level of insight can give me advice.
I have car that I am leasing and it was very recently vandalized. I am thinking of filing a claim and getting some estimates from insurers. Am I obligated to fix the damage? From what I read in this message thread, I am unsure (because the car is leased).
Ideally I'd like to get some estimates and have the insurance company send me a check to have it repaired. However, I have a neighbor who used to do vehicle restorations and he is quite handy with a paint gun and buffer.
Could I cash the insurance check and choose to just have my neighbor repair the car wherein I can just pay him cash or mow his lawn or other neighborly favor, (the check's value I assume would be at whatever the estimates were from the body shops). I thought of this when reading one of the earlier posts in the thread that indicated that I am not obligated to have it repaired, (but I will in some way have it repaired, at the latest before I turn it back in after lease, possibly painted by my neighbor).
Thanks in advance for the experience and advice you can provide!
I have car that I am leasing and it was very recently vandalized. I am thinking of filing a claim and getting some estimates from insurers. Am I obligated to fix the damage? From what I read in this message thread, I am unsure (because the car is leased).
Ideally I'd like to get some estimates and have the insurance company send me a check to have it repaired. However, I have a neighbor who used to do vehicle restorations and he is quite handy with a paint gun and buffer.
Could I cash the insurance check and choose to just have my neighbor repair the car wherein I can just pay him cash or mow his lawn or other neighborly favor, (the check's value I assume would be at whatever the estimates were from the body shops). I thought of this when reading one of the earlier posts in the thread that indicated that I am not obligated to have it repaired, (but I will in some way have it repaired, at the latest before I turn it back in after lease, possibly painted by my neighbor).
Thanks in advance for the experience and advice you can provide!
Posted: Sun Oct 24, 2010 03:55 pm Post Subject:
You could... but there is a good possibility that the check will include the leasing companies name on it. They would require some confirmation that the work had been done before they will endorse the check.
If the amount is very low, some carriers won't include the leasing companies name on the check but this is rare these days.
Your leading company _might_ also require you to have the work done at some type of reputable business in order to make sure that the repairs are done correctly.
Posted: Sun Oct 24, 2010 07:08 pm Post Subject:
Am I obligated to fix the damage?
Of course not. And by the same token, the leasing company is not obligated to give you full credit for the "residual" that is calculated into the lease agreement, causing you to owe more money than you might have expected to pay at lease end. (You do understand that you will probably owe a few thousand dollars to the leasing company when your lease comes due, don't you?)
It's in your own best interest to return the vehicle in as near-to-new condition as possible to obtain the best possible used car (residual) value.
I am thinking of filing a claim and getting some estimates from insurers
This is a puzzling statement. You get estimates from body shops and you only have your own insurer (not multiple insurers) from whom to get an appraisal.
Posted: Tue Oct 26, 2010 09:43 am Post Subject:
They would require some confirmation that the work had been done before they will endorse the check.
It's true that the work should be done before the check gets endorsed. I wonder what kind of confirmation would they look for!
Will they simply look at the condition of the car? Or do they look for documents?
Posted: Tue Oct 26, 2010 04:50 pm Post Subject:
Or do they look for documents?
The completed work invoice would probably be sufficient. If prepared falsely, claiming that work had been performed when it had not, could expose the repair shop to criminal prosecution. Not too many folks would sign up for that -- but some do, and they usually get caught.
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