If you get into an accident with a leased car, should you inform the lease holder? If not reported, could that come back to bite you later down the road? Also, does the policy differ with different leasing companies?
2006-12-07 10:48:36 · 4 answers · asked by sardar615 2 in Cars & Transportation ➔ Buying & Selling
I am asking this because some of my friends that were leased with Nissan have said that it could be a problem but some that have leased with Ford and Lincoln said that it didn't matter. Please help.
2006-12-07 10:49:44 · update #1
You are required to carry collision and comprehensive insurance when you are leasing a vehicle.
You are responsible for the repairs to the vehicle. If the insurance company declares it a "total loss"....then you have to inform the lease holder. Just make SURE that you have the work done at a certified body shop...not at a buddy's garage.
You are responsible for repairing the damage. If you don't repair it correctly, then you will be paying for it at the lease end.
Thats my knowledge of leasing....but again, thats with Ford. Nissan or other finance companies may be different.
2006-12-07 12:50:03 · answer #1 · answered by glenspot 3 · 0⤊ 0⤋
The lessee is the legal owner of the car although you indeminfy that entity in the lease documents. But you are limited in what you can do. For example you can not take it out of the country without permission.
Likewise you are likely obligated to tell them about the accident. As long as you have insurance the matter is usually just paper work. Remember that the insurance check may come made out to BOTH of you, so they will find out that way too.
Bottom line.. check your lease documents to see what you are obligated to do.
2006-12-07 10:57:31 · answer #2 · answered by ca_surveyor 7 · 0⤊ 0⤋
If I'm information this correct it sounds such as you have been pulling out of a car park to show left onto a freeway. The freeway is four lanes on all sides. The two lanes of visitors closest to you, heading the reverse approach of the way in which you have been turning stopped to can help you pull out in entrance of them to show. The girl that hit you was once journeying within the third lane over (out of the four lanes that you just have been crossing in entrance of to show)? If that is the case than you're at fault. The girl that hit you had the correct of approach. Even even though the two lanes of visitors have been waving you on, you continue to didn't have the correct of approach. It does not topic that her brakes have been going out. I have labored as an coverage agent for the beyond nine.five years & I have visible a couple of injuries similar to this one. In they all, the character that was once pulling out in entrance of visitors to show left was once deemed at fault. Hope this is helping.
2016-09-03 10:41:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You should read the contract you signed if theirs any clause in their that will punish you for that but I don't see why you have to notify them thats what insurance and carfax is for.
2006-12-07 10:57:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋