01-22-2022, 11:54 AM | #45 |
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This is why you put as little down on a lease as possible. It’s got built in gap coverage and you can always make more money with the capital working for you somewhere else.
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01-22-2022, 11:57 AM | #46 | |
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Confusing monthly cash flow management with good financial strategies is what holds back so many people from building wealth. |
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01-22-2022, 12:03 PM | #47 |
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Good point. I like to have low monthly payments. I think the challenge here is a matter of principle and contract. BMW FS is revoking a right for purchasing the vehicle which is not stated in the contract That's all that's at play here from my view.
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01-22-2022, 12:16 PM | #48 | |
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01-24-2022, 01:18 PM | #49 |
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I think OP is doing the right thing talking to an attorney. It may vary by state, and will be nuanced. As I put in a prior post, there is language in the lease agreement that addresses this - my non-lawyer interpretation is that BMW has the right to terminate the lease at the moment of the total loss (or notification of total loss). Although nothing that says how BMW must make this notification to you that they are electing to terminate the lease, or what happens if you buyout before notifying BMW that there is a total loss.
You = BMW, Me/I = Lessee “ 25. Vehicle Loss or Damage. I agree to immediately notify you if the Vehicle is damaged or destroyed in an accident, stolen, abandoned, or taken by a police or other governmental agency. If the Vehicle is damaged and you do not terminate this Lease because the Vehicle is reasonably repairable, I agree to make the repairs in accordance with Section 20 above at my expense. If one of these events occur and there is a total loss of the Vehicle, you reserve the right to terminate this Lease and my liability will be for the following: (1) the actual cash value of the Vehicle as of the date of loss; plus (2) any amounts (including any Monthly Payments) that have accrued prior to the date of loss; plus (3) the deductible under my insurance policy. The actual cash value shall have the same meaning as under my insurance policy. If the insurance coverage on the Vehicle required by this Lease is not in effect as of the date of loss, the actual cash value shall be the Vehicle’s average retail value as quoted in the then current edition of NADA’s USED CAR GUIDE for the geographical region in which the Vehicle is located, plus applicable taxes. If the vehicle is stolen or destroyed, another vehicle may be substituted in its place only if you agree to the substitution. You have no obligation to provide a substitution vehicle.” Last edited by rich5741; 01-24-2022 at 01:24 PM.. |
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01-24-2022, 02:32 PM | #50 | ||
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01-24-2022, 06:39 PM | #51 | |||
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OP I would dig into the contract in detail but I believe the terms do call for upon total loss the lease terminated… obviously there to protect the buyer from the reverse situation, where the car is totaled and bmw wants to keep collecting payments |
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01-25-2022, 09:09 PM | #52 | ||||
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02-02-2024, 04:28 PM | #53 | |
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