QUESTION
How do I recover my brand new car?
Asked on Jun 21st, 2017 on Automobile Accidents - New Jersey
More details to this question:
About 3 weeks ago my brand new car (leased) was totaled by 3 persona while it was parked on a residential road. Around 2 AM on a Saturday Saturday morning. The insurance company declared it a total loss. I'm out a brand new (3 months old) car and the down payment I put on my vehicle. The police report says no drug or alcohol test was given. They flipped their car on its side and mine was totaled. They told the police report they got rear ended, but there is no damage on the back of their vehicle. They told the insurance company that they swerved to miss a cat. I was originally told by the insurance company that it should be quick and painless to roll me over into a new lease. And three weeks later, I'm being told today, that I don't get any money back for that car and I don't get a car out of it and I'm left with zero. I have pictures, police reports and other documents. I just was referred by insurance that this may turn into a legal matter. Any details are much appreciated.
1 ANSWER
Anthony Van Zwaren
Hopefully in addition to insurance on your vehicle you had gap insurance to cover the difference between the depreciated value of the car and the amount remaining on the lease. Unfortunately, you face the typical problem that occurs when you lease a car that has been nearly purchased. Your insurance pays the balance on the lease and there is nothing left over for a new vehicle. You may want to make sure your insurance company made its claims against the other drivers insurer so they can collect from the negligent driver's actions. But again, since the lease balance is likely higher than the actual salvage value of the car, you will not likely see any money for a new car.
Answered on Jun 24th, 2017 at 12:14 PM