Will i get money back if my lease car is totaled

If you total a leased car, you are still responsible for making your monthly payments until the car’s value is paid off to the lessor. But your insurance may cover the full value of the wrecked car, in which case you’ll be free and clear of any further financial responsibility.

QUICK LOOK

• If you total a leased car, your insurance may cover the full value of the car, but you won’t get back any money you put into the lease.
• If insurance doesn’t cover the full value of the car, you are responsible for paying the remaining balance to the lessor.
• Responsibility for paying for leased vehicle repairs ultimately lands on the lessee.
• Additional car insurance coverage, like gap insurance, is recommended for those leasing a car to protect against financial losses in total loss accidents.

What happens if you total a leased car?

If your leased car is totaled, your lessor is entitled to the fair market value of the totaled vehicle.

Your car insurance may cover this cost entirely, in which case, you’re off the hook for any further payme

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