Hello everyone. I was in a very bad accident last week and my 2008 G37S was smashed in a head on collision. Nobody seriously injured. Just got word today from the body shop and the insurance that the car was totalled. Question is, where do I go from here? My insurance is going to call me tomorrow about details so I want to be fully informed before I speak to them. I had about 18 months left on the lease and about 10,000K left in payments. I'm pretty sure I have GAP insurance because I heard all Infiniti leases have it included. So do I tell the insurance to contact Infiniti financial services to discuss payoff amount or would I have to negoiate with the insurance based on market value of the car, get a check, and then issue Infiniti the balance they say is owed for the car? Also, GAP insurance protects me from paying anything left on the lease itself? Will they only be able to collect what the car is worth now and what the insurance pays?

Any help is greatly appreciated.

 

First. Good to hear you are ok. 2nd is get all your paperwork out and read it. It will tell you if you have GAP insurance or not. Unfortuantely I can not tell you much more than let the insurances handle it.

 

Thanks. I read the lease agreement and it says if vehicle is destroyed, we will accept insurance loss proceeds in full satisfaction of your early termination liability if you are in compliance with 3 things, and I'm in compliance with those things. I guess I'm in the clear?

 

Well glad you're ok.

If the car is done and you have full+gap you have nothing to worry about.
Basically gap fillis in what the insurance wont cover.
So heres how itll go down. The isurance will 1st pay out whatver it is you own on the car, if there is any money left aftet that you;ll get a check...if insurance coveres everything youll need to call gap and get your money back ( i learned that the hard way)...other than that there isnt much else u can do. jsut wait and starting looking for your next whip once u know how much you're going to end up with.

 

Every leased car has GAP insurance. No dealer will release a car without it.

 

exactly. otherwise dealers would have absolutely no protection on this since its actually still "the dealer's" car.

 

From http://www.infinitiusa.com/pdf/finan...ancing_IFS.pdf

Guaranteed Auto Protection (GAP) –
Protection that pays the difference between the amount you owe on your car and the
amount you receive from your insurance company if the car is stolen or destroyed before
you have satisfied your credit obligation. This protection is not required.

 

Do you have any pictures on how the car looks atm? Glad to hear no one got hurt

 

Also, the leasing company owns the vehicle. For most, it would be Infiniti Financial Services (IFS) that owns the vehicle.

 

You should be fine, they should actually cut you a check for the value of the car, but if it's less than what you owe that's where the GAP makes it up. If it's worth more you may get some money back, but odds are you'll just get to walk away early. If you liked it the dealer might try to get you in a new one.

 

Just to clarify...Toyota offers GAP for an additional fee. If you lease with a non-captive bank, GAP isn't always included either.

However, IFS does include GAP, assuming you financed with them.