They destroyed my 2 month old taco

Hi,

That is a bit different. We were talking about DV from an accident. Miles and damages assessed is written into the contract. The person leased the vehicle for a certain term and is required to return it in a certain condition.

If it has been in an accident and repaired there is no absolute way to prove exact loss of value. You could get dealer quotes, but they are subjective. Georgia has a formula for consumers, but no leasing company in 23 years has ever contacted us for loss of value. They cannot prove the loss amount and most times they send the vehicles off to auction anyway so it is not worth their time, If it is a chop shop that did the repairs, then there is an issue that is taken up with the owner to rectify the repair issues or pay the leasing company to make corrective repairs before they accept the vehicle back

 

Yes , but what they are saying is that one party isn’t 100% culpable. 2 parties are at fault so they’re splitting blame.

 

Yeah that’s what I’m going to have to do. I’m going to have to wait till my insurance Sues the people at fault to go after money the insurance lost and in that money there is going to be my deductible

 

I had a guy come into my occupied lane and run me up on a curb causing about $800 bucks (lower control arm, wheel bearing and rim) and didn't wanna pay me for damage so I put a lien on his assets (house) after going to court. I will get my money with interest when he sells the house.... he told the judge he was not going to pay me Judge asked me what I wanted to do I said lets file a lien on assets Judge explained to the guy what was going to happen and issued me lien rights. And the guy had to pay court costs and his fines for no insurance.

 

This is worth highlighting. That's one of the risks that the leaser (toyota, TFNA, whatever it is) takes in with leasing vehicles. It could have a collision - in which case the lesee (OP) (also SP F it, I don't care) washes their hands of it in 2-3 years, they don't owe extra for lost value of the vehicle due to a collision/repairs.

OP @Thenativefly - you leased, at the end of the lease, turn it over and wash your hands of the issue. Simple as that - one of the benefits of leasing, it's not always the best, but when someone hits it and you aren't at fault, that dramatic loss of value -- is not yours to deal with!


If I were you, I'd say you're pretty well lucky that the damages were done to a leased vehicle. S&%( happens, you got damages to deal with, and that sucks. But it looks like all body work, and the long term effects of it will all be absorbed by TFNA/Toyota, you get to drive a sweet truck for another 2 and change years, and turn it over at the end and let them eat the lost value.

 

From this perspective, if he has to eat the deductible and any other gap in coverage from the other drivers, it’s kind of a wash in the longer run. No diminished value impact on OP, but he’s out cash. Might make him feel better about the cash though. And maybe he still recovers it down the road.

 

Wow amazing. It’s sad but sometimes you have to take measures like that because people are dicks.

 

Definitely might still be able to recover ! Looks like it

 

So car is currently at the body shop, estimator told me that it is currently at about 40% in damages compared to the total price of the vehicle. They still have to continue tearing the vehicle apart to find any other damages that are left so percentage might increase, and possibly might reach total loss. It’s a maybe. If it is not a total loss car is going to be repaired completely.

 

Since it's new, might suck if it gets totaled based on the market value you'll be given vs the payoff amount from TFS.

 

Unless you want to lawyer up, you'll be walking if you refuse to drive it after repair.

 

OP remind us if you have gap insurance?

 

Nothing a lawyer can do. If there's no negligence or anything illegal (DUI, DWI, etc.), or injury, it's up to insurance companies to settle it. If the vehicle isn't totaled, one or more of the involved party's insurance company pays to repair it and that's it. Everyone has done what they are required to do.

 

Agreed. 40% is not that much in damages, parts are expensive. It would be cool to see what all there are in damages when you get the invoice.

 

It’s a lease

 

I’ll definitely share when I get the paperwork and let y’all know what the costs are for reference.

 

When you lease, if you total the vehicle you’ll still be responsible for paying the difference between the insurance payout and your payoff quote from TFS. When dealing with new vehicles usually you’re upside down for the first few months or more. Hence why that little evil of Gap insurance was invented.

 

Thank you for your detailed explanation. Personally, I would never lease, but it does appear to be somewhat of a benefit in a case such as this.

 

TFS requires gap on leases.

 

Good to know.