Finance Guide Center

Car Leasing Please answer?

If someone hits my leased car and the damage is to be paid out of someone else's insurance, who gets the insurance money, the leasing company or me who pays the lease. Does the leasing company even care that there is an accident?

Public Comments

1. If the lease holder is shown as first lienholder on the title, then a check with your name & the leasing company on it, as well as the repair place you are going to get it fixed at. yes, they care because if you quit paying for it & they take it back, they will have a loss. imagine if you hit a tree & it's still drivable. when you go to turn it in, you will be charged for the damage done.
2. The insurance check goes to the repair shop. Technically, there is no need for the lease company to know about the accident, as long as the repairs are done professionally and with OEM parts. If the repairs aren't done well, you'll get a bill from the lease company after you return the vehicle. Having said the above, some lease companies want to know about accidents and want to be involved in the repair process. Some even want to inspect the car after repairs. You should check your lease contract to see what is required. To be safe, you should always call the lease company to determine their requirements.