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Discussion Starter · #1 ·
got into an accident with a leased lexus. the lease is scheduled to end in app. one more year. i am going to get it fixed by one of the most reputable shop in my area and hope they will do a good job.
my question is that, what will the dealership do when i return the car? will they charge me more because it was involved in an accident? will it make the return fee go up? or does it vary from dealerships to dealerships?
Please try to help me out. thanks guys.
 

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I would think so. Since the dealership does owns the car, and an accident reduces the value of it, it would make sense for them to charge you for the lost value.
 

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As long as the car is fixed back to original condition, your fine. However, I would also look into whether your state has a Diminished value clause. Its something we have in Texas, that allows you to go get a third party appraisal after the car has been repaired. Since the cars value will be less, you are entitled to that money and the insurance will pay out. This isnt available in all states, so youll have to ask.

Also, leasing is the best option if you get into an accident since the cars value is already in the contract.
 

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BugginOuT said:
This is another downfall for leasing a car. :(
There are no downfalls to leasing, now days it is smarter to lease a car then buy one, unless you really really like it and plan on keeping it forever.... but to answer the question, as long as it was repared to lexus standards, meaning looks new, you have no worries.
 

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danielm said:
BugginOuT said:
This is another downfall for leasing a car. :(
There are no downfalls to leasing, now days it is smarter to lease a car then buy one, unless you really really like it and plan on keeping it forever.... but to answer the question, as long as it was repared to lexus standards, meaning looks new, you have no worries.
It is not necessarily smarter to always lease a car. I believe that the only real good way to lease a car is to lease it in its first year out and a model new to the company (i.e. the IS was new to lexus because they really had no info to base their market depreciation on). This way the residule set on the car is actually a lot lower than my IS will be worth when my lease expires in July of 2004.

I was in two accidents in my IS during my lease, restored to original condition through a dealer certified mech and there is no problem. I am happy though because not only can I make money by buying out at the end at the resid, but if I owned this free and clear like my Vette I would want to cut my nutz off I would be so mad about the broads that both hit my car in the 39 months I have it.
 

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TDLI said:
got into an accident with a leased lexus. the lease is scheduled to end in app. one more year. i am going to get it fixed by one of the most reputable shop in my area and hope they will do a good job.
my question is that, what will the dealership do when i return the car? will they charge me more because it was involved in an accident? will it make the return fee go up? or does it vary from dealerships to dealerships?
Please try to help me out. thanks guys.
repair to original condition and you should be ok. any questions, ask your dealer, or ask lexus financial (i'm assuming they did your lease).
 

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Enevel12 said:
TDLI said:
got into an accident with a leased lexus. the lease is scheduled to end in app. one more year. i am going to get it fixed by one of the most reputable shop in my area and hope they will do a good job.
my question is that, what will the dealership do when i return the car? will they charge me more because it was involved in an accident? will it make the return fee go up? or does it vary from dealerships to dealerships?
Please try to help me out. thanks guys.
repair to original condition and you should be ok. any questions, ask your dealer, or ask lexus financial (i'm assuming they did your lease).
I learned my lesson from leasing a car.

After it's over, you put in all that money and it all goes away, i felt like i just got rob'd.

I mean if you make over 100K a year, then that's a different story.
 

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Leasing has its positives and negatives. Some just like the smell and style of a new car every 3 or 4 year. Leasing also has a lot of tax benefits if you are a business owner.
 

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I'm leasing my next car because I'm tired of always worrying that I'm putting enough money into the car to break even or make a little bit on it when I trade or sell it. If you don't put a good amount down, or overpay your monthly payments you will usually end up owing more than the car is worth if you don't keep it for a long time. I go through cars pretty quickly and it should work out better for me this way.
My sister works for a loan office and she was told that cars over $20-25K, you're always better off leasing.

And on the subject of wrecking a lease car, just call Lexus. My wife's Beetle was wrecked and VW leasing said as long as it's repaired back to factory specs, don't worry about it. Use a good shop anyway, you don't want to give them a reason to charge you at the end.
 

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Discussion Starter · #11 ·
thanks for all of the advises!
I think I will lease my next car too. Does anyone know if it will effect the insurance rate?
 

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Getting into an accident(s) usually results in an increase of insurance rate.
However, there are many factors involved. Insurance companies calculate their rates based on your age, driving record, previous claims, single or married, place of residence, type of residence, etc. It may end up costing you $100/year for the next 3 years. This is a very rough estimate. Once again, all depends on the insurance company. My ins co did not even raise the rate after I got into an accident.
 
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