Question:
If you get into an accident with a leased car, should you inform the lease holder? If not reported, could that come back to bite you later down the road? Also, does the policy differ with different leasing companies?
Answers:
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You are required to carry collision and comprehensive insurance when you are leasing a vehicle.I have a 2003 Z-71 Silverado and don't know how to get rid of it?
You are responsible for the repairs to the vehicle. If the insurance company declares it a "total loss"....then you have to inform the lease holder. Just make SURE that you have the work done at a certified body shop...not at a buddy's garage.
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You are responsible for repairing the damage. If you don't repair it correctly, then you will be paying for it at the lease end.
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Thats my knowledge of leasing....but again, thats with Ford. Nissan or other finance companies may be different.
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The lessee is the legal owner of the car although you indeminfy that entity in the lease documents. But you are limited in what you can do. For example you can not take it out of the country without permission.I just won a new 4 wheeler! Should I sell it?
Likewise you are likely obligated to tell them about the accident. As long as you have insurance the matter is usually just paper work. Remember that the insurance check may come made out to BOTH of you, so they will find out that way too.
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Bottom line.. check your lease documents to see what you are obligated to do.
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You should read the contract you signed if theirs any clause in their that will punish you for that but I don't see why you have to notify them thats what insurance and carfax is for.More Questions & Answers ...
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