My 2023 BMW X4M got stolen recently - I’m still in shock and processing how to move forward.
I have a few questions and would appreciate some feedback.
The car was leased, I only had the car for 5 months (out of a 36 month lease). I put a significant down payment down to lower my monthly costs. Since the car was stolen, would I be able to get the remainder down payment refunded? (Or at least a partial amount).
If my insurance settles the car with BMW and I owe nothing, I’m still down X amount of $$$ from the down payment. That means I either get that down payment money back and put it towards another lease OR I have to take more money out of my account for another down payment on a new car?
Does anyone have any experience or knowledge on this topic? Appreciate all the help…
Yeah, unfortunately this may be an expensive lesson. There are already good suggestions here, the only thing I’ll add is if you have cash to put down on a lease and want to reduce your monthly payments, you can either use that money to put down security deposits which reduces the payment and you get that money refunded at the end of the lease (in this scenario, those would be paid back to you now), or if those aren’t available you can put that money aside in a safe HYSA and just make the larger payments to BMW but take draws off that account into your main account to make up for the difference. You’ll make some interest on that cash in the meantime and if the lease ends that money is still safe and sound in your account.
I know this doesn’t help your situation now, but might be useful for your next one.