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…
Your insurance adjuster has a lot of power in this situation. When my 3 series was stolen earlier this year, the value of the car was higher than what I owed on my lease and I got paid a hefty sum for the difference. It will all depend on what the market value of that car is right now. It is unlikely to be higher than what you owe on the lease.
You may also have a specific coverage on your insurance which pays out the full msrp and if that’s the case you should receive a newer version of that car.