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…
Never ever put money down on a lease. There’s literally no point. It’s not like a loan, it’s the exact same total amount over the lease term.
They only look at the monthly payments 😂
No it isn’t. Putting money down decreases the leased amount, which decreases the amount that accrues interest.
Lmao
There is a money factor. But I’m not sure if the money down just applies the monthly payments or whether it saves on the interest that accrues over the course of the duration of the lease.
This is generally true, except for security deposits. Last I checked, it’s up to 8 payments and lowers the money factor. So if you have a $1000 payment, you put $8k in as 8 payments. You get it back at the end of the lease. (It actually lowers those payments too. So you end up paying 8 x $950 or whatever it works out to.)