QuestionI lease a 2002 Nissan Altima SE 3.5 and my lease is up in October, 2006. My mileage limit on the car was 60,000, but I have unfortunately already reached 74,000 miles.
Yesterday morning at about 5am, I slammed into a deer at about 55-60mph. The collision was unavoidable. I escaped in pretty good shape, just some airbag burns and bruises, but my car didn't fare as well.
The front end damage is extensive, but the auto body shop hasn't determine if the car is totaled. They're guessing it's not, but that based on a quick look at the car. They haven't looked into the engine damage.
I'm guessing if it is totaled, State Farm will issue me a check for about $11,000, while the buyout on my car is $16,500. How will Nissan Acceptance handle the remainder of my lease if the car is totaled?
Will I have to come up with the difference between the value of the car and what remains to be paid on the car?
Thanks very much,
Mike
AnswerHi Mike and thanks for the question. The first thing you need to do is check with Nissan Acceptance and find out if "GAP" insurance is included with your lease. This is normally included with reputable lease companies, of which Nissan certainly is. This is insurance that covers situations exactly as you describe. You might have to cover the excess miles. Please let me know how you come out and again thanks for the question. Best of luck. Bud
