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Structural Damage

crismat09crismat09 Member Posts: 14
edited March 2020 in Honda
I lease a 2017 Accord EX-L, which will expire in September 2019.

Last year, I got involved in car accident (at no fault) that caused structural damages to the front of the car on the driver's side. The repair was just below the threshold for a total.

A few months ago, when visiting dealers for early termination on my lease, I was informed that the structural damage would reduce the MKTV value of my car "significantly". When asking for a number, the salespeople never told me a straight one...but it would range between 2-3k less than the market value.

I am ready to go back to the table to get a new lease...but I would like to have an idea of how much should I expect to put down to cover the hole...is 2-3k a fair number on a $18,500 residual value?

Any advice is much appreciated.

Cris
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    MichaellMichaell Moderator Posts: 241,336
    crismat09 said:

    I lease a 2017 Accord EX-L, which will expire in September 2019.

    Last year, I got involved in car accident (at no fault) that caused structural damages to the front of the car on the driver's side. The repair was just below the threshold for a total.

    A few months ago, when visiting dealers for early termination on my lease, I was informed that the structural damage would reduce the MKTV value of my car "significantly". When asking for a number, the salespeople never told me a straight one...but it would range between 2-3k less than the market value.

    I am ready to go back to the table to get a new lease...but I would like to have an idea of how much should I expect to put down to cover the hole...is 2-3k a fair number on a $18,500 residual value?

    Any advice is much appreciated.

    Cris

    The residual value is fixed when you sign the lease, and the accident damage and repairs do not change that number. If you return the car at the end of the lease, there is no charge to you.

    However, if you try to trade the car in for another brand, that diminished value will affect the trade in Number.

    My advice is to rid everything out the lease to the end, and simply turn it in.

    I leased an Accord years ago and had the same thing happen. No cost to me at lease end.

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    kyfdxkyfdx Moderator Posts: 237,302
    @crismat09 Ditto.... Drive that car until you turn it in, and you won't have to worry about what it's worth. That will be the bank's problem.

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    crismat09crismat09 Member Posts: 14
    thanks guys...appreciate your recommendation.
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