sforshaw

Speak to BMW Finance - this is the key issue. I think you stated earlier that you were definately not getting the vehicle back, therefore any insurance payout will go directly to them. The situation does become more complex though because you no longer have the car, and have agreed a series of further lease payments.

We looked at Gap Insurance when we took the lease on our vehicles (1 x e60, 1 x e61) and when we declined, the BMW Finance representative suggested that BMW are likely to "negotiate" a deal if there is a problem anyway.
Probably if you breakdown the loss from BMWFS viewpoint, the value of the car is not the new value, or the current value, but the expected value at the end of the lease period, plus the addition of the outstanding lease payments. This will not be the $72,000 you mentioned, because you factored in the current value of the car.
It would be better to discuss the situation with BMWFS because they may well be able to add helpful input, maybe even fight your case with the insurers. I expect they will only be too glad to receive your outstandiung payments, payment in lieu of the vehicle (all from the insurance), and your signature on a new lease for another new e60

You should conclude the experience with a similar vehicle and not be any worse off financially.

wiszmaster

alright ... UPDATE

insurance has offered to settle today ... and man, i'm not sure what this world has come to, because they offered the right thing the first time around!

their proposal is:

1. Pay off my car in whole to BMW Financial
2. Provide me with 40 days of Rental from 01/03/2006 in cash money (valued @ $50/day)
3. Pay difference between payoff (BMW Financial) & Original Invoice + TAX & Title to me

Gap doesn't apply to this case whatsoever - as I had a good amount of equity in this lease due to the BMW Trade Assist deal. I was paying lease rates for an '04 blow out special while i was driving an '06 fully loaded car.

The deal i offered Insurance was to just pay as much as needed to BMW to make my lease rates be equal to the current car - however they offered this deal. Too bad for them - because they would've ended up paying LESS ... about $15,000 LESS that way.
But i'm NOT complaining ... i'm getting a check for quite a large amount ...


that was the good news - bad news:

I canceled the order for the e60 tonight.

Since i just did purchase a new house, and am carrying 2 mortgages ... today it makes more sense to put $3K down & have low lease payments rather than to dump most of what i'm cashing out with into the BMW ... mortgages are a bit more important right now - if things go well in the next 12 months then I will probably return to the E60, or maybe the new 750Li even.

sforshaw

Good news

cattman

Well, I am glad the system worked. Your decisions are your own, but it seems that you have been made "whole" and are free to move on without any burden from that which was not your fault.

Chalk one up in the win column, and the next time you need a cement trunk, call Tony Soprano.

wiszmaster

DONE!

i got my check yesterday ... i'm all settled.
I set the new regional record for Enterprise ... 101 days.... ran up almost 20K miles :-D HAHAHA! they were NOT happy!


for now i'm driving a company vehicle ... saving some $$ ... not sure whats next ... been looking but can't find anything i really like.

CENTRAL CALI

20K, good for you! Let that teach them a lesson

evh5150

insurance paid for all the miles?

SolanNo1

A good end to a bad situation. You had unlimited mileage on your rental, right?

wiszmaster

yes, sure did have unlimited milage ... i just found out today that enterprise sold the car already .... due to milage/wear/tear

TexaZ3

Good to hear!