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My vehicle was totaled a couple of months ago, and I have been paying on the lease ever since. Turns out my lease is over in a few days and the insurance company just mailed me a letter saying the car is totaled and they will payoff my loan and mail me the difference because the car is worth more than what is owed. Funny thing is I lease the vehicle. So do I still get the extra money or since I have no real ownership in the vehicle?

Normally with a lease the check would be in the name of you and the additional insured which would be the leasing company. If the car was totaled be sure to contact the leasing company to make sure you don't owe or are responsible for anything else. If you were not the owner of the car, the extra money may need to go back to the company that does own the car. You should contact them before you cash any check. They may make you responsible for the funds if it from the loss of their vehicle.

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This car insurance question was asked on 9/2/2005
This auto insurance answer was last updated on 9/14/2005
Michael requested this car insurance solution.
Rated 8 out of 10 based on 2 votes.
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