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Originally Posted by InTheNightKitchen
Figured I'd post this question in here rather than start a new thread.
Leased car gets totaled, gap insurance covers it. They cut you a check, is it expected that you use the whole amount on a new car purchase or could you pocket some and use the rest for a new car?
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No one will give you a check if you totaled your lease car.
You will not get anything back. No deposit, no money down, nothing.
Gap insurance is just so you don't 'owe' the bank more money of you totaled the car. If you owe more than the car is worth, the gap insurance covers the 'gap'.