[BzsBimmer]

Originally Posted by jjlawyer

You're getting snowed. You are responsible for insuring your vehicle. If your car is totaled or stolen, your ins co will pay the fair market value of the vehicle at the time of the loss. If that is enough to pay off BMWFS, then you will get to keep the rest, but with the way cars depreciate, there wont be much. If it's not enough to pay off BMWFS, then your gap coverage will kick in and pay the difference, but only to BMW, not to you.

After the car is paid off, then you can go make a new deal, but you no longer have that $10,000 in the bank. With no down payment, your new lease will be $600 per month just like all the others.

You got a $50k car, you put down $10k. You drive off the lot and the car is worth $40k right then. Car is totaled, ins co pays fair market value to pay off car. You are out your $10k.