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auto leasing mortality clause or (M&E) ?
is there a clause for death in auto lease
or is it pay for in auto insurance you must carry on a lease car
some how the lender has it cover to be pay in case of death ?
2 Answers
- PamelaSLv 61 decade agoFavorite Answer
It depends on the lease contract. Some carry special insurance that pays off the lease in the event of the lessee's death, some don't. I've seen it both ways.
Auto insurance pays the value of the vehicle if the vehicle is a total loss, or the cost of the repairs if it is not. Some leases carry GAP insurance, which pays the balance of the lease if it is more than the value of the vehicle, and some do not.
You have to read the contract and ask these questions before you sign.
Source(s): Claims adjuster - 1 decade ago
Your estate could legally be held responsible for the balance of the lease but I don't think the leasing agency/company would want the publicity.
