I am leasing a 2019 Ram 1500 Big Horn Quad Cab. My wife and I were in an accident Friday evening and the truck was totalled. I had no fault in the accident, so the liability fully falls on the other driver/vehicle (he received a citation).
My lease is up in June/2020 and I didn't really plan to keep the truck. I was either going to sell it on the street or trade it and take the equity (above the residual value) and put it down on a new vehicle. The residual value due in June was about $27k, however the street value of the truck is close to $40k.
My question is, is the other driver's insurance responsible to pay me out the actual value of the truck or just the residual value back to the leasing company? I have asked my insurance company and they didn't seem to know.
Are their any adjusters out there that can help me with this question?
My lease is up in June/2020 and I didn't really plan to keep the truck. I was either going to sell it on the street or trade it and take the equity (above the residual value) and put it down on a new vehicle. The residual value due in June was about $27k, however the street value of the truck is close to $40k.
My question is, is the other driver's insurance responsible to pay me out the actual value of the truck or just the residual value back to the leasing company? I have asked my insurance company and they didn't seem to know.
Are their any adjusters out there that can help me with this question?
