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Old 12-15-2017, 11:00 AM   #29
Grady
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Originally Posted by mav1178 View Post
The insurance company never have issue with it because it's not their business to care, they only give you coverage if you fulfill payment obligations on the premium. You don't pay, they don't insure.

If you don't have required insurance, Toyota will buy insurance for you and send you the bill. I've seen it around 1.5x to 3x the cost of what you normally pay for.

If you don't pay then they will repo the car and your credit will take a massive shit.
100% correct!

You signed a legal document you have to live with it.

I never understood leasing a car? unless its a busness write off and you dont want to mess with depreciation.
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Old 12-15-2017, 11:11 AM   #30
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I can't get past the username of OP.

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Old 12-15-2017, 11:17 AM   #31
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Old 12-15-2017, 01:13 PM   #32
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I work for Nissan Canada Finance, we may do it a little bit differently, but we require full insurance coverage on leased vehicles as they are technically owned by Nissan.

We have someone looking at insurance constantly to see if there are any changes to the coverage.

@mav1178 is correct, if you don't have full coverage the OEM may repo the car at anytime and your credit is gonna reflect it. Not only that, but once repo'd they may bill you for the bailiff and if you don't pay up and pick up your car with full insurance, they'll sell the car, and you're liable for any deficient balance between your contract obligation and what they were able to auction your car for.
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Old 12-15-2017, 02:35 PM   #33
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I never understood leasing a car? unless its a busness write off and you dont want to mess with depreciation.
If you only view it as those two things, then of course leasing is completely foreign to you.
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