Tail Ended right before Lease end - Options

[radioactive]

Hello Every one
I joined Lucid Family 18 months back with a lease. Wanted to try the car and decide on long term commitment. Myl lease is ending in 2 weeks but Today Some guy tail ended me at a traffic light. Every one is fine but my rear bumper , Trunk lid and the Tail strip light took a beating. I have filed my insurance claim but I am wondering how my lease end will effect. I am assuming since that other party will be at fault , The repairs will be covered. I am sure that the repairs wont complete in next two weeks. So how does lucid deal with. this? Even normal leases on other cars, How do they deal with my situation. Any forecast on what to expect in to weeks would be helpful for my sanity

thank you

 

[KidRich]

If your leased Lucid Air is rear-ended before the lease is up, here's what typically happens:

1. Safety First: Ensure everyone's safety and call 911 if needed.
2. Report the Accident: You need to report the accident to both your insurance company and the leasing company (Lucid Financial Services).
3. Insurance Claim: File a claim with your insurance provider, providing details of the accident, a police report (if applicable), and any necessary documentation.
4. Damage Assessment and Repair: Your insurance provider will assess the damage and work with an approved repair shop. It's crucial to ensure that if repairs are needed, they are done by a Lucid Certified Collision Center to maintain the warranty and ensure proper repairs, according to Lucid Owners.
5. Leasing Company Involvement: The leasing company will need to be involved in the repair process and may have specific procedures or preferred repair shops.
6. Potential Costs:
   • Deductible: You'll likely be responsible for your insurance deductible.
   • Repair Costs: Your insurance should cover the cost of repairing the leased vehicle to the expected standard.
   • Diminished Value: If you're not at fault, you may be able to claim for the diminished value of the EV, meaning the difference in its value before and after the accident.
   • Gap Insurance: If the car is declared a total loss and the insurance payout doesn't cover the remaining lease balance, gap insurance (if you have it) will cover the difference.
7. Lease-End Options: At the end of your lease, you have the option to purchase the vehicle or return it to a Lucid Service Center. If the vehicle was repaired, ensure you provide documentation of these repairs.

Source: Google Word Search: What happens if your Lucid Air is rear ended before your lease is up?

 

[martianmango]

Any updates on your situation? Same thing just recently happened to me, but my lease ends in February so I have some runway to get this taken care of (fingers crossed)

 

[radioactive]

I was told to fix it before Returning to avoid any kind of devaluation of the residual. So i ended up giving it to shop. Be minded that shop takes a long time, its been 3 weeks since I dropped off and still they have not ordered parts. I think I may go month to month extension to avoid any complications

 

[martianmango]

I was told to fix it before Returning to avoid any kind of devaluation of the residual. So i ended up giving it to shop. Be minded that shop takes a long time, its been 3 weeks since I dropped off and still they have not ordered parts. I think I may go month to month extension to avoid any complications

Wouldn't the car be devalued no matter what since it was in an accident? And even without an accident, no shot that the residual is what the car is worth anyway since depreciation hits like a truck. Though I figured that residuals and depreciation values aren't really a concern for lease holders.

And looking at the contract, it doesn't seem like lessees have to pay for any depreciation to the car just "amounts past due and unpaid, charges for Excess Wear and for excess mileage and the Turn-in Fee".