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I was leasing a vehicle and was involved in an accident in which the vehicle has been totaled by the insurance co. As part of their negotiations with the lessor, they asked to see a copy of the lease agreement. The lessor refused on the basis of confidentiality. Insurance company has now requested to see my copy of the lease agreement. Personally, I don't see any reason not to do so; and there doesn't appear to be any prohibition upon me doing so. So what should my answer be? ============================== On the fields of friendly strife are sown the seeds that on other days and other fields will bear the fruits of victory. Gen. Douglas MacArthur | ||
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| Member |
It would seem that the leasing company does not want the insurance company to know how much residual value the vehicle has at this point in your lease. Paying out the residual value would compensate them fairly, but I'll bet they want as much as they can get and will only show their hand if the insurance company offers less and refuses to budge. As for the legal implications or confidentiality requirements, I'm not a lawyer. Is this your insurance company or the other drivers? | |||
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| Member |
My insurance company....and I suspect you're correct about the lessor's motivations. ============================== On the fields of friendly strife are sown the seeds that on other days and other fields will bear the fruits of victory. Gen. Douglas MacArthur | |||
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| Member |
This is not legal advice (OK, disclaimer over). But you do want to cooperate with your own insurance company, and yes, there is no reason not to provide it. Lessoer's interests are for the lessor; protect yours by providing it. | |||
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| Eschew Obfuscation |
You need to see the lease document to see what the confidentiality’s clause says - if it has one. Even if it has one, they usually have a caveat that allows it to be shared with third parties who have “a need to know”. As noted, the leasing company is likely resisting because they don’t want to show the contracted residual value. _____________________________________________________________________ “Civilization is not inherited; it has to be learned and earned by each generation anew; if the transmission should be interrupted for one century, civilization would die, and we should be savages again." - Will Durant | |||
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| Member |
Like stated, I don't see a reason not to make it available to the insurer, and there is no confidentiality clause. The contract does state that the lessee (i.e. myself) appoints the lessor "as my attorney-in-fact to arrange for and procure payment of insurance loss proceeds." Ultimately, neither the lessor or the insurer really represents me as the lessee/insured. ============================== On the fields of friendly strife are sown the seeds that on other days and other fields will bear the fruits of victory. Gen. Douglas MacArthur | |||
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| I believe in the principle of Due Process  |
That clause gives them authority to act in your behalf if you aren’t acting for yourself, but is not exclusive, and doesn’t preclude you from acting in your own interests. The lessor can make a deal with the insurance company in your name. Figure out what is in your interest. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
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| Knows too little about too much  |
Work with the insurance company. Happened to a leased car for my daughter and the insurance adjuster told me the value of the car was much more than What the car company told me. Told me to have the Ford people cut me a check for the difference. Took a bit of incentivizing on my part, but a check was cut. RMD TL Davis: “The Second Amendment is special, not because it protects guns, but because its violation signals a government with the intention to oppress its people…” Remember: After the first one, the rest are free. | |||
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