Q: I leased a BMW SUV in NY, but the SUV was totaled, and the BMW FS ( NJ) refused to return my prepaid. Where can I sue?
I leased a BMW SUV in NY for 36 months with a huge cash down payment for less monthly payment, but the SUV was totaled in the 13th month, and the BMW FS ( NJ) refused to return my prepaid. They said the down payment is for less monthly payment, it's not prepaid for the lease fee. I'm confused, I should pay the monthly $ 1180 without the cash down payment. I paid $400 every month because I paid a huge cash down payment. Isn't the cash down payment prepaid? Is it for the ownership right of the SUV? For what is the cash down payment? buying or leasing? Which court I can sue BMW FS? In NY or NJ? Thanks
A: The cost of a lease is comprised of the vehicle’s depreciation during the term plus a money factor, which is essentially interest (not to mention other fees and taxes). Generally you would be responsible for the term of the lease over the term, but could also be responsible for damage more than wear and tear (such as what you had). You should be able to look to your insurance carrier for whatever covered losses you sustained as a result of the damage to the vehicle. Whether you have a claim against the car company would be determined by whatever wrong you believe they committed and/or whether they breached the least agreement. New York would appear to be the proper venue, however the lease may have a forum selection clause specifying otherwise.
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