Well you should have consulted a financial planner before you did that, that was a mistake. You should NEVER put ANY money down on a lease its too risky. As you've now realized you're handing money to the leasing company and if something should happen to the car you won't get any money back. If you'd totalled it you would have been out your downpayment money. Much smarter to put the money in a savings account and then use it to make payments for a year or something like that.
You never had any equity in the Lexus because its not your property, you rented it for the lease term and it belongs to whoever you leased it through. All you did was pay them some of the payments up front. If you were planning on buying it you should have bought it in the first place instead of leasing it. When you lease then buy you wind up paying for the car twice.
Again, not Lexus' fault.
Don't be so dramatic. You were in a car accident, happens to everyone at some point. The car was damaged, now its repaired. Drive it until the lease is up and get a new one.
You're not going to be able to get out of the lease unless your lease company offers some sort of yearly buyout program but thats really rare. The only way out would be to pay all the payments left and turn it in. That would be another foolish financial decision.
Thats only true if you make sure the purchaser doesn't know the car was in an accident. The second they put it up on a lift and someone checks it out with a paint gauge and a thorough frame inspection they'll know its been in an accident and they won't pay you as much for it. Plenty other Lexus around that have never been in an accident to pay you for one that has.
Of course that changes the older the car gets, but a serious accident like this will definately effect the value of a 2003 Lexus greatly.
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Geez... I am not blaming Lexus. The one that I have a beef with is the very young driver that ran into my wife when she was at a complete stop. The force of the accident pushed the car into a four lane highway - the attending officer said my wife and daughter were very lucky to be alive, given that it was rush hour and several cars had to manuver around the car at a high speed. I think I have a right to be dramatic.
You must not have had an accident of this magnitude - you would be a bit light on the get over it comments. The car has some unfortunate memories attached to it. I need to let it go.
And oh by the way, I was fully aware of the risks - the lease had gap insurance and I can pay it off at any time. If I keep the car for the remaining term of the lease, I will make $9,600 of payments. If I let the car go now, adding the remaining "equity" that exist from my larger capital reduction payment plus what it will take to correct the upside down position will allow me to get out of the lease for approximately $5K. I am sorry to disappoint you - I do have a bit more of a clue than what you give me credit for.