Update a friend car was stolen and it was a lease no Gap insure just full cover on it what would happen to her

Question

Another car, get car back or insure company pay off also what happen to her cerdit if anything she also had a co-signer on with her

Answer 1

Insurance is only required to pay market retail value for car.  They will pay it to the finance company.  From there they will disperse any excess to the lessee.  If there is an upside down, she will be required to pay within a certain amount of time, the time is specified in the lease contract.

Answer 2

Most often they will pay the car off, If your friend got a really bad deal and owes much more than the car is actually worth at market, or if your friend has other financial obligations rolled into the note such as a red carpet service plan, cash back rebates, road side assistance plans etc  through the lease contract, meaning other financed items unrelated to the vehicles actual market value, then there could still be a balance owed by your friend and any co-signer after the Insurance Company pays off.

Good Luck

General Insurance Agent