If you are leasing a vehicle in Arizona and were involved in a not-at-fault accident, a diminished value claim is especially important — and often more urgent than for vehicle owners. Here is why: when you return your leased vehicle at the end of the lease term, the leasing company will assess the vehicle's condition and value. An accident on the Carfax permanently reduces the vehicle's residual value, which can result in excess wear-and-tear charges, a higher lease-end purchase price, or lost equity if you planned to buy the vehicle and resell it.
Leased vehicle DV claims in Arizona work the same way as owned vehicle claims — you file against the at-fault driver's liability insurance for the diminished value. The key difference is that you, as the lessee, have "insurable interest" in the vehicle and the right to pursue the DV claim even though you don't hold the title. Some leasing companies may also have their own DV policies, so it is worth reviewing your lease agreement.
Important for lessees: Do not wait until lease end to discover you owe extra because of the accident. File your DV claim now, while the evidence is fresh and within Arizona's 2-year statute of limitations.
Orlando Auto Body works with many lessees across the Phoenix Valley. Our I-CAR Gold certified repairs ensure your leased vehicle meets return standards, and our free $450 Diminished Value Appraisal Packet documents the value loss so you can recover it from the at-fault insurer — not pay it out of pocket at lease end. Whether you lease through a manufacturer's financial arm, a bank, or a third-party leasing company, call us today for a free assessment. Protecting your lease-end position starts with filing your DV claim now.