If you’re a Los Angeles driver and are unhappy with your current car lease, TikTok user @itsvalos has a potential solution. Parking “it in the wrong spot.”
His video has accrued over 1,400 comments and over 857,000 views since Jan. 8. In the clip, he seems to suggest finding a silver lining in the current wildfires that wreaked havoc throughout Los Angeles.
“Listen: You didn’t hear this from me. OK, I’m just gonna say this. I mean it’s not the nicest thing that I’ve came up with before. But, this is a good time, if you live in LA. If you can’t get out of a car lease. And, bro, I’m stuck with this car at least I got another two years on it.”
He then gesticulates in front of the camera, intoning that there’s some finagling to be done. “You know what I mean? Park it in the wrong spot. You know what I’m saying? Have your boy waiting for you, you know what I’m saying?” C’mon, you know what I’m saying.”
Should Los Angeles drivers rely on this trick?
More than 100,000 people remain under evacuation orders as the wildfires continue to rage. Tens of thousands of residents are displaced, including celebrities Paris Hilton, Mandy Moore, John Legend, and Billy Crystal.
What does your car lease have to do with all this? Well, if a car is labeled a total loss, insurance companies will assess the current value of the vehicle. This is then measured against how much the loan or lease amount is left on the car. GAP insurance is an additional fee meant to cover this “gap” between those amounts.
So let’s say you purchased a vehicle with no money down and drove it for 12,000 miles. Then, the car is destroyed in a flood or a fire. The insurance company will assess the vehicle’s mileage at the time of its destruction.
Since the highest level of depreciation occurs in a car’s first year, you may owe money on a totaled car lease or loan. In this instance, GAP insurance is definitely worth it. Especially if you have a high interest rate on your loan and didn’t put any money down.
L.A. fires cause mass vehicle damage
The L.A. fires also reportedly resulted in the destruction of more than than 12,000 vehicles.
The insurance industry stands to face record-breaking claims in the wake of these fires. Reuters is reporting an $8 billion loss for companies handling claims for affected customers. Some of the vehicles weren’t even destroyed by the fires themselves. Firefighters had to bulldoze cars left behind by evacuating residents, according to CNN.
It’s important to note that insurance companies are on the lookout for fraudulent claims after natural disasters. The Association of Fraud Examiners penned a lengthy article dissecting this phenomenon.
“Natural disasters often lead to a spike in insurance claims, making it easier for fraudulent claims to slip through the cracks,” the article states. “Some individuals or entities may exaggerate the extent of damage. Or file claims for properties that were not affected to receive payouts they are not entitled to.”
Viewers react to the advice
Numerous folks who replied to @itsvalos’ clip shared information pertaining to car insurance claims.
One commenter gave a rundown of how GAP insurance works. “Those that don’t know. GAP covers the difference from the value of the car to what you owe,” the user wrote. “If the car is valued at $12k and you owe $20k, then GAP will cover $8k. The $12k your insurance will pay you.”
Others applauded the TikToker’s efforts, stating that he’s certainly helping those with car notes they’d rather not pay. “Do I live in L.A.? Nope? Have a car lease? Absolutely not. But you are doing the lord’s work,” wrote one person.
Another seemed to entertain his suggestion. “Purchased a Beamer, payment is through the roof. Would it be sus if I drove it up there from San Diego?!” joked one user.
Someone else thought that there were folks who already considered the TikToker’s suggestion. They wrote, “When I seen them Mercedes EQS’, Broncos, and 2024 Kias parked and left on Palisades Dr., I said, ‘Hmm.’”
@itsvalos If you live in LA and have a car lease… please listen to this. Will delete soon. #lafire #pasadena #pasadenafire #palisadesfire #malibu #malibufire ♬ original sound – itsvalos
The Daily Dot has reached out to @itsvalos via TikTok comment for further information.
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