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Car Leasing, Buying Insurance
#441 of 470 Should take Gap Insurance
Dec 03, 2009 (5:42 pm)
I'm going to lease a 2010 Base Rav4 4x4
first month and dmv down
all taxes rolled into $279 a month payment for 36 months
Dealer says Gap Insurance is $20 a month. My state doesn't offer outside insurance companies for Gap Insurance.
Given that everythng is rolled into the payment and the financing is 0% and that the resale Kelly Blue Book value of Rav4 4x4 is high... does is make sense get the GAP insurance or not? Obviously if I don't have to spend the extra money I'd rather not. Can't quite figure out how much I'd be at risk if any given the specifics listed above.
Thanks for the advice in advance.
#442 of 470 Re: Should take Gap Insurance [checkercab]
by MrShift@Edmunds HOST
Dec 03, 2009 (6:33 pm)
All people on a lease should have gap insurance. If that car gets wrecked you are going to be totally screwed without it. Remember, as a "renter" you don't own this car, and your lease payments are nowhere near those of the person who buys this car outright----therefore, you KNOW you are upside down in this car from the get-go.
Whether the wrecked car was leased or purchased, it has the same value. Without a big down payment, you will find yourself responsible for the difference between what insurance pays off and what you owe on the balance of the lease. And that difference is not going to be pretty.
#443 of 470 Re: Should take Gap Insurance [checkercab]
Dec 04, 2009 (9:23 am)
Every lease I have ever done has had GAP insurance included from the get go. Check with someone who has experience leasing Toyotas to make sure you aren't getting hosed over here.
#444 of 470 Re: Should take Gap Insurance [british_rover]
by MrShift@Edmunds HOST
Dec 04, 2009 (10:58 am)
That's true...$20 bucks a month sounds pretty steep for gap.
#445 of 470 Re: Should take Gap Insurance [Mr_Shiftright]
Dec 04, 2009 (11:09 am)
Yup very expensive for GAP. GAP is usually only a few dollars a month on a 60 month finance. I think the default charge for GAP on most of the cars we sell is 675 and of course cost is a couple of hundred less.
Dec 05, 2009 (7:59 am)
..doesn't include GAP on their leases...
I agree... $20/mo. is outrageous...
Offer him $7/mo., and threaten to go get a CR-V, if he can't do that... (Honda Finance includes GAP on all leases, at no extra charge)
#448 of 470 Criswell Honda GAP Insurance
Jun 18, 2011 (10:56 am)
Can anyone tell me what insurance carrier Criswell Honda of Germantown uses for the GAP insurance? After a horrible car buying experience with them I realized that that I ddn't need GAP and would like to cancel it. Unfortunately, Mr. Kolo, their finance officer, did not provide me with a full copy of the contact with the address and will not respond to my e-mails and phone calls. Help!
#449 of 470 Do I need it?
Dec 07, 2011 (1:39 pm)
I am planning to purchase a new car - I am putting down a good-sized down payment (it'll work out to something like 35% of the car's final price). I can't imagine that I would ever owe more than than its worth. I'm wondering if I really need it and I'm thinking "hell no"!
#450 of 470 Re: Do I need it? [kdconod]
Dec 07, 2011 (1:44 pm)