Last post on Nov 20, 2013 at 9:45 AM
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Car Buying, Car Selling
#2981 of 3350 GAP insurance on a leased car
Jul 31, 2012 (1:09 am)
hello. is GAP insurance available on leased cars? I have always financed my cars and purchased GAP insurance. What happens if a car is leased and the car is totalled?
#2982 of 3350 Re: GAP insurance on a leased car [padoodie]
by MrShift@Edmunds HOST
Jul 31, 2012 (8:36 am)
short answer---yes, you can get GAP insurance on a lease and in fact, it is often required by the leasing company.
You can find this information right here on the Edmunds site:
GAP INSURANCE--HOW IT IMPACTS YOUR CAR LOAN
#2983 of 3350 quick question for dealers..
Aug 06, 2012 (8:11 pm)
Where on earth do they get so many newer vehicles with low miles on them from?
I understand alot of vehicles come from rental fleets, but do alot of people default on loans or trade in newer vehicles or whats the scoop.
#2984 of 3350 Re: quick question for dealers.. [carstryke]
by MrShift@Edmunds HOST
Aug 07, 2012 (8:35 am)
Off lease auction sales I would guess, plus, as you say, trade-ins.
I have heard from salesmen friends (anecdotal, so can't verify) that in their stores they estimate that about 1/2 the people who buy new cars are trading in cars that they still owe money on---so in other words, 50% trade in prior to the term of their loan (which is usually 5 years).
They also tell me that perhaps 1/4 of those people (not sure if they meant 25% of the 50%, or just 25% of everyone buying a new car) are upside-down in their loans, and blend the old loan into the new one---yikes!
#2985 of 3350 Recently purchased a used car from dealership and having problems
Aug 10, 2012 (6:20 pm)
I recently purchased a car from the dealership in may 2012 and everything was fine. I'm a first time buyer so when my plates and tags hadn't arrived i was thinking it just needed more time. then my insurance sent me a letter of cancellation for failure to send registration, yet i hadn't received my registration yet. so i went to the dealership and they said the DMV sent a notice of my make and model being recalled and need to be certified. remind you that was in June 2012 and the dealership failed to mention or call me regarding that, only because i showed up was i informed. so i took my car to a certified dealership to get checked out it passed and i returned to my dealership with the proof of corrections. Finally my car has been registered and i barely received a call today 08/10/12 to pick up my plates and registration, yet they told me i have to pay an additional $226 before they hand them over. i already paid for registration in the contract. And to top it off i just received a notice from DMV for renewal of registration for Oct 2012. I'm confused why am i paying all this money to the dealership if i have to re register it in Oct. i payed $250 in contract and they want $226 now and in Oct my renewal is $169. The dealership is unprofessional they even typed up my contract with the wrong spelling of my name they fail to contact me for anything i have a feeling that something is going on and they are trying to hustle me. please help should i pay them the $226 or not?
#2986 of 3350 Re: Recently purchased a used car from dealership and having problems [510taurus]
Aug 14, 2012 (2:58 pm)
I wouldn't. I'd complain to your local consumer protection office or dealership licensing body (if there is one).
Sounds like the whole deal was a big mess from the start.
#2987 of 3350 Re: Recently purchased a used car from dealership and having problems [boomchek]
Aug 20, 2012 (11:23 pm)
I bet the $250 he paid was a Document Fee, not Tag/Title Fee.....
#2988 of 3350 Lease contract question
Aug 30, 2012 (7:38 pm)
We leased and took possession of a new vehicle last weekend. Today we get a call from the dealership saying we needed to come in to sign a new contract, apparently they had us signed the wrong contract. If we weren't all that crazy about the vehicle after a week, could we return the vehicle?
#2989 of 3350 Re: Lease contract question [dhammer]
Aug 30, 2012 (11:45 pm)
#2990 of 3350 Re: Lease contract question [obyone]
by Kirstie@Edmunds HOST
Aug 31, 2012 (5:57 am)
Well, if the new contract has different terms, then usually you have the option to sign a new contract OR negate the deal. They can't force you to sign different terms.