Volvo Financial: GAP Waiver, Excess Wear and Use Protection Plan & Business Leasing

salter5salter5 Member Posts: 15
edited March 2015 in Volvo
Hi,

I’m getting ready to lease a Volvo (probably through my business but with me as co-signer). Although we’re a long established C-Corp, I guess unless you’re a Fortune 500 company, you’ve got to have someone who’s also responsible for the note besides the corporation :)

A) I noticed on the Volvo Financial Website, they mention the Excess wear and use protection plan but a footnote notes its not available in all states. (They didn’t have a list of states from which it was excluded on the site (that I could find), so I’ll call them tomorrow. (We’re in California). But I wondered if anyone has employed it, what were the costs and if you used it, how did it work out? Experiences?

http://www.volvocars.com/us/services/own-and-enjoy/financing

B) Guaranteed Auto Protection (GAP) Waiver.

They note:

Our GAP waiver is included in your lease agreement at no additional cost to you. It is provided to give you peace of mind. If your leased Volvo is declared a total loss due to theft, accident or natural disaster, we will cover the difference between the insurance proceeds and the balance owed to Volvo Car Financial Services less any deductible.

I assume this is a program with which no one has had a problem, but I’d be interested in hearing about any experiences.

And finally:

C) Anyone who has done a “Business Lease” - esp. “small” or “medium” sized business?

Thanks for the feedback!

Salter

Comments

  • kyfdxkyfdx Moderator Posts: 207,889
    salter5 said:

    Hi,

    I’m getting ready to lease a Volvo (probably through my business but with me as co-signer). Although we’re a long established C-Corp, I guess unless you’re a Fortune 500 company, you’ve got to have someone who’s also responsible for the note besides the corporation :)

    A) I noticed on the Volvo Financial Website, they mention the Excess wear and use protection plan but a footnote notes its not available in all states. (They didn’t have a list of states from which it was excluded on the site (that I could find), so I’ll call them tomorrow. (We’re in California). But I wondered if anyone has employed it, what were the costs and if you used it, how did it work out? Experiences?

    http://www.volvocars.com/us/services/own-and-enjoy/financing

    B) Guaranteed Auto Protection (GAP) Waiver.

    They note:

    Our GAP waiver is included in your lease agreement at no additional cost to you. It is provided to give you peace of mind. If your leased Volvo is declared a total loss due to theft, accident or natural disaster, we will cover the difference between the insurance proceeds and the balance owed to Volvo Car Financial Services less any deductible.

    I assume this is a program with which no one has had a problem, but I’d be interested in hearing about any experiences.

    And finally:

    C) Anyone who has done a “Business Lease” - esp. “small” or “medium” sized business?

    Thanks for the feedback!

    Salter

    a) Extra cost insurance policies usually don't pay off, on average, naturally. They are a high commission item for the F&I office.

    b) GAP insurance... it's included with the lease. It isn't optional, but you want it, anyway.. It protects you, in case your car insurance proceeds are less than the lease payoff, in the event of a total loss.

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  • salter5salter5 Member Posts: 15
    kyfdx said:

    salter5 said:

    Hi,

    I’m getting ready to lease a Volvo (probably through my business but with me as co-signer). Although we’re a long established C-Corp, I guess unless you’re a Fortune 500 company, you’ve got to have someone who’s also responsible for the note besides the corporation :)

    A) I noticed on the Volvo Financial Website, they mention the Excess wear and use protection plan but a footnote notes its not available in all states. (They didn’t have a list of states from which it was excluded on the site (that I could find), so I’ll call them tomorrow. (We’re in California). But I wondered if anyone has employed it, what were the costs and if you used it, how did it work out? Experiences?

    http://www.volvocars.com/us/services/own-and-enjoy/financing

    B) Guaranteed Auto Protection (GAP) Waiver.

    They note:

    Our GAP waiver is included in your lease agreement at no additional cost to you. It is provided to give you peace of mind. If your leased Volvo is declared a total loss due to theft, accident or natural disaster, we will cover the difference between the insurance proceeds and the balance owed to Volvo Car Financial Services less any deductible.

    I assume this is a program with which no one has had a problem, but I’d be interested in hearing about any experiences.

    And finally:

    C) Anyone who has done a “Business Lease” - esp. “small” or “medium” sized business?

    Thanks for the feedback!

    Salter

    a) Extra cost insurance policies usually don't pay off, on average, naturally. They are a high commission item for the F&I office.

    b) GAP insurance... it's included with the lease. It isn't optional, but you want it, anyway.. It protects you, in case your car insurance proceeds are less than the lease payoff, in the event of a total loss.
    Thanks for the info. Much appreciated.

    I called Volvo financial just because I wanted to see if A) they could send me the wording of the "excess wear and protection plan” insurance offered as an option with the lease but they said they couldn’t only the dealer ship could. So, I guessed that this was something for the F&I office to “deploy” as it were :) Still, I thought it would be useful to check out. But I’ll probably steer clear then. B) they told me they couldn’t give me the language of the GAP insurance ahead of time.
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