Gap insurance NJ lease

Comments

• stickguy Member Posts: 50,514

  November 2014

  My understanding was that GAP was always included in the lease (and may be required). I just leased a car, but got it at a dealer in PA (though it is registered in NJ) and GAP was included, and the finance guy said it was required. I have never had it quoted separately.

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• oparr Member Posts: 74

  November 2014

  Will_camry said:

  i am wondering what the cost of gap insurance is for a Camry in nj.  So far the dealer quoted me $400 for 3 years.  And one know if I could get it cheaper?

  This place advertises $185.00/72 months;
  
  https://gapdirect.com/
  
  I believe they are mentioned in this article;
  
  http://www.edmunds.com/car-loan/gap-insurance-how-it-impacts-your-car-loan-or-lease.html
  
  Don't know much more about them but this would seem to indicate there may be cheaper rates out there.
  
  

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• kyfdx Moderator Posts: 236,775

  November 2014

  Toyota doesn't include GAP in their leases.. one more reason (among many) to not lease a Toyota..

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• oparr Member Posts: 74

  November 2014

  kyfdx said:

  Toyota doesn't include GAP in their leases.. one more reason (among many) to not lease a Toyota..

  Just about every Toyota dealer is going to try and force feed you GAP insurance, it's big business for them. If you're suggesting that this is included free elsewhere then read on....
  
  http://en.wikipedia.org/wiki/Free_lunch
  
  "The saying "there ain't no such thing as a free lunch" refers to this custom, meaning that things which appear to be free are always paid for in some way."
  
  
  You're probably better off getting gap insurance through your auto insurance company (if they offer it) rather than paying an unknown amount for something you believe is free.

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• kyfdx Moderator Posts: 236,775

  November 2014

  oparr said:

  kyfdx said:

  Toyota doesn't include GAP in their leases.. one more reason (among many) to not lease a Toyota..

  Just about every Toyota dealer is going to try and force feed you GAP insurance, it's big business for them. If you're suggesting that this is included free elsewhere then read on....
  
  http://en.wikipedia.org/wiki/Free_lunch
  
  "The saying "there ain't no such thing as a free lunch" refers to this custom, meaning that things which appear to be free are always paid for in some way."
  
  
  You're probably better off getting gap insurance through your auto insurance company (if they offer it) rather than paying an unknown amount for something you believe is free.

  
  Plenty of captive manufacturers include GAP insurance with their leases. Of course, everything comes with a cost, but you can't decline it to save money. It's mandatory.
  
  Even with all that, I haven't noticed that Toyota leases are any cheaper, because they don't include it (quite the contrary).
  
  I agree.. if you are leasing a Toyota, you should probably shop elsewhere for GAP. But, if you lease Honda, Nissan, etc, etc... then shopping elsewhere would mean paying more for something you already have.

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• oparr Member Posts: 74

  November 2014

  Plenty of captive manufacturers include GAP insurance with their leases. Of course, everything comes with a cost, but you can't decline it to save money. It's mandatory.
  
  
  No choice or options. The last thing I want is being forced to buy GAP insurance at rates that cannot be disputed.
  
  But, if you lease Honda, Nissan, etc, etc... then shopping elsewhere would mean paying more for something you already have.
  
  Not making much sense. Furthermore, I don't want a Honda, Nissan etc., so this becomes a moot point.

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