First of all thanks for inspiration, wanted to try going electric for a while and tesla is not an option at all.
Live in VA but negotiated a deal on a demo vehicle far out of state (free shipping though). 4k on the fart miles.
Going to e-sign today and wait for delivery next week, seeking feedback.
I don’t have the lease handy, but essentially the “GAP waiver” states that, so long as the vehicle is in good standing with NMAC, and the insurance coverage being maintained on the vehicle meets their minimum standards, that NMAC agrees to accept the fair value payout from the insurance company for the vehicle in the event of a claim.
So it’s not “insurance” to cover the gap between fair value and the amount remaining, but NMAC will “waive” any gap so long as their other conditions are met.