do Hyundai MF leases include GAP?
Yes. Pretty much everyone but Toyota does
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The document states that the GAP waiver is not available in CT/NY, but @anon68146833 tagged this thread with NY.
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Woah that’s a good catch. Let me call a NY dealer and figure out how they handle this. I know MSDs aren’t available in NY on any make so there must be some weird legal reason but I’m sure there’s a resolution.
I’m assuming “Gap Insurance” and “Gap Waiver” are the same thing here.
Additionally I’m reading thru this which isn’t quite exactly the same question but clearly NY takes GAP seriously: https://www.dfs.ny.gov/insurance/ogco2001/rg108301.htm
The main Hyundai Motor Finance doesn’t mention this NY exemption, just the PDF I linked above, so I’ll also want to make sure my linked info is up to date.
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Update: I think the NY, CT exclusion is because the standard Gap policy does not apply in those states, BUT HMF has different paperwork, at least for New York, that is compliant with state law.
So, in a nutshell, there is no additional fee for gap insurance on NY leases via HMF as long as the Lessee signs this form (in NY). I don’t officially know for CT but I will update here when I confirm for that state. I would imagine it’s the same form or some variation of it.
Hyundai has different Lease forms for each state. If you lease in NY the top of your contract will read “NEW YORK LEASE” so it should have all the state-by-state provisions.
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Thank you so much for the helpful insight
I’ve been approved within the last year for the following -
- Tier 1 BMW FS
- Tier 1 Southeast Toyota FS
- Tier 1 Honda FS
but now the dealer I am leasing a Hyundai from says I was not approved and need a co-signer. Can they be lying? Can I self submit the app on HMF website?
current Equifax is 774. Experian 708. Transunion 748.
I used the HMF website to check free credit and got 748.
I mean dealers want your business, so it’s in their best interest to get you approved in the easiest way.
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I agree, should they be able to provide me the denial papers or whatever shows that I wasn’t approved?
Maybe that’s your problem.
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is it bad to switch out of cars 
… I only have a Toyota as of now … sold the Honda and transferred the BMW
No they can’t (and it isn’t in their interest to lie as @Bostoncarconcierge said). You will get a FCRA notice in the mail that explains why. As @Ursus called out, the number of inquiries and/or open trade lines may be an issue, but just speculation.
Applying directly to HMF won’t make a difference, no.
Your DTI is probably fine, and the transfers should show as closed/paid in full, but the number of inquiries and associated new auto tradelines could be what HMF is reacting to. Again speculation without seeing the FCRA notice, but probably.
Also something that may be resolved with an override from a credit analyst at HMF, but that needs to be initiated by the Finance Manager, you can’t appeal yourself.
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thank you for the helpful insight I will look into it more
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They should be able to give you a reason behind it
Not only can they, but they’re legally obligated to if they’re uping your cost as a result.
update … I just applied on HMFUSA website and was approved. Very strange
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