When I leased my Nissan, I was specifically told that all Nissan’s include GAP insurance. Today I found out that NMAC leases include GAP waivers (which I did sign), but not GAP insurance. What, if anything, is the difference?
Waiver would be the lender forgiving the gap vs the insurance company paying out the gap
So, on my end, not really a difference? Should anything happen to the car, I would not be liable either way as someone would pay the gap that someone is just different in each case, right? Thanks for the quick response
Correct. In the States you never have to worry about GAP on a lease from a captive with the exception of Toyota, who will charge you extra for.
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Reviving this as I noticed MB version of GAP waiver, item C makes is very ambiguous, as it specifies “other amounts that were subtracted from the vehicle’s actual cash value to determine the insurance proceeds we received for the total loss”
Does not it negate the whole idea of “waiver” or I am understanding it incorrectly?
It says that you owe any outstanding amounts (payments, late fees, etc) + insurance deductible + any other amounts that might reduce ACV of car (if any- assume this would be rare- ex. you had some really bad mods on the car that reduced its value at time of loss). But they waive any other gap between payoff and ACV.
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