I leased a 2015 Fiat 500e and recently was involved in an auto collision. Due to the damage caused by the other driver which added up to approximately 9k, the car will be totaled.
Although I did not purchase GAP insurance from my insurance company, Chrysler Capital includes it on all leased vehicles. In this case, the Fiat is roughly appraised at 10k, and GAP will cover the remaining 9k balance.
What was the purchase price when leased? I’m curious because I just can’t believe how badly the car depreciated. $9k gap seems a lot to me for a pedestrian vehicle (versus a luxury and what not).
Don’t most leases include GAP since the leasing company is in effect protecting its own investment since they own the vehicle?
My Lancer couple years back had it. I think it was couple bucks a month on the worksheet.
From my understanding, toyota leases do not have GAP standard
I have a Maserati through CitiBank. Their leases include conditional GAP protection which is the equivalent of GAP insurance so long as you maintain the minimum required insurance on the vehicle.
Update on this - my lease was closed and I did not have to pay a disposition fee either.
MSRP was 33987.58. Sell price was 31,797.
Residual was roughly calculated to be 56%.
Same thing happened to me the other day. My lease form just has N/A and I don’t even remember the finance guy even offering it to me.