GAP isn’t a scam, but buying it from captive banks might be a ripoff.
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I understand that GAP insurance is not a scam but
I saw something called a “Gap Waiver”.
from Toyota or Kia can’t remember.
I think it says it’s free or included in the lease.
Is that legit or dealer scam.
GAP is not free with TFS.
but if it says “free or included for free” is that legit? Just want to verify because when you need it it will be too late to complain.
If it says it’s included, then of course why would you buy and pay extra for it? It doesn’t for TFS though.
I think it was a separate print out so it didn’t look so official,
You might be right. it could have been one of many companies
but not ToyotaTFS
I asked Toyota Finance people and they said that Toyota doesn’t include GAP in the lease because these cars usually keep values so GAP is not needed, the only exception is the Mirai where MSRP is so high and the value does drop like a rock.
Gap is mandatory on a Toyota Mirai.
Don’t some captive leases include gap insurance as part of the lease? I thought BMW does and my Alfa Romeo lease (Ally) I think does as well?
Gap is not mandatory on Mirai. See my post above where Toyota would not sell me a GAP even if I wanted to purchase one.
Yes because your lease was a One-Pay.
So you need to get Gap through your insurer or through a third party.
If your cars pay off is 50k and the car’s value in the market is 30k your insurance pays the 30k and you owe TFS 20k to cover the payoff. Correct me if I’m wrong.
You said GAP was mandatory with Mirai. Which is not true. I am pointing out the error in your statement.
Okay so if the car gets totaled and if the person doesn’t have GAP what will happen?
Well it’s not “mandatory” to have but I think its something that every Mirai driver should have.
I agree with that statement. It’s something that driver “should” have but not mandatory.
Are you saying Toyota Financial said that they do include GAP as standard because Mirai value drops like a rock?
They highly recommended it.
They highly recommend but don’t sell for one pay lease which do not make any sense.
Did you end up getting GAP?
No, they don’t include it so they recommended us getting it. And I think we should get it.
U.S. Bank covers GAP in the lease agreement itself.