GAP is not free with TFS.
but if it says âfree or included for freeâ is that legit? Just want to verify because when you need it it will be too late to complain.
If it says itâs included, then of course why would you buy and pay extra for it? It doesnât for TFS though.
I think it was a separate print out so it didnât 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 doesnât 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.
Donât 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 carâs value in the market is 30k your insurance pays the 30k and you owe TFS 20k to cover the payoff. Correct me if Iâm 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 doesnât have GAP what will happen?
Well itâs not âmandatoryâ to have but I think its something that every Mirai driver should have.
I agree with that statement. Itâs something that driver âshouldâ 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 donât sell for one pay lease which do not make any sense.
Did you end up getting GAP?
No, they donât 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.