Volvo Lease GAP Protection (total loss)

Ask the Hackrs
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1

I’m hoping to see if anyone has experience with Volvo Financial Leases & Total Loss. My S90 was declared a total loss after an accident (Everyone is OK!), and it looks as though there is a $600-$700 difference between the appraisal amount insurance will pay & my lease payoff.

I had thought all Volvo leases come standard with GAP coverage, and I see it mentioned on their site.

I called Volvo and asked about the process, and when I mentioned gap they said they have some other protection plan which is similar to GAP, and that they’ll review the appraisal from insurance, and I may owe the deductible + any additional difference between insurance payoff and payoff amount.

Two things I’m confused about:

  1. Why would I owe Volvo the deductible ($500) when the insurance payout already removes it from the total payout amount?
  2. I would’ve assumed (even if I do have to pay deductible to Volvo), that the lease contract would cover any additional difference, but they’re saying “it depends on a variety of factors”

Anyone have any experience to share?

Blockquote

Guaranteed auto protection waiver
Our GAP waiver is included in your lease agreement at no additional cost to you. It is provided to give you peace of mind. If your leased Volvo is declared a total loss due to theft, accident or natural disaster, we will cover the difference between the insurance proceeds and the balance owed to Volvo Car Financial Services less any deductible."

Blockquote

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You called and got someone who’s only qualification is that they can read aloud off a script. You shouldn’t ask these folks any hypotheticals or “what’s next?” questions.

Let the process play out. If wanna be actively involved, get your insurance to raise their assessment of the car’s value. No reason to talk to the bank at this point.

1 Like
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gap is included. shouldn’t be an issue

4

hmmm I read it as , Insurance will pay the proceeds but $500 of those ‘amounts’ comes from the owner. So the owner owes us $500.

that missing $500 isn’t from a ‘gap in value’ it’s from the insurance company not giving us $500.

But if you guys know it’s not right to pay, I’ll bow out to the more informed.

5

So, I read it as you owe Volvo a deductible which has nothing to do with your insurance deductible.

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