I just leased mine yesterday, the finance guy kept pushing me to get the gap. He’s final offer was $7 more added to the lease/month. Is this BS??? I never heard such thing until now, but it’s my first lease.
The only Gap I can think of that you are referring to is 'Gap Insurance" which covers the difference between your current value, and the leased balance, in the event something occurs to the vehicle, so you are not upside down in payments. $7 a month, or $84 a year, for a policy which is like a term life policy, but would only pay a max of several thousand dollars, as compared to a $20 a month life insurance policy which pays hundreds of thousands of dollars during it's term, seems very overpriced. But that is just my 2 cents worth. I would not pay for the Gap coverage.
First off, do you know what the GAP coverage entails? Did they fully explain it to you and do you understand it? No, I did not buy any from Toyota because my insurance company automatically covers it for leased vehicles at no extra charge (well, $11 added to my annual premium for it).
My dealer wanted $595 for GAP insurance on a 36 month lease. I spoke to my insurance agent, and Allstate charges $25/6months, or $150 for 36 months. I went with Allstate.
