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I'm not sure that gap insurance is applicable ...
Posted by gatorcpa [Email] (more from gatorcpa) on Fri, 24 Feb 2006 18:53:57
In Reply to: Re: Prepaid leases...., sasha, Thu, 23 Feb 2006 17:51:54
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... to your situation. Gap insurance usually insures the difference between the fair value of the vehicle (what your auto insurance company will pay) and the remaining lease payments. If you put cash up front and the car is totalled, the cash is gone, as it is not part of the monthly payments you owe.
In a one-payment lease, you will only owe the residual, which is presumably less than the fair value when the car is new. So there is nothing to for gap insurance to insure.
When I picked up my new Saab recently, the dealer offered me a different type of insurance that essentially covered the down payment. This was an additional $8/month. Since I did not put in any down payment on the lease, I declined the coverage. This type of arrangement might work for you.
Ask your dealer, there may be similar coverages in New York.
Good luck,
gatorcpa
posted by 68.215.108...
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