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GAP Insurance - Is GAP Necessary on Auto Loans and Leases?

Posted by admin on 03 Jul 2007 at 4:41 pm under Ohio, Auto Dealerships, GAP Insurance, Auto Loans, Auto Leasing

I’m uncertain what GAP Insurance is, or if I need it.

My wife and I have been shopping for a new minivan in Columbus, Ohio where we live. We haven’t yet agreed on a particular model, but we have narrowed our choices to three so the dickering won’t be far off. I’d prefer to buy the vehicle outright with 60 month financing, but leasing is not out of the question. My wife prefers the lease since it will allow us to drive a nicer vehicle while enjoying cheaper monthly payments than if we’d bought. Ideally, we would like to put 10% or less down on a new minivan priced around $30,000.

I am told GAP insurance is a must-have on a lease, but unnecessary when buying a new car outright. I need to know the purpose of GAP Insurance and if you would recommend it in my situation. If you can, please give me enough facts about this coverage to keep the dealership from sticking it to me. Your help is appreciated.

Paul
Columbus, Ohio

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For more than ten years, David Williams has worked with consumers and attorneys in Ohio, Kentucky and West Virginia to expose unsafe auto repairs and maximize recovery on consumer's auto insurance claims. Williams is neither an attorney nor public insurance adjuster, but is an expert, consultant, and writer specializing in the field of automotive collision repair and valuations.

Credited as being the first WreckCheck licensee to operate in a full-time, mobile capacity, Williams' efforts have resulted in many favorable verdicts for his clients. It is said that he is a "valued eye whose pen ultimately begins the process that puts thousands of dollars back into consumer's pockets where it blongs."