GAP insurance from NMAC in 2013

[dndrich]

I am going to pull the trigger tomorrow and lease my Leaf from North Bay Nissan in Petaluma. I have all the basic numbers and total cost. What I don't know is if GAP insurance is included standard on all NMAC leases, or is it an option? If it is an option, I will go with my insurance company for that. Anybody know the answer to that?

 

[Deleted member 8423]

Thank you for starting this thread! I keep forgetting to ask other owners the same question.

I was told the following when I leased:
1) GAP insurance was included.
2) I was REQUIRED to purchase this from Nissan.

Everything I've heard about #2 is BS. I should have the option to purchase it elsewhere.

I have yet to find any documentation in the paperwork that I signed, or in the NMAC stuff online that states that #1 is true.

There were lines on the sales paperwork where I'd expect something extra like this to be listed, and it wasn't detailed.

 

[MrIanB]

Gap insurance is included in NMAC leases. I have it on both of my leafs and it was not extra. Good piece of mind. Try to keep your downpayment as low as possible in case the car gets total you may not get all that downpayment money back.

Ian B

 

[Deleted member 8423]

Gap insurance is included in NMAC leases. I have it on both of my leafs and it was not extra. Good piece of mind. Try to keep your downpayment as low as possible in case the car gets total you may not get all that downpayment money back.

Where do you find confirmation of that, or details on the coverage?

 

[Elephanthead]

It is in there somewhere. The shady leases Nissan does they have to include it or every time a Sentra smashed into something they would be out 10K. Don't put anything down on the lease and you can leverage the coverage to the fullest.

 

[ksnogas2112]

Gap insurance is included in NMAC leases. I have it on both of my leafs and it was not extra. Good piece of mind. Try to keep your downpayment as low as possible in case the car gets total you may not get all that downpayment money back.

Ian B

From a different thread...but if you do get in an accident and insurance cuts a check to Nissan, be sure the check isn't for more than the cost of the repair because Nissan won't refund YOU the overage unless you ask.

 

[kubel]

GAP insurance is included in all NMAC leases, but it's kind of pointless with the LEAF since most of us drove off the lot with over $10,000 into the car (thanks mostly to the tax incentive) which covers the gap. GAP insurance covers the difference between the cash value of the car and what's owed on the car. If what's owed on the car is equal to or less than the insurance payout in the event of a totaled car, there's no worries for NMAC.

Scenario A: I lease a $30,000 car and only put $1,000 down. I crash the car a week later. The car has already depreciated $5,000. Insurance pays out $25,000 to the bank. Bank has $1,000. They will come to me for the other $4,000. GAP insurance covers this $4,000 difference.

Scenario B: I lease a $30,000 car and put $5,000 down. I crash the car a week later. The car has already depreciated $5,000. Insurance pays out $25,000 to the bank. Bank already has $5,000, so there's no problem.

GAP insurance is only required by banks (or NMAC in this case) when it's a low down payment lease. There's no such thing as a low down payment lease with the LEAF, since NMAC is guaranteed at least $7500 with ever lease.