I just leased a Honda Accord and didn't want to take the dealer's inflated gap insurance. I was surprised they didn't include it since all the other cars that I have leased had it (Ford and Volkswagen). My insurance is through State Farm and they don't offer gap insurance. Are there any good deals for gap coverage out there? I see a lot of places online that carry it for a flat $299, but I don't know how reliable they are.
al_bundy
04-24-07, 09:42 AM
it's a honda, not a GM
it should drop in value very gently
ANDREMIKE
04-24-07, 10:20 AM
did you lease through american honda finance corp? I never paid extra for gap insurance..
SoSpacey
04-24-07, 10:29 AM
gap insurance? isn't this something dealers would try and get you on 15 years ago when people didn't know much about leasing?
jadasion
04-24-07, 10:32 AM
what is gap insurance?
dvd-4-life
04-24-07, 10:37 AM
Lets say you owe 14 grand on your car and the blue book value is 10 grand and you total the car -the gap insurance covers the difference.
taa455
04-24-07, 10:39 AM
Stop leasing and stop looking for gap insurance. You're getting ripped off.
SoSpacey
04-24-07, 11:09 AM
did you put like $3500 out of pocket at inception?
ANDREMIKE
04-24-07, 11:35 AM
I would like to hear details of the lease.... money down, payment, type of car... You may be getting screwed... I am on my 4th lease through Honda....
Ginwen
04-24-07, 11:41 AM
I just leased a Honda Accord and didn't want to take the dealer's inflated gap insurance. I was surprised they didn't include it since all the other cars that I have leased had it (Ford and Volkswagen). My insurance is through State Farm and they don't offer gap insurance. Are there any good deals for gap coverage out there? I see a lot of places online that carry it for a flat $299, but I don't know how reliable they are.
I have State Farm and I had gap insurance when I first got my Camry (purchase not lease) 2 years ago, so they definitely had it then.
I did have to get it within like a week of getting the car though. I did as I've known a couple of people who totaled new cars within the first month of ownership, and ended up sorta screwed.
collven
04-24-07, 11:44 AM
I would like to hear details of the lease.... money down, payment, type of car... You may be getting screwed... I am on my 4th lease through Honda....
I had to put TT&L down plus $1200 to pay off my old car. The monthly payment is $254, 36 months, 12,000 miles a year. It's an '07 Accord SE V6. I'm sure it's through American Honda, but I'm at work and the paperwork is at home. I was surprised it wasn't included.
kenbuzz
04-24-07, 11:47 AM
http://mefi.be/img/blog/forestgump.jpg
I like to lease them carrrrs.
ANDREMIKE
04-24-07, 12:00 PM
I had to put TT&L down plus $1200 to pay off my old car. The monthly payment is $254, 36 months, 12,000 miles a year. It's an '07 Accord SE V6. I'm sure it's through American Honda, but I'm at work and the paperwork is at home. I was surprised it wasn't included.
did you trade in you car? How much tax did you pay on the new car?
look here. DO you have excellent credit?
http://automobiles.honda.com/tools/shopping_tools_frameset.aspx?Function=new_lease_calculator
My thoughts. List is 22200, which mean invoice is around 19,600. I bought mine for 1K under invoice. So I would hope you paid around 19K for your car.
did you pay tax plus the $1200.00.
I calc your payment to be(from 19K)
LEASE SPECIAL
2007 Accord Sedan Special Edition
36 Months Term
12,000 Annual Mileage
Terms Certificate
$243.33
collven
04-24-07, 01:10 PM
Actually, list on my car is 23,350, but otherwise, your numbers are about right.
Judge Smails
04-24-07, 03:47 PM
If you leased through American Honda the gap insurance should be included, unless they've changed it since '04. Look on the back of the lease paperwork.
collven
04-24-07, 04:16 PM
Thanks, I will when I get home. The dealer told me specifically that it wasn't included though. I told him I was surprised since all my other cars had it.
Pistol Pete
04-24-07, 05:14 PM
I bought my car through my credit union and gap insurance was included in the loan.
ANDREMIKE
04-24-07, 05:16 PM
they were probably just trying to make extra money....
Vibiana
04-24-07, 05:23 PM
I have gap insurance with the same company that insures my car to begin with. It's not that expensive, maybe a few bucks a month extra.
I would not be upside down on my car if I weren't so damned stupid sometimes, but that's another post. :lol:
The Bus
04-24-07, 06:00 PM
If you can't afford Gap Insurance, just get Old Navy insurance. It's basically the same thing.
Shazam
04-24-07, 06:15 PM
But Banana Republic insurance is the best of all.
Jadzia
04-24-07, 06:24 PM
If you can't afford Gap Insurance, just get Old Navy insurance. It's basically the same thing.
:lol:
collven
04-25-07, 01:37 AM
they were probably just trying to make extra money....
Looks like you were right. According to American Honda's website, all of their leases include gap coverage. I'm going to call them sometime today to verify. This is the first car I've bought from this dealer and will probably be the last.
Heat
04-25-07, 02:10 AM
Skip the gap insurance. Just don't wreck your car and you'll be fine.
Buy: