Gap insurance?

[Mb9182]

I’ve always leased cars, so I’ve never dealt with this. Do I need to get Gap insurance with the lightning?

It’s $80k, I’m putting $25k down and financing the rest.

My insurance company didn’t offer it, so I can but it through the credit union with the loan.

Any advice?

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[merek]

I would think you would never have a gap with that large of down payment.

 

[metroshot]

I’ve always leased cars, so I’ve never dealt with this. Do I need to get Gap insurance with the lightning?

It’s $80k, I’m putting $25k down and financing the rest.

My insurance company didn’t offer it, so I can but it through the credit union with the loan.

Any advice?

If you are leasing the truck and you put down $25K - that is not a wise move.
You can lose all that money if you have it stolen or damaged beyond repair.
On a lease, you put down nothing, pay only the drive off costs - never ever pay a cap cost reduction (down) on a lease.


If you are putting down $25K - get financing - Ford Flex, traditional bank/CU lender...

GAP insurance is probably not needed if you finance with $25K down.

This truck will not be upside down for a few years - it will actually appreciate!

 

[PA Lightning]

Gap insurance is included with the Ford Lease payment, at least it is on the ICE vehicles

 

[Mb9182]

If you are leasing the truck and you put down $25K - that is not a wise move.
You can lose all that money if you have it stolen or damaged beyond repair.
On a lease, you put down nothing, pay only the drive off costs - never ever pay a cap cost reduction (down) on a lease.


If you are putting down $25K - get financing - Ford Flex, traditional bank/CU lender...

GAP insurance is probably not needed if you finance with $25K down.

This truck will not be upside down for a few years - it will actually appreciate!

Yes, I’ve always leased with $0 down. This time I’m financing to take advantage of the tax credit. I wasn’t sure about the gap insurance but figured it probably wouldn’t matter with the down payment and the unique situation with this truck

 

[jpepper07]

I prefer gap insurance that has a replacement policy. If I put 25k down then I want it replaced. I don't want insurance to give me like 70k for my 80k truck. That is 10k lost.

So I get scared if I put money down that the depreciation eats my down payment then then I'll lose money if I wreck it tomorrow from the insurance.

The alternative is no money down then insurance covers loans with gap even if the loan is underwater.

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