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Old 04-27-2010, 09:07 AM   #1 (permalink)
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I was doing all my research before leasing my Sonata and was happy to find out that it was only $8 every six months to add Gap insurance through my insurance company. So when I told the Sales Manager he said "Hyundai adds Gap insurance to every lease and you can't take it off." At $685 vs. $48 for Three years of Gap insurance it seems like a rip off. Is this true what he says about Hyundai or is he trying to pull something on me?
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Old 04-27-2010, 09:24 AM   #2 (permalink)
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I cant answer your question, but I want to make sure I understand what you are asking.

Are you saying that on a straight forward lease through Hyundai Financing, they REQUIRE gap coverage?

Usually finance companies only require it when you do a trade-in on a car that you are upside down on and have to roll in the previous financing to the new financing.

Ive never heard of mandatory gap insurance on a lease!
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Old 04-27-2010, 09:25 AM   #3 (permalink)
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QUOTE (Derek-n-Jessie @ Apr 27 2010, 09:07 AM)
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I was doing all my research before leasing my Sonata and was happy to find out that it was only $8 every six months to add Gap insurance through my insurance company. So when I told the Sales Manager he said "Hyundai adds Gap insurance to every lease and you can't take it off." At $685 vs. $48 for Three years of Gap insurance it seems like a rip off. Is this true what he says about Hyundai or is he trying to pull something on me?
It is included as part of the $595 acquisition fee but GAP is not priced separately:
"DON'T Lease Without GAP Insurance - For just a few dollars a month, you protect yourself from a big loss in the event of forced termination such as a thief or accident where the vehicle is totaled. All leases through Hyundai Motor Finance come with GAP insurance automatically. "
https://www.hyundaimotorfinance.com/Leasing.asp
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Old 04-27-2010, 11:16 AM   #4 (permalink)
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When I bought mine used, they tried to include gap insurance. I told them I wasn't paying extra for gap insurance, and the guy told me I was crazy because if I totaled it, it got stolen, etc, I would be in trouble. I told him that I'm pretty sure I was okay since I put 10K cash down on the car, and had no trade-in rolled in. I also told him if he didn't remove it that I'd be happy to take my business elsewhere.

[b]Edit: The only reason I can think that they require it on a lease is that you aren't buying the car, so it's still theirs. I mean technically if you finance to own a car, you don't own it until the lien is removed, but your intent is to own the car.
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Old 04-27-2010, 11:25 AM   #5 (permalink)
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Just about every company that leases cars, even the leasing king of the US, BMW, includes gap insurance in their leases. It's part of the acquisition fee.
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Old 04-27-2010, 11:54 AM   #6 (permalink)
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So the aquisition fee is what exactly? Is there that same fee if you purchase a car outright? I guess it wouldn't be as painful if the Gap insurance is only a prtion of that fee. I should be able to decline it if I can provide the same coverage through myown insurance, shouldn't I?
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Old 04-27-2010, 12:04 PM   #7 (permalink)
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QUOTE (Derek-n-Jessie @ Apr 27 2010, 11:54 AM)
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So the aquisition fee is what exactly? Is there that same fee if you purchase a car outright? I guess it wouldn't be as painful if the Gap insurance is only a prtion of that fee. I should be able to decline it if I can provide the same coverage through myown insurance, shouldn't I?
I was contacted by my insurrance company and was ofered GAP coverage at the rate of $4 per 6 months. I think that is a no brainer so I added to my insurace. I purchased the car and it will take care of new car replacement for 1 year also. I am paying $152 for full coverage plus GAP coverage per 6 months.
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Old 04-27-2010, 08:00 PM   #8 (permalink)
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$152? Maple Heights's cost of living is 21.15% Lower than the U.S. average. I'm on my way
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Old 04-27-2010, 09:24 PM   #9 (permalink)
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I don't know if it is mandatory but here is an interesting story. My wife recently wrote off my 08 Sonata on lease. We owed about $20000 on the car still and there was no way it was worth that much. We had "waiver of depreciation" coverage in our insurance and got $26500 from the insurance company (well Hyundai got that much.) Hyundai took the amount that was left owing on the car and we got a check for the remainder. The only limitation was that the crash had to happen within 24 months and well, true to form, she crashed at 23 months.
When it was all said and done I was happy with 2 things:
1) The gap coverage
2) The safety features on the Sonata
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Old 04-29-2010, 09:47 PM   #10 (permalink)
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Gap is part of every lease, can't do anything about it. You can't decline it because if you could, most people would decline it, and not go get it on their own. That leaves the leasing company hanging out to dry, and it would be bad business to let that happen to them.

Unless you put enough cash down to hedge depreciation, IE 15-20%, gap is the most important insurance you can have. Anyone that would rather continue to make payments on a car that was totaled, over $10 a month is an idiot
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