You might assume that your physical damage auto insurance is sufficient to cover any losses related to your vehicle. See agreement, certificate, or waiver for complete details. Toyota Financial Services is a service mark used by Toyota Motor Credit Corporation (TMCC) and Toyota Motor Insurance Services, Inc. (TMIS) and its subsidiaries. This is specifically designed to bridge the gap between the cars depreciated value and the amount that is still owed on it. Further, the case alleges Toyotas early payoff letters sent to customers are misleading and fraudulently conceal the automakers obligation to refund unearned GAP fees. Directions It is available only to the original loan or lease-holder and bridges the difference between the depreciated value of the car and the amount owed on it. Read our Newswire Disclaimer. Some restrictions may apply.
GAP provides coverage if your vehicle is declared a total loss due to incidents such as theft, fire, or an accident. You should also consider how long your gap coverage will last and how long you will need it.
The Toyota Motor Credit Corporation and Toyota Motor Insurance Services are responsible for collecting unearned fees from customers for guaranteed automobile protection (GAP) coverage. Some even cover the cost of the deductible. Wallethub doesnt charge for this service. Note: GAP is optional, cancellable (see terms of Agreement) and not required to obtain credit. 
If you want to learn more, check out WalletHubs.
Some restrictions apply. Toyota gap insurance can help pay the difference between what you owe on your loan or lease and your vehicles actual cash value (ACV) if your car is deemed a total loss. It may be available for as little as $20 per year through your regular auto insurance company. Toyota gap insurance is only available at the time of financing, so you cannot add it on at a later date. Similarly, if youre refinancing, wait to cancel your gap insurance until your previous loan is no longer in effect.
To make things worse, Toyota has not disclosed why they refuse to refund unearned GAP fees. As long as you send them a payoff notice, you should be able to cancel the insurance plan and still receive a refund. In addition, it is not any companys responsibility to ensure all questions are answered. To learn more, check out WalletHubs guide to gap insurance. A class action alleges Toyota Motor Credit Corp. has made millions each year by pocketing unearned GAP coverage fees in the event a customer pays off a retail installment sales contract early. The benefits of GAP insurance are clear: it covers the difference between what you owe and the cash value of your car if you have an accident. This browser does not support PDFs. The coverage is offered through Toyota Financial Services (TFS) and will waive or reimburse the difference between the amount still owed on your loan or lease contract after your insurance settlement (assuming you have coverage) before taxes and fees. Enter your registered email address to request a password reset link. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Where the defendants come in, the lawsuit alleges, is that in the event a customer wants to pay off their finance agreement early, Toyota will typically not include the unearned finance charge in the total quoted payoff amount but will include unearned GAP fees. A financial gap coverage policy can help you pay off your outstanding loan balance if you experience a vehicle crash. At login, we collect and store data about your device (i.e. You can cancel your GAP within 30 days of purchase for a full refund. This answer was first published on 02/22/22. Before commenting, please review our comment policy. If your insurer does not provide gap insurance, its a good idea to compare quotes and see if it would be worth switching companies. If your vehicle is under warranty, the company may also cover the cost of repairs, but they will not pay for your loan. Filed: November 17, 2020 2:20-cv-10518. Gap insurance refunds are not given simply because you never filed a gap insurance claim and they usually require policies to have been paid in full up front. If you need help right away, please call us at This answer was first published on 02/22/22. Toyotas GAP coverage is called Guaranteed Auto Protection and is a voluntary protection package that you can add, and can be canceled through the GAP agreement, certificate, or waiver. Per the case, this difference is known as the GAP: From there, the lawsuit relays customers pay for GAP coverage in monthly installments over the life of a finance agreement. smartphone, computer or tablet) to verify your identity. You can fax or scan the letter, but make sure you give the correct mailing address, as it may go to your old address. Gap insurance is an additional expense that can help prevent the dreaded do-overs. The policy covers the difference between the remaining balance on your finance or lease and the market value of the car. The new owner will take over your original finance or lease contract. Be sure you understand the coverage, but for a few extra dollars on a vehicle lease, extra protection isnt a bad option. Retail installment accounts may be owned by TMCC or its securitization affiliates and lease accounts may be owned by Toyota Lease Trust (TLT) or its securitization affiliates. Youll want to save documents that show you are the vehicles original owner and have the original lease or loan on the vehicle, and there may be requirements for a vehicle newer than two or three model years. Corrado Rizzi is the Managing Editor and a writer for ClassAction.org. If GAP is purchased and declared individually on the finance or lease contract, it is available in most states to be applied immediately. So youre in the market for a used vehicle? These companies are unable to give customers a refund for these fees because they are the creditor and assignee of the drivers finance agreement. Obtain copies of all your paperwork from the dealership before filing for a refund. While the amount of coverage offered varies between states, GAP is generally not available on leasing or loan arrangements. Please discuss with your dealer and refer to your agreement at time of purchase. Editorial and user-generated content is not provided, reviewed or endorsed by any company. GAP will cover up to $1,000 of your auto insurance deductible (if applicable) in most states.3. We are committed to taking better care of Mother Earth, Leasing or Owning a New or Certified-Used Toyota, Toyota Owner Profile Sean Ross: Five Toyotas, Loads of Adventure and Plenty of Peace of Mind, Why You Should Schedule a Lease-End Inspection at a Toyota Dealership, How to Maximize the Resale Value of Your Vehicle, A Lease Story: Patrick Mahoney and His RAV4 XSE Hybrid, How to Prepare Financially for a Natural Disaster. GAP coverage, in general, isnt only available at participating dealerships and there are many local and nationally recognized insurers that include it as part of a car insurance policy. GAP coverage is best suited for cars that have low down payments, high interest rates, and long-term leases, which typically require a 60-month or longer term. When youre purchasing or leasing a new car, the dealership or lender may offer to add gap insurance to your loan or lease. Some require that you extend the premium for several years. Per the case, the total cost of GAP coveragei.e. GAP insurance is meant to be used in conjunction with collision coverage or comprehensive coverage. 4Coverage is subject to exclusions and limitations set forth in the Agreement. Similarly, some gap insurance policies will pay your deductible, although many will not. the finance chargeover the full length of the deal, the suit says. Please discuss with your dealer and refer to your agreement at time of purchase. How Long Does It Take to Get a Gap Insurance Refund? Opinions expressed here are the authors and/or WalletHub editors'. Heres The Scoop, What Is Overdrive In A Car? GAP coverage is insurance that pays the difference between what you owe on a vehicle and the actual cash value. The details will depend on your policy and your states laws. The agent can help you cancel your gap policy and get you new coverage if needed. And most gap insurance policies do not pay for anything you owe from a previous car loan. Only the original loan or leaseholder on a new vehicle is eligible for this type of coverage. The 38-page complaint out of California claims Toyota is aware these fees have not and will never be earned yet collects them anyway and then refuses to refund the money to customers despite being contractually and legally obligated to do so as the creditor and assignee of a drivers finance agreement and GAP waiver. You cannot reinstate your GAP after cancellation. It is also important to note that GAP is not available on all purchase agreements and may not be offered by participating dealerships. Less any delinquent payments, amounts due to pre-existing damage, taxes, auto insurance deductibles over $1000, if applicable, and past-due charges. This can have serious implications, especially if youre paying off the loan sooner than expected.
Note: The benefits stated here are subject to change or may vary slightly based upon the purchase date of the Agreement. 2. You are paying off, selling, or trading in the covered car. Although GAP insurance is an optional purchase, several states in the United States mandate that a vehicle dealership provide it as an option at the time of purchase. See agreement, certificate, or waiver for complete details. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. A gap insurance policy covers the difference between what a leased or financed car is worth and how much the driver owes Like any other type of insurance, the cost of gap insurance varies depending on the cars value and the drivers risk characteristics, such as age and claims history. read full answer. Please download the PDF to view it: Download PDF. Contact information for dealer that sold you the GAP product, The date your vehicle was damaged or stolen, Contact information for your physical damage insurer, including your policy number or a police report displaying your VIN. Under these agreements, the consumers agreed to pay the price of the cars in monthly installments over a fixed period of years, with interest, the case explains, with the contracts immediately sold and assigned by a dealer to Toyota, to whom all future payments are made directly. Toyota Financial Services is not responsible for the content or security of the site. And most gap insurance policies do not pay for anything you owe from a previous car loan. On average, gap insurance will only add around 5% to 6% to your comprehensive and collision cost. However, this process can be time-consuming and costly. In order to get gap insurance, some insurers require that your car be brand new and may require some additional documentation. Weve gone ahead and prepped some essential questions to ask when buying a used car. Here's how GAP works: In the event of a total vehicle loss, GAP covers you once insurance has paid its share, paying the difference (or deficiency) between your Toyota's insurance payment (usually market value) and the balance on your finance or lease contract. Auto insurance is one of the most important aspects of purchasing a new vehicle. The case also looks to cover California- and Colorado-only subclasses fitting the same criteria. If youre leasing or financing a new car, many lenders require you to have collision and comprehensive coverage on your car insurance policy until your car is paid off. But since gap insurance is a relatively uncommon kind of coverage, not every insurance company offers it. Purchasing gap insurance through an insurance provider is generally less expensive than purchasing it from a car dealership. If youre in the market for a speedy two-seater, weve got you covered. This may be a good choice if your existing insurance company doesnt offer gap insurance, but remember that if the cost is added to your loan or lease, you will pay interest on that charge. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Then, you will need to give the appropriate paperwork to your insurance provider, such as proof of sale or auto payoff letter. Monday - Friday 7am - 7pm Central Time Saturday 8am - 1pm Central Time. Does Toyota have free roadside assistance? Toyota Motor Corporation. See agreement, certificate, or waiver for complete details. However, price is not the only factor that should affect your decision of. It is important to note that most lenders will also require you to carry comprehensive and collision coverage, which can cost as little as $20 per year. You should also review your agreement with the dealership and discuss the GAP coverage before you commit to a finance and lease agreement. (NMLS ID#8027). In other words, the case says, Toyota, at the time of early payoff, fraudulently represents to its customers that they owe Toyota the unearned GAP fees for the remaining term of the contract when the company is aware these fees are not earned, and can never be earned, because the finance agreement is ending early. A wrinkle, according to the complaint, is that while a customer is told upfront the total cost of GAP coverage and finance charges for the full term of their contract, the consumer, in truth, pays these amounts incrementally over time to Toyota on a month-to-month basis as part of the monthly payment for their car. Your loan balance is no longer more than the cars actual value, though its best to leave a cushion of $1,000-$2,000. Enter your cell phone number and well send you a link to install the WalletHub app. 02/22/22 If you do decide to cancel your coverage before the term expires, it will be much easier to pay off your loan. We're taking you to Toyota.com website to connect you to the information you were looking for. Done with the tools you need? The lawsuit looks to represent consumers nationwide who entered into finance agreements with a Toyota GAP waiver addendum that were assigned to Toyota, who paid off their finance agreements before the end of the contract term, and who did not receive a credit or refund of the unearned GAP fees and/or accrued interest on those amounts. Despite the benefits of cancelling your Toyota financial gap coverage, youll still need to pay the premium for the insurance coverage. Check out our About Us page to see how CoPilot works. 1. Although similar, a retail installment sales contract is different from an auto loan in that a loan is a transaction between a consumer and a bank or other lender for money thats to be used to by a vehicle and repaid with interest, while the former is a transaction between a consumer and auto dealer, according to the case. See your auto insurance policy for actual coverage in the event of a total loss. Also, if you are financing a car through a bank or credit union, these institutions will usually offer gap insurance upfront for anywhere from $200 to $700. When you purchase coverage from a car dealership instead, a gap insurance policy will cost a total of $400 to $700 in most cases. Only transferable with the reassignment of the original finance or lease contract. Take a look at the chart here for an idea of GAP coverage in action. Available in most states if GAP is purchased and disclosed separately on the finance/lease contract. Mechanicsburg, PA 17050. Some gap insurance companies might also require an odometer verification showing the mileage on your car, which you can get from a dealership before you sell or trade in the vehicle. If you need a gap insurance refund because youre selling or trading in the car, be sure to wait until the car no longer legally belongs to you before canceling your gap insurance. cancelling within 30 days after the policys start date, you might be able to get a full refund, minus any cancellation fees. CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. Additionally, the cost of GAP can be included in your loan or lease contract and incorporated as a percentage of your monthly payments for your convenience which is still subject to credit approval). Further, Toyota financial gap insurance is recommended for people who have an exceptional credit history and are planning to purchase a new Toyota. Some restrictions may apply. Heres Everything You Need To Know, An Iowa Vehicle Bill of Sale: What To Know, What Does L Mean On A Gear Shift? Coverage is important to avoid major loss in value due to immediate depreciation. Ask your dealer about GAP (offered by Toyota Financial Services) now because it's only available from your dealer at the time you purchase or lease an eligible new or used vehicle. Depending on the customer, the cost of gap insurance could be included in the loan or lease and paid off monthly. It also covers the deductible. If not, some companies offer standalone gap insurance policies. Car and Home Insurance Quotes How to Save Money by Bundling Your Coverages, Online Auto Insurance Comparison Things to Watch Out For, How to Get the Best Auto and Home Insurance Quotes, Infinity Commercial Auto Insurance Review, Nationwide, Esurance, and Safe-GAP Total Loss Protection, Guaranteed Automobile Protection (GAP) Cost and Coverage Issues, How to Compare Wawanesa Car Insurance Quotes, How To Get The Best Prices For 30 Day Car Insurance, Progressive Home Quote How to Find a Good One. Therefore, they have no legal basis for refusing to reimburse unearned GAP coverage fees.
GAP provides coverage if your vehicle is declared a total loss due to incidents such as theft, fire, or an accident. You should also consider how long your gap coverage will last and how long you will need it.
The Toyota Motor Credit Corporation and Toyota Motor Insurance Services are responsible for collecting unearned fees from customers for guaranteed automobile protection (GAP) coverage. Some even cover the cost of the deductible. Wallethub doesnt charge for this service. Note: GAP is optional, cancellable (see terms of Agreement) and not required to obtain credit. If you want to learn more, check out WalletHubs. Some restrictions apply. Toyota gap insurance can help pay the difference between what you owe on your loan or lease and your vehicles actual cash value (ACV) if your car is deemed a total loss. It may be available for as little as $20 per year through your regular auto insurance company. Toyota gap insurance is only available at the time of financing, so you cannot add it on at a later date. Similarly, if youre refinancing, wait to cancel your gap insurance until your previous loan is no longer in effect.
To make things worse, Toyota has not disclosed why they refuse to refund unearned GAP fees. As long as you send them a payoff notice, you should be able to cancel the insurance plan and still receive a refund. In addition, it is not any companys responsibility to ensure all questions are answered. To learn more, check out WalletHubs guide to gap insurance. A class action alleges Toyota Motor Credit Corp. has made millions each year by pocketing unearned GAP coverage fees in the event a customer pays off a retail installment sales contract early. The benefits of GAP insurance are clear: it covers the difference between what you owe and the cash value of your car if you have an accident. This browser does not support PDFs. The coverage is offered through Toyota Financial Services (TFS) and will waive or reimburse the difference between the amount still owed on your loan or lease contract after your insurance settlement (assuming you have coverage) before taxes and fees. Enter your registered email address to request a password reset link. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Where the defendants come in, the lawsuit alleges, is that in the event a customer wants to pay off their finance agreement early, Toyota will typically not include the unearned finance charge in the total quoted payoff amount but will include unearned GAP fees. A financial gap coverage policy can help you pay off your outstanding loan balance if you experience a vehicle crash. At login, we collect and store data about your device (i.e. You can cancel your GAP within 30 days of purchase for a full refund. This answer was first published on 02/22/22. Before commenting, please review our comment policy. If your insurer does not provide gap insurance, its a good idea to compare quotes and see if it would be worth switching companies. If your vehicle is under warranty, the company may also cover the cost of repairs, but they will not pay for your loan. Filed: November 17, 2020 2:20-cv-10518. Gap insurance refunds are not given simply because you never filed a gap insurance claim and they usually require policies to have been paid in full up front. If you need help right away, please call us at This answer was first published on 02/22/22. Toyotas GAP coverage is called Guaranteed Auto Protection and is a voluntary protection package that you can add, and can be canceled through the GAP agreement, certificate, or waiver. Per the case, this difference is known as the GAP: From there, the lawsuit relays customers pay for GAP coverage in monthly installments over the life of a finance agreement. smartphone, computer or tablet) to verify your identity. You can fax or scan the letter, but make sure you give the correct mailing address, as it may go to your old address. Gap insurance is an additional expense that can help prevent the dreaded do-overs. The policy covers the difference between the remaining balance on your finance or lease and the market value of the car. The new owner will take over your original finance or lease contract. Be sure you understand the coverage, but for a few extra dollars on a vehicle lease, extra protection isnt a bad option. Retail installment accounts may be owned by TMCC or its securitization affiliates and lease accounts may be owned by Toyota Lease Trust (TLT) or its securitization affiliates. Youll want to save documents that show you are the vehicles original owner and have the original lease or loan on the vehicle, and there may be requirements for a vehicle newer than two or three model years. Corrado Rizzi is the Managing Editor and a writer for ClassAction.org. If GAP is purchased and declared individually on the finance or lease contract, it is available in most states to be applied immediately. So youre in the market for a used vehicle? These companies are unable to give customers a refund for these fees because they are the creditor and assignee of the drivers finance agreement. Obtain copies of all your paperwork from the dealership before filing for a refund. While the amount of coverage offered varies between states, GAP is generally not available on leasing or loan arrangements. Please discuss with your dealer and refer to your agreement at time of purchase. Editorial and user-generated content is not provided, reviewed or endorsed by any company. GAP will cover up to $1,000 of your auto insurance deductible (if applicable) in most states.3. We are committed to taking better care of Mother Earth, Leasing or Owning a New or Certified-Used Toyota, Toyota Owner Profile Sean Ross: Five Toyotas, Loads of Adventure and Plenty of Peace of Mind, Why You Should Schedule a Lease-End Inspection at a Toyota Dealership, How to Maximize the Resale Value of Your Vehicle, A Lease Story: Patrick Mahoney and His RAV4 XSE Hybrid, How to Prepare Financially for a Natural Disaster. GAP coverage, in general, isnt only available at participating dealerships and there are many local and nationally recognized insurers that include it as part of a car insurance policy. GAP coverage is best suited for cars that have low down payments, high interest rates, and long-term leases, which typically require a 60-month or longer term. When youre purchasing or leasing a new car, the dealership or lender may offer to add gap insurance to your loan or lease. Some require that you extend the premium for several years. Per the case, the total cost of GAP coveragei.e. GAP insurance is meant to be used in conjunction with collision coverage or comprehensive coverage. 4Coverage is subject to exclusions and limitations set forth in the Agreement. Similarly, some gap insurance policies will pay your deductible, although many will not. the finance chargeover the full length of the deal, the suit says. Please discuss with your dealer and refer to your agreement at time of purchase. How Long Does It Take to Get a Gap Insurance Refund? Opinions expressed here are the authors and/or WalletHub editors'. Heres The Scoop, What Is Overdrive In A Car? GAP coverage is insurance that pays the difference between what you owe on a vehicle and the actual cash value. The details will depend on your policy and your states laws. The agent can help you cancel your gap policy and get you new coverage if needed. And most gap insurance policies do not pay for anything you owe from a previous car loan. Only the original loan or leaseholder on a new vehicle is eligible for this type of coverage. The 38-page complaint out of California claims Toyota is aware these fees have not and will never be earned yet collects them anyway and then refuses to refund the money to customers despite being contractually and legally obligated to do so as the creditor and assignee of a drivers finance agreement and GAP waiver. You cannot reinstate your GAP after cancellation. It is also important to note that GAP is not available on all purchase agreements and may not be offered by participating dealerships. Less any delinquent payments, amounts due to pre-existing damage, taxes, auto insurance deductibles over $1000, if applicable, and past-due charges. This can have serious implications, especially if youre paying off the loan sooner than expected.
Note: The benefits stated here are subject to change or may vary slightly based upon the purchase date of the Agreement. 2. You are paying off, selling, or trading in the covered car. Although GAP insurance is an optional purchase, several states in the United States mandate that a vehicle dealership provide it as an option at the time of purchase. See agreement, certificate, or waiver for complete details. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. A gap insurance policy covers the difference between what a leased or financed car is worth and how much the driver owes Like any other type of insurance, the cost of gap insurance varies depending on the cars value and the drivers risk characteristics, such as age and claims history. read full answer. Please download the PDF to view it: Download PDF. Contact information for dealer that sold you the GAP product, The date your vehicle was damaged or stolen, Contact information for your physical damage insurer, including your policy number or a police report displaying your VIN. Under these agreements, the consumers agreed to pay the price of the cars in monthly installments over a fixed period of years, with interest, the case explains, with the contracts immediately sold and assigned by a dealer to Toyota, to whom all future payments are made directly. Toyota Financial Services is not responsible for the content or security of the site. And most gap insurance policies do not pay for anything you owe from a previous car loan. On average, gap insurance will only add around 5% to 6% to your comprehensive and collision cost. However, this process can be time-consuming and costly. In order to get gap insurance, some insurers require that your car be brand new and may require some additional documentation. Weve gone ahead and prepped some essential questions to ask when buying a used car. Here's how GAP works: In the event of a total vehicle loss, GAP covers you once insurance has paid its share, paying the difference (or deficiency) between your Toyota's insurance payment (usually market value) and the balance on your finance or lease contract. Auto insurance is one of the most important aspects of purchasing a new vehicle. The case also looks to cover California- and Colorado-only subclasses fitting the same criteria. If youre leasing or financing a new car, many lenders require you to have collision and comprehensive coverage on your car insurance policy until your car is paid off. But since gap insurance is a relatively uncommon kind of coverage, not every insurance company offers it. Purchasing gap insurance through an insurance provider is generally less expensive than purchasing it from a car dealership. If youre in the market for a speedy two-seater, weve got you covered. This may be a good choice if your existing insurance company doesnt offer gap insurance, but remember that if the cost is added to your loan or lease, you will pay interest on that charge. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Then, you will need to give the appropriate paperwork to your insurance provider, such as proof of sale or auto payoff letter. Monday - Friday 7am - 7pm Central Time Saturday 8am - 1pm Central Time. Does Toyota have free roadside assistance? Toyota Motor Corporation. See agreement, certificate, or waiver for complete details. However, price is not the only factor that should affect your decision of. It is important to note that most lenders will also require you to carry comprehensive and collision coverage, which can cost as little as $20 per year. You should also review your agreement with the dealership and discuss the GAP coverage before you commit to a finance and lease agreement. (NMLS ID#8027). In other words, the case says, Toyota, at the time of early payoff, fraudulently represents to its customers that they owe Toyota the unearned GAP fees for the remaining term of the contract when the company is aware these fees are not earned, and can never be earned, because the finance agreement is ending early. A wrinkle, according to the complaint, is that while a customer is told upfront the total cost of GAP coverage and finance charges for the full term of their contract, the consumer, in truth, pays these amounts incrementally over time to Toyota on a month-to-month basis as part of the monthly payment for their car. Your loan balance is no longer more than the cars actual value, though its best to leave a cushion of $1,000-$2,000. Enter your cell phone number and well send you a link to install the WalletHub app. 02/22/22 If you do decide to cancel your coverage before the term expires, it will be much easier to pay off your loan. We're taking you to Toyota.com website to connect you to the information you were looking for. Done with the tools you need? The lawsuit looks to represent consumers nationwide who entered into finance agreements with a Toyota GAP waiver addendum that were assigned to Toyota, who paid off their finance agreements before the end of the contract term, and who did not receive a credit or refund of the unearned GAP fees and/or accrued interest on those amounts. Despite the benefits of cancelling your Toyota financial gap coverage, youll still need to pay the premium for the insurance coverage. Check out our About Us page to see how CoPilot works. 1. Although similar, a retail installment sales contract is different from an auto loan in that a loan is a transaction between a consumer and a bank or other lender for money thats to be used to by a vehicle and repaid with interest, while the former is a transaction between a consumer and auto dealer, according to the case. See your auto insurance policy for actual coverage in the event of a total loss. Also, if you are financing a car through a bank or credit union, these institutions will usually offer gap insurance upfront for anywhere from $200 to $700. When you purchase coverage from a car dealership instead, a gap insurance policy will cost a total of $400 to $700 in most cases. Only transferable with the reassignment of the original finance or lease contract. Take a look at the chart here for an idea of GAP coverage in action. Available in most states if GAP is purchased and disclosed separately on the finance/lease contract. Mechanicsburg, PA 17050. Some gap insurance companies might also require an odometer verification showing the mileage on your car, which you can get from a dealership before you sell or trade in the vehicle. If you need a gap insurance refund because youre selling or trading in the car, be sure to wait until the car no longer legally belongs to you before canceling your gap insurance. cancelling within 30 days after the policys start date, you might be able to get a full refund, minus any cancellation fees. CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. Additionally, the cost of GAP can be included in your loan or lease contract and incorporated as a percentage of your monthly payments for your convenience which is still subject to credit approval). Further, Toyota financial gap insurance is recommended for people who have an exceptional credit history and are planning to purchase a new Toyota. Some restrictions may apply. Heres Everything You Need To Know, An Iowa Vehicle Bill of Sale: What To Know, What Does L Mean On A Gear Shift? Coverage is important to avoid major loss in value due to immediate depreciation. Ask your dealer about GAP (offered by Toyota Financial Services) now because it's only available from your dealer at the time you purchase or lease an eligible new or used vehicle. Depending on the customer, the cost of gap insurance could be included in the loan or lease and paid off monthly. It also covers the deductible. If not, some companies offer standalone gap insurance policies. Car and Home Insurance Quotes How to Save Money by Bundling Your Coverages, Online Auto Insurance Comparison Things to Watch Out For, How to Get the Best Auto and Home Insurance Quotes, Infinity Commercial Auto Insurance Review, Nationwide, Esurance, and Safe-GAP Total Loss Protection, Guaranteed Automobile Protection (GAP) Cost and Coverage Issues, How to Compare Wawanesa Car Insurance Quotes, How To Get The Best Prices For 30 Day Car Insurance, Progressive Home Quote How to Find a Good One. Therefore, they have no legal basis for refusing to reimburse unearned GAP coverage fees.