Whitesnake Posted May 27, 2019 Share Posted May 27, 2019 Greetings guys, Hopefully you can help me. We are shopping around to Lease a Subaru (never leased a car before). When I talked to the dealer about GAP insurance, he said it came with it (I presume it is tied in with the payments). I said I rather go thru my own insurance to get GAP. He said you have to go thru the leasing company. Do I have to purchase the GAP insurance from Subaru (or their leasing company) or can I go thru my own insurance company. Thanks. Link to comment Share on other sites More sharing options...
moral hazard Posted May 27, 2019 Share Posted May 27, 2019 The lease and insurance through the dealership are just rebranded services from other financial service providers. Why not call them and ask the question. My guess is the Subaru insurance in America is through liberty mutual. Link to comment Share on other sites More sharing options...
gathermewool Posted May 27, 2019 Share Posted May 27, 2019 This may seem harsh, but if you need gap insurance, then you probably can't afford your car. '15 FB25 Magnatec 0W-20 + FU filter (70,517 miles) RSB, Fr. Strut Bar, Tint, STI BBS, LED er'where Link to comment Share on other sites More sharing options...
Whitesnake Posted May 27, 2019 Author Share Posted May 27, 2019 The lease and insurance through the dealership are just rebranded services from other financial service providers. Why not call them and ask the question. My guess is the Subaru insurance in America is through liberty mutual.The reason I asked is that the dealer I went to just said its bundled in the lease payment but I said I want to use my own insurance company but he sounded clueless. I read somewhere you should be able to go your own insurance and usually cheaper. Just trying to save some $$ Sent from my VS996 using Tapatalk Link to comment Share on other sites More sharing options...
Whitesnake Posted May 27, 2019 Author Share Posted May 27, 2019 This may seem harsh, but if you need gap insurance, then you probably can't afford your car.Yes it is bit harsh since you just came up with a stupid answer without answering the question you just made an insulting comment without knowing facts. There wasn't a reason to answer someone like that. I usually buy my cars but this time I only want to keep it for a few years mostly translation reasons. I just wanted to know if it a requirement you have to get it from subaru or just get a waiver and get it through my insurance etc. Not saying I wouldnt get it. Just the option. Sent from my VS996 using Tapatalk Link to comment Share on other sites More sharing options...
gathermewool Posted May 27, 2019 Share Posted May 27, 2019 Yes it is bit harsh since you just came up with a stupid answer without answering the question you just made an insulting comment without knowing facts. There wasn't a reason to answer someone like that. I usually buy my cars but this time I only want to keep it for a few years mostly translation reasons. I just wanted to know if it a requirement you have to get it from subaru or just get a waiver and get it through my insurance etc. Not saying I wouldnt get it. Just the option. Sent from my VS996 using Tapatalk No need to escalate, and my answer is in context with what you asked. What do you mean by, "translation reasons"? There is absolutely no reason to believe a dealer, nor get gap insurance from Subaru. That makes zero sense! Call your insurance provider, if you're confused by this. What waiver are you talking about? In the end, you owe what the terms of the lease agreement dictate that you owe. If you get into an accident, then the leasing agency only cares about diminished value - the car is literally not worth what it was, regardless of who well the car is repaired. I mean no offense, but you're asking a question that should have been asked before leasing a vehicle, not after the dealer, of all people, tell you some ridiculousness. '15 FB25 Magnatec 0W-20 + FU filter (70,517 miles) RSB, Fr. Strut Bar, Tint, STI BBS, LED er'where Link to comment Share on other sites More sharing options...
BDII Posted May 27, 2019 Share Posted May 27, 2019 If you need Gap insurance you can't afford the car. There's no harshness, bullying or trolling involved in that statement. If you can't digest these facts, there will be little help for you on this forum. Need forum help? Private Message legGTLT Link to comment Share on other sites More sharing options...
YeuEmMaiMai Posted May 28, 2019 Share Posted May 28, 2019 Yes it is bit harsh since you just came up with a stupid answer without answering the question you just made an insulting comment without knowing facts. There wasn't a reason to answer someone like that. I usually buy my cars but this time I only want to keep it for a few years mostly translation reasons. I just wanted to know if it a requirement you have to get it from subaru or just get a waiver and get it through my insurance etc. Not saying I wouldnt get it. Just the option. Sent from my VS996 using Tapatalk he did answer the question and he is right...if you need gap you are over your head in car payment. Don't shoot the messenger oh and leasing a car, that's for people that like throwing their monies away... Subaru has a Legacy 2.5i lease for $225 *36 months for a total of $8100 in payments in addition to the 2635 due at signing for a total of 10,456 on a car that is base price of 22,545 which you will turn in at the end of 3 years and Subaru dealer will turn around and sell it for $16,000 (what current 2.5i go for here with sub 36K on them). Also tax is due with each lease payment... you are much better off putting down 20%, keeping the loan to 4 years and thus not paying any additional fees your car payment would be $413 a month assuming 4 years 4.71% (national average) and 7% sales tax. At no point would you be upside down on said car. <- put $7 down on my car and paid it of in 11 months... Link to comment Share on other sites More sharing options...
Whitesnake Posted May 28, 2019 Author Share Posted May 28, 2019 Again, I went to the dealer and he said the lease payment included Gap Insurance!. I told him that I wanted to get my own GAP insurance from my own insurance company. His response was a little weird, he didn't really know how to answer. I just wanted to know from anyone was familiar if Subaru forced to get there own insurance or not. That is all... I am not BUYING A LEGACY. I am going to be purchasing a Ascent!. yes, I left that out, but did it really matter? The Lease payment I was told was 400-500. Gap insurance is important if lets say in the 2nd year the car gets totaled I don't have to pay the difference between what the insurance would give me -vs- how much I would have to pay off the lease etc. Link to comment Share on other sites More sharing options...
Whitesnake Posted May 28, 2019 Author Share Posted May 28, 2019 If you need Gap insurance you can't afford the car. There's no harshness, bullying or trolling involved in that statement. If you can't digest these facts, there will be little help for you on this forum. So if you totaled your car, and you still owed 20k for your car, and your insurance would only give you 15k for the car, you still owe 5k.. so you would rather pay 5k instead of maybe paying 1k extra for insurance? Link to comment Share on other sites More sharing options...
IcEWoLF Posted May 28, 2019 Share Posted May 28, 2019 Gap insurance is just another way for dealers to make money. I skipped gap insurance when I bought my car, of course I am paying about $536 monthly but 0% interest for 63 months. I am buying, not leasing. I would never lease a Subaru, they are just not worth it. If I ever were to lease a car it be a high performance car, once the lease is up I’d dump it for another one. Dealers always push you towards leasing because they know they will be making a bank out of your lease. The poster before you explained why leasing is a bad idea and why gap insurance makes no sense. Your dealer cannot force you to get gap insurance, somewhere in that contract they put the gap in there so they can make more monies off you. Link to comment Share on other sites More sharing options...
boxkita Posted May 28, 2019 Share Posted May 28, 2019 Again, I went to the dealer and he said the lease payment included Gap Insurance!. I told him that I wanted to get my own GAP insurance from my own insurance company. His response was a little weird, he didn't really know how to answer. I just wanted to know from anyone was familiar if Subaru forced to get there own insurance or not. That is all... I'm guessing you are demanding an answer now? Best of luck. You seem like you need a sammich. Build my car Boxkita Track days Link to comment Share on other sites More sharing options...
YeuEmMaiMai Posted May 28, 2019 Share Posted May 28, 2019 Again, I went to the dealer and he said the lease payment included Gap Insurance!. I told him that I wanted to get my own GAP insurance from my own insurance company. His response was a little weird, he didn't really know how to answer. I just wanted to know from anyone was familiar if Subaru forced to get there own insurance or not. That is all... I am not BUYING A LEGACY. I am going to be purchasing a Ascent!. yes, I left that out, but did it really matter? The Lease payment I was told was 400-500. Gap insurance is important if lets say in the 2nd year the car gets totaled I don't have to pay the difference between what the insurance would give me -vs- how much I would have to pay off the lease etc. You think the math is any better for an Ascent? Standard 8 passenger model is $339 a month for 36 months for payments of 12,204 plus 2999 due at signing for a grand total of 15,203 on a car that MSRP for $32,970 so in 3 years you paid just about half the price of the car to rent it (that is what a lease is) If you bought the car outright with 20% down with the numbers used in previous post, your car payment would be $625 a month and again at no point would you be upside down on said car... So in a nutshell you are getting even more screwed over on leasing an Ascent... Link to comment Share on other sites More sharing options...
chowser51 Posted May 28, 2019 Share Posted May 28, 2019 You don’t have to use dealer financing. Use your own bank. Unless dealer is offering 0%, walk away. They make their money on financing. Always read the fine print. When I got my current car I let the dealer start all the financing paperwork. An hour later, after reading all that crap with a calculator out, I told them no and said I will use my own bank. I was at the dealership for 7 hours! Ugh. Never again. Link to comment Share on other sites More sharing options...
whitexc Posted May 28, 2019 Share Posted May 28, 2019 He/she did say they were going to purchase the Ascent, not lease it. New cars are so much $$$ - it's gross. All of my vehicles are old, that's why. Link to comment Share on other sites More sharing options...
dgoodhue Posted May 29, 2019 Share Posted May 29, 2019 I don't understand why you would want your own separate GAP insurance for a lease. It is included with the lease and priced into the Money Factor of the lease. The lease company includes it because they are protecting their asset. They don't want to rely on lessee maintaining GAP insurance coverage or potential fraud of a lessee taking GAP insurance proceeds in the case of an accident. The lease company probably doesn't even have a separate MF rate for declining the GAP insurance. Link to comment Share on other sites More sharing options...
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