So I just leased a PIP (first time lease), and the dealer offered me GAP at $15/month and was also talking about damage protection (so I don't have to pay any penalties in case they find some paint damage). My insurance company doesn't offer GAP, so I'm checking with my credit union, but what about the damage insurance. Is this something I can get cheap somewhere else? Any other things I should be aware of with a Toyota Financial lease? I have until Monday morning to make any changes to the Lease.
Congrats on the new ride--enjoy. When I leased my Prius, the dealer wanted a lot (like yours) for GAP, so I got it from my insurance company (Allstate, for $24 / 6 months--so $48 / year vs. the $180 the dealer wanted to charge you--just a data point for your shopping). I wouldn't bother with the damage insurance--based on the lease end brochure (attached below) it doesn't seem like TFS will nickle-and-dime you to death at lease end (although I can't say for sure until I turn my Prius in).
So I called AllState, and the agent told me that they don't carry GAP insurance, only Banks offer it.
TFS residuals historically have been lower than the NADA used car retail value. I work for a Toyota dealer and people come in all the time and buy out their leases at the end because of that. I think that the $17600 residual will be very low against the book in three years.
