Back in August I leased a 2015 Lexus IS250 sadly in January my car was in an accident and considered a total loss. When I signed the lease I put in Multiple security deposits and remember them telling me that I had Gap coverage built into the lease. Well my insurance paid them 33,000 minus my 1,000 deductible and I still owed about 34,500 on the car so I need the gap insurance to cover the rest. From what they are telling me is that either I pay them the 1,000 for my insurance deductible or they will take it out of my security deposits. My question is how does the gap insurance work on Lexus Leases when it is not a purchased additional item and is already part of the contract. The information from lexus's website shows different information from what I'm receiving over the phone because they're telling me the coverage isn't the same. I also ended up getting a new IS200t so will that help me any. Any help will be greatly appreciated.

 

Do you have GAP insurance from Lexus or through your insurance carrier?

 

I have what Lexus financial is referring to as Gap coverage in my lease. I'm in Florida and when I call them they told me that every lease comes with it but its different than Gap insurance. When I bought the car I understood that I had Gap insurance in the lease at no cost but they are telling me that the coverage is different and I ask for more information on it and they can't send me anything on it and only tell me to refer to line 31 in the contract.

 

Gap insurance does not cover your deductible.

 

I was under a different assumption because of the information I knew about gap insurance and this link https://www.sc.toyotafinancial.com/w...l_Brochure.pdf

 

Looks like you're right, though fine print states it depends on your state and contract.