GLS Lease and GAP
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GLS 550
GLS Lease and GAP
When I recently leased my vehicle they gave me the impression that the leasing company covers the GAP coverage. They told me the company would "eat" the loss in an event of a total loss. However when I called MBFS they stated that they don't handle GAP and gave me a different number. After calling that number they said my vehicle VIN is not listed under GAP coverage. Is there a different term for this coverage, how does MBFS handle a total loss?
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A gaggle of MB's
Rest easy - on a Mercedes Financial 1st Class Lease - rest easy !
I apologize that what was communicated to you was correct - but the "verbage" was not correct.
On a MBFS 1st Class Lease you automatically have "GAP-Waiver" - a specific term - which means if your Mercedes is totaled out in a accident - let's say lease balance is $40K - and total loss value is $35K - then MBFS will "waive" that $5K difference - less the deductible on your insurance. You will only be liable to MBFS for the deductible amount as you have set with your insurance company.
Yes - you don't have GAP - you have 1st Class Lease "GAP-Waiver".
When you asked MBFS if you had "GAP coverage" thru MBFS - which is MBFS GAP insurance on a retail purchase contract - they referred you to MB's GAP provider who confirmed by VIN# you don't have "GAP".
On a MBFS 1st Class Lease you auromatically have "GAP-Waiver" - rest easy OK !
I apologize that what was communicated to you was correct - but the "verbage" was not correct.
On a MBFS 1st Class Lease you automatically have "GAP-Waiver" - a specific term - which means if your Mercedes is totaled out in a accident - let's say lease balance is $40K - and total loss value is $35K - then MBFS will "waive" that $5K difference - less the deductible on your insurance. You will only be liable to MBFS for the deductible amount as you have set with your insurance company.
Yes - you don't have GAP - you have 1st Class Lease "GAP-Waiver".
When you asked MBFS if you had "GAP coverage" thru MBFS - which is MBFS GAP insurance on a retail purchase contract - they referred you to MB's GAP provider who confirmed by VIN# you don't have "GAP".
On a MBFS 1st Class Lease you auromatically have "GAP-Waiver" - rest easy OK !
