I’m uncertain what GAP Insurance is, or if I need it.

My wife and I gain been shopping for a new minivan in Columbus, Ohio where we live.

We haven’t nevertheless agreed on a peculiar model, on the other hand we have narrowed our choices to three so the dickering won’t be a great distance off. I’d choose to buy the means of expression outright with 60 four weeks financing, but leasing is not out of the question. My wife prefers the lease since it will concede us to drive a nicer vehicle while enjoying cheaper monthly payments than if we’d bought. Ideally, we would like to put 10% or less miserable on a new minivan priced around $30,000.

I am told GAP insurance is a must-have on a lease, but unnecessary when buying a new car outright. I need to know the purpose of GAP Insurance and if you would counsel it in my situation. provided you can, please confer me enough facts about this coverage to keep the dealership from sticking it to me. Your help is appreciated.

Paul
Columbus, Ohio