I negotiated a lease Friday night on a 2016 Toyota RAV4 LE, initial agreed lease price was $267 on the T&R paperwork I signed that night. Returned Saturday to turn in old car and finish. By the time I left 4 hours later it had been raised to $310. New to leasing, thinking I made a couple of mistakes. (Duh.)
- I went to the dealer Saturday after my auto insurance company had closed.
- I knew what GAP insurance was and was prepared to discuss it.
- Late in the process the dealership Finance & Insurance agent had presented me with a “GAP Insurance” menu of four columns.
- Left column had the most items.
- Each column had fewer options as you go from left to right.
- Turns out those other items were additional perk/services having nothing to do with GAP.
- Cheapest column was $343.
- Negotiated him down to $310.
- His concession was to “throw in for free” / “Include” a couple of items from the other more expensive columns: a damaged tire replacement and third year maintenance.
I am paying an additional $43/month. When I called my insurer today (Monday), their GAP insurance is only $40/year.
During the negotiation, I had asked several times whether I can cancel the dealer GAP if I get my own. At first he avoided saying yes, pointing out advantages of the dealer version (will give me $2500 toward a replacement vehicle) but eventually said "Yes, but you won’t want to."
So my first question is: Is there any reason I can’t cancel it?
My followup question has to do with those perks. Inspection of the printout lease agreement shows a section “Gross Capitalized Cost Itemization and Other Items” that lists GAP and the two ‘other items’:
GAP is only $325.
Looks like I was charged for the two additional “included free” perks:
- Prepaid maintenance (332.55)
- Tire and wheel ($375)
So my second/followup question is: Can I get them to cancel those two additional charges since the F&I agent said he was including them “for free” in the charge that was presented to me as a charge for GAP insurance? I don’t want them if they aren’t free.
On a final note, the process of signing for each item was done in the following manner:
The F&I agent has a screen that I can’t see.
I was handed a digital signature unit that I was to use to sign off on each item.
He went down the list electronically on his screen, causing signature boxes to appear on my unit, but not displaying the full text on what each item was.
I read the brief title of each, asking what each one was and letting him tell/explain.
How common is this experience?
What do you think about it?
There were several reasons I felt I could not walk away on this deal and come back in October (it was the last 2016 LE they had/were going to get, etc) but I feel now I let them get the better of me. I will pay about $1,500 over the three years for the higher amount if I can’t get some/all of it cancelled.