gap amount

Definition of "gap amount"
  1. The difference between the payoff for ending a vehicle lease early and the insured value of the vehicle, before deductions like insurance deductibles are subtracted
How to use "gap amount" in a sentence
  1. When her leased vehicle was totaled in an accident, she had to pay the gap amount.
  2. His car insurance policy included coverage for the gap amount in case the leased vehicle was stolen.
  3. The gap amount could increase the financial burden if a leased vehicle is damaged beyond repair.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z