gap amount
- 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
- When her leased vehicle was totaled in an accident, she had to pay the gap amount.
- His car insurance policy included coverage for the gap amount in case the leased vehicle was stolen.
- The gap amount could increase the financial burden if a leased vehicle is damaged beyond repair.
Provide Feedback
