MYTH: You have insurance and you have Guaranteed Asset Protection (GAP) that will cover all your costs if your car is a total loss from theft or collision.
REALITY: Even with insurance and GAP, you could still have substantial expenses. That's because your GAP only covers the difference between what your primary coverage pays and the lease/loan payoff. GAP does not cover inception expenses for a new lease/loan. That leaves you without a car or with significant out - of - pocket expenses to initiate a new lease/loan.