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Dylan Grocer, CFP®
Dylan Grocer, CFP®
The Bulfinch Group Financial Planner | Managing Associate
https://www.linkedin.com/in/dylangrocer/

CERTIFIED FINANCIAL PLANNER™ | Empowering Professionals for Financial Success 

I am a Financial Advisor and Managing Associate, I head up our Pre-Career Training Program (internship) while contributing to business development and marketing initiatives with our new advisors. 

With a wealth of experience, I am committed to assisting seasoned sales professionals, CPAs, attorneys, engineers, and small business owners in achieving financial success and flexibility.

For sales professionals, let's elevate earnings, manage investment risk, and strategically minimize taxes, crafting a tailored financial roadmap aligned with your ambitions. For professionals such as CPAs, attorneys, and engineers, together, we navigate complex financial landscapes, optimize tax strategies, and build a secure financial future.

Beyond finance, my interests include travel, skiing, golfing, fishing, and sailing. I'm eager to connect with individuals who share these passions, are navigating pivotal life events, and are committed to achieving financial freedom.

Offering comprehensive financial planning services, including investments, retirement, estate transfer, education planning, cash flow optimization, insurance, and risk management. 

Gap Insurance for Leased Cars

Insurance Read Time: 3 min

One of the attractions of leasing a car is that it generally requires a much smaller upfront outlay of cash compared to what purchasing a car might require.

This preference to minimize an upfront cash payment may mean that some individuals may also roll other associated costs into the lease payment, including the capital-reduction amount (or down payment).

While the predictability of a known payment amount for a set period of time may be convenient, rolling up such costs into the lease payment may create a financial risk in the event that you experience a total loss from an accident or similar misfortune. In some cases, what you owe may exceed the value of the car and the amount of the reimbursement you receive.1

You can protect yourself against this potential risk by buying gap insurance, which is designed to cover the difference between what conventional auto insurance covers and what you owe at the time of the loss.

Gap insurance may be added to your existing auto policy or purchased separately.

How Much Gap Insurance Do I Need?

The gap between the value of the car and what you may owe is predicated on a number of variables, such as the depreciation of the car, the number of payments made, and even the nature of the deal you negotiated. As you might have guessed, the relationship between these variables means that the amount of gap insurance you may need can vary over time.

To obtain adequate coverage, you should contact your insurance agent and work with him or her to determine the necessary coverage amount.

1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

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