Lucid Air Pure Lease - GAP Insurance

[heisenberg_007]

I'm looking at leasing a 2024 Lucid Air Pure and I am reviewing the contract I received. I am unsure about the GAP waiver on the contract. I would appreciate If someone could help me understand this correctly.

1. Will I be responsible for the difference in determined ACV?
2. Do I need to take GAP insurance with my current auto insurance?

Total Loss/GAP Waiver. You agree to notify the Lessor and your insurer immediately in the event the Vehicle is lost, stolen, or
damaged beyond repair and you agree to coordinate with your insurer and take all steps necessary to ensure payment to Lessor by the
insurer on the claim. You agree to cooperate fully and to refrain from accepting a cash settlement without our consent. If you have
complied with all provisions of this Lease and the Vehicle is declared a Total Loss by the insurer, you will have no further liability
once we have received (1) all amounts due under the Lease as of the date of Total Loss, (2) an amount equal to the deductible and
any other subtractions from the actual cash value made by the insurer, and (3) the insurance proceeds from the policy required under
the Lease. If the Vehicle is a Total Loss and the requirements of this Section are not satisfied, you will owe the Standard Early
Termination Liability less the Turn-in Fee. During the period between the report of expected Total Loss and the final settlement of
your account, you will be required to continue to make Monthly Payments but you will be credited for all payments made after the
date of Total Loss.

 

[GJC]

This contract language states that GAP is provided ("you will have no further liability") for a total vehicle loss under the provisions that you cooperate with the lease company and auto insurance company, are current with your lease payments, cover your regular auto insurance deductible (if any), and your auto insurance pays out the lease company the value of the vehicle at the time of loss. If not, you will owe early termination fees. In any event, you may have to continue to pay your monthly lease until the Loss is completely settled by the parties, but you'll be credited those lease payments back at settlement.

 

[heisenberg_007]

Thank you for the response @GJC