# Lease Protection???



## jblackburn (Feb 9, 2002)

I am getting ready to lease a new X3. We have negotiated the price and money factor. The dealer then offered "lease proctection." This would include up to $5000 in body damage or wear and tear for $625. Now, normally I would quickly say forget it ... but then I thought about possible tire replacement at the end of the lease but with a 3 year 36000 mile lease. But that would only come into the play if the tires were becoming borderline at the 36 month mark. What do you think about "lease protection"? Good idea or bad? Thanks.


----------



## schley (May 26, 2005)

jblackburn said:


> I am getting ready to lease a new X3. We have negotiated the price and money factor. The dealer then offered "lease proctection." This would include up to $5000 in body damage or wear and tear for $625. Now, normally I would quickly say forget it ... but then I thought about possible tire replacement at the end of the lease but with a 3 year 36000 mile lease. But that would only come into the play if the tires were becoming borderline at the 36 month mark. What do you think about "lease protection"? Good idea or bad? Thanks.


HUGE pass! I would be shocked if this protection even included tires.


----------



## kyfdx (Aug 4, 2003)

jblackburn said:


> I am getting ready to lease a new X3. We have negotiated the price and money factor. The dealer then offered "lease proctection." This would include up to $5000 in body damage or wear and tear for $625. Now, normally I would quickly say forget it ... but then I thought about possible tire replacement at the end of the lease but with a 3 year 36000 mile lease. But that would only come into the play if the tires were becoming borderline at the 36 month mark. What do you think about "lease protection"? Good idea or bad? Thanks.


That isn't going to pay for tires.... Take a big pass..


----------



## casper (May 23, 2004)

How much does it cost?

One of my leases in the past (a 2001 530i sport) was with Capital One and a lease protection up to $1800 was included in the lease.

A few months prior to lease end someone dropped a metallic ladder in my trunk causing body damage, the dealer's body shop wanted $800 for the repair. 

The person who did the damage cut me a check for the full amount, I never claimed with my insurance company and never repaired the damage.

It was covered by the lease protection plan.

So, it depends on how much they sell it for, it may be worth it.


----------



## mclaren (Jan 5, 2005)

Pass. The reason dealers offer stuff like this is to extract profit from the buyer. While it is possible there are examples where this might be a good idea, if looking at all BMW leases it is probably worth $100 tops.


----------



## ardea3 (Apr 26, 2004)

Jeez, I bought this very plan. I hope it covers what it should--I am positive I'll need tires. Siince my lease isn't up until June, I have no idea to know whether it was worth it or not!

I don't imagine how BMWUSA could sell/back a plan that they couldn't deliver on and get away with it...

good luck!


----------



## mclaren (Jan 5, 2005)

ardea3 said:


> Jeez, I bought this very plan. I hope it covers what it should--I am positive I'll need tires. Siince my lease isn't up until June, I have no idea to know whether it was worth it or not!
> 
> I don't imagine how BMWUSA could sell/back a plan that they couldn't deliver on and get away with it...
> 
> good luck!


I would wager it won"t cover tires, no way.:thumbup:


----------



## kyfdx (Aug 4, 2003)

ardea3 said:


> Jeez, I bought this very plan. I hope it covers what it should--I am positive I'll need tires. Siince my lease isn't up until June, I have no idea to know whether it was worth it or not!
> 
> I don't imagine how BMWUSA could sell/back a plan that they couldn't deliver on and get away with it...
> 
> good luck!


I doubt it's backed by BMW NA..


----------



## Sinjin (Jun 18, 2005)

schley said:


> HUGE pass! I would be shocked if this protection even included tires.


I love how everyone chimes in to questions like this without evening knowing the facts.....its bad info that causes distrust. It depends on who he bought the warranty from.

If its from Safe-Guard it covers the following:

[*Tires*
Paint
Dings
Winshield and glass
Headlamps,tail lamps, light bulbs
Bumpers, trim
Wheels and wheel covers
Factory Audio
Convertible Tops
Upholstery, carpets
Mufflers
Rubber door seals
Mirrors[/B]

Up to $5000 Max. Lets just say you bring back your car and it has a chip in the windsheild in the drivers line of sight.....guess what you are paying for it. You could get it done through insurance but whats your deductible? Its a no brainer if it cover the tires since they have to be OEM when returned.

Keep the info coming but make sure its correct.


----------



## mclaren (Jan 5, 2005)

Sinjin said:


> I love how everyone chimes in to questions like this without evening knowing the facts.....its bad info that causes distrust. It depends on who he bought the warranty from.
> 
> If its from Safe-Guard it covers the following:
> 
> ...


There is no insurance deductible on glass in Florida and probably everywhere because it's a safety issue.


----------



## schley (May 26, 2005)

Sinjin said:


> I love how everyone chimes in to questions like this without evening knowing the facts.....its bad info that causes distrust. It depends on who he bought the warranty from.
> 
> If its from Safe-Guard it covers the following:
> 
> ...


So you are taking back my opinion for me?:rofl:

Once again *BIGGER THAN HUGE PASS*! I'm not surprised tires aren't included as the original poster hinted they might be. Are you suggesting that you would recommend this "protection"?

If the damage is significant you can give it to your insurance at 500 deductible, but why pay insurance on top of insurance? Is there inflatable bubble option to keep your car air tight as well for 500 more?

You do know that you can get away with many of the items at lease turn in depending on who is evaluating.

What other "protections" should someone who is leasing and has a bumper to bumper warranty and 500 insurance deductible also get? This is like stain guard protection for the entire car. This is my opinion and disagree if you wish but you can't change it for me  .


----------



## Sinjin (Jun 18, 2005)

schley said:


> So you are taking back my opinion for me?:rofl:
> 
> Once again *BIGGER THAN HUGE PASS*! I'm not surprised tires aren't included as the original poster hinted they might be. Are you suggesting that you would recommend this "protection"?
> 
> ...


Tires ARE included in this protection. Bumper to bumper warranty has nothing to do with excessive wear and tear and it wont cover damage. So lets say someone has a chip in 
the windshield, worn tires and some dents. Is your insurance going to cover all that?

As far as getting away with many items depending on who's doing the inspection.......says who? I have yet to see people get away with excessive wear and tear.

Insurance deductible on glass maybe not in Florida but in CA there is. I am not here to change your opinion.........just to state the facts.


----------



## schley (May 26, 2005)

Sinjin said:


> Tires ARE included in this protection. Bumper to bumper warranty has nothing to do with excessive wear and tear and it wont cover damage. So lets say someone has a chip in
> the windshield, worn tires and some dents. Is your insurance going to cover all that?
> 
> As far as getting away with many items depending on who's doing the inspection.......says who? I have yet to see people get away with excessive wear and tear.
> ...


i'm not talking road hazard tire insurance I'm talking about replacing worn tires.... is your "protection" going to cover worn tires? that is what i'm talking about. If you want a formula to cover warranty of a tire cheap, tire rack sells it for less than 20 bucks per tire.

No excess wear and is VERY subjective, however I have seen what I would call excessive wear and tear slip past on several occasions. As a matter of fact I can think of 5 instances where I thought for sure a friend of mine or family member was goign to get dinged for excess wear and tear and 4 of those times they made it scott free..

I'm not pulling stuff out of my ass as far as opinions go just to increase my post count. I still vehemently stand behind my "PASS" for this protection for reasons I feel are almost universally agreed upon.


----------



## E92 (Aug 12, 2006)

jblackburn said:


> I am getting ready to lease a new X3. We have negotiated the price and money factor. The dealer then offered "lease proctection." This would include up to $5000 in body damage or wear and tear for $625. Now, normally I would quickly say forget it ... but then I thought about possible tire replacement at the end of the lease but with a 3 year 36000 mile lease. But that would only come into the play if the tires were becoming borderline at the 36 month mark. What do you think about "lease protection"? Good idea or bad? Thanks.


Depending on where you live & how often you get bumper/door dings & chips or if you got kids
or pets destroying the interior, it might be worthed. 
pay attention to their conditions & read the fine print. ie what size damage is covered, what's their tire wear tread limitation?


----------



## Sinjin (Jun 18, 2005)

schley said:


> i'm not talking road hazard tire insurance I'm talking about replacing worn tires.... is your "protection" going to cover worn tires? that is what i'm talking about. If you want a formula to cover warranty of a tire cheap, tire rack sells it for less than 20 bucks per tire.
> 
> No excess wear and is VERY subjective, however I have seen what I would call excessive wear and tear slip past on several occasions. As a matter of fact I can think of 5 instances where I thought for sure a friend of mine or family member was goign to get dinged for excess wear and tear and 4 of those times they made it scott free..
> 
> I'm not pulling stuff out of my ass as far as opinions go just to increase my post count. I still vehemently stand behind my "PASS" for this protection for reasons I feel are almost universally agreed upon.


Yes it covers WORN tires....if tires are not within spec and new tires are needed then YES the protection will cover it you have as I mentioned up to $5k in protection. When you return your BMW you get a lease return kit with gauges for dents/windsheild chips and tires. If they are not within spec you are charged it IS NOT subjective.

The funny thing is that this is YOUR opinion and YOUR feelings.......thats fine but these threads are not about that but to provide info so people can make informed decisions.

Question are you a dealer?


----------



## schley (May 26, 2005)

Sinjin said:


> Yes it covers WORN tires....if tires are not within spec and new tires are needed then YES the protection will cover it you have as I mentioned up to $5k in protection. When you return your BMW you get a lease return kit with gauges for dents/windsheild chips and tires. If they are not within spec you are charged it IS NOT subjective.
> 
> The funny thing is that this is YOUR opinion and YOUR feelings.......thats fine but these threads are not about that but to provide info so people can make informed decisions.
> 
> Question are you a dealer?


You are going to throw out the semantics of the forum title both I and you are posting in? If I or others have spread so much misinformation than why are we even allowed to post in this forum?

How can a "protection" policy cover 4 tires which are without a doubt going to wear out under minimum specs, be replaced under a $625 policy?

This would be welcome news for many of us as if I can get a new set of tires and all the coverage you are talking about for 625 why wouldn't all of us do so. Tires alone will be 8-1k depending on the rubber.

Should we continue this in another forum other than the ask a dealer forum so you don't spread some misinformation?

Look through my posts and see the info i post. You are going to pop off about me not being a dealer but still posting in the ask a dealer forum? :rofl: I have answered hundreds of questions correctly as others have who aren't dealers.

Show me the part in this policy that "we will replace your 4 tires if they don't meet bmw lease guidlines for FREE!" That is what you are insinuating, or am mistaken?


----------



## schley (May 26, 2005)

Sinjin said:


> Yes it covers WORN tires....if tires are not within spec and new tires are needed then YES the protection will cover it you have as I mentioned up to $5k in protection. When you return your BMW you get a lease return kit with gauges for dents/windsheild chips and tires. If they are not within spec you are charged it IS NOT subjective.
> 
> The funny thing is that this is YOUR opinion and YOUR feelings.......thats fine but these threads are not about that but to provide info so people can make informed decisions.
> 
> Question are you a dealer?


This "kit" isn't always used I know for a fact. I have seen each have some ruler like device but only 1 time have I actually seen them use it in 5 times. This is bmw, not ford or gm we are talking about mind you. It is EXTREMELY subjective in it's application and use.


----------



## Sinjin (Jun 18, 2005)

_


schley said:



This "kit" isn't always used I know for a fact. I have seen each have some ruler like device but only 1 time have I actually seen them use it in 5 times. This is bmw, not ford or gm we are talking about mind you. It is EXTREMELY subjective in it's application and use.[/

Click to expand...

_


schley said:


> QUOTE]
> 
> So you've seen then a lease return 5 times......I guess you are right.:tsk: You are correct that this is BMW which even makes it tougher to get away with excessive damage. Not sure about other manufactures but BMW makes dealerships buy their lease returns, giving them a few bogies. So they are not going to foot the bill for the costs.
> 
> ...


----------



## schley (May 26, 2005)

Sinjin said:


> _
> 
> 
> schley said:
> ...


----------



## mclaren (Jan 5, 2005)

I would like to make a general comment about insurance. Can we all agree that if someone takes money from you with the promise to pay for something in the future that they are not running a charity and are making money doing this after paying someone to sell it ? The general idea of insurance is to pay a relatively small amount of money to protect you or your family from an unlikely but possible event. For these reasons I always decline any kind of insurance where the insurer does not have a large financial exposure and always buy insurance when the unlikely event would be devastating for me or my family. To me, lease insurance is akin to extended warranties on consumer electronics. Ever wonder why stores like Best Buy try so hard to sell them ?


----------



## want_a_7 (Apr 4, 2006)

*I just got lease protection from GM*

I leased a new Tahoe yesterday as a second car. I was offered the lease protection plan in the F & I room. GM has a simular requirement as BMW where a security deposit will lower the rate on the lease if you have not leased form them before. With the protection they will waive the security deposit and give you the buy rate. It lowered the rate by 1/2% (they quoted APR's and not money factors). The origional offer was $795 and the lower rate, I countered with $500 and the lower rate and it was accepted. The lease payment went up $5.23 per month. Their protection coveres $5000 of damage of wear and tear excluding abuse and milage (it will replace the tires if they are not acceptable at turn in per the contract).


----------



## Mac Daddy (Dec 27, 2006)

mclaren said:


> I would like to make a general comment about insurance. Can we all agree that if someone takes money from you with the promise to pay for something in the future that they are not running a charity and are making money doing this after paying someone to sell it ? The general idea of insurance is to pay a relatively small amount of money to protect you or your family from an unlikely but possible event. For these reasons I always decline any kind of insurance where the insurer does not have a large financial exposure and always buy insurance when the unlikely event would be devastating for me or my family. To me, lease insurance is akin to extended warranties on consumer electronics. Ever wonder why stores like Best Buy try so hard to sell them ?


This is exactly right, and I agree with schley.

You can be sure that the folks selling that policy are planning on making money, which means that in the long run, you will lose money. I buy insurance only when required by law or when the potential loss would be difficult or impossible to cover myself.

Getting "insurance" like this on relatively little things is like going into a casino expecting to come out a winner. You might this time, but don't plan on it!


----------



## zibawala (May 1, 2006)

I was told, dings, chips, rims, tires, 1000 extra miles for $499


----------



## schley (May 26, 2005)

mclaren said:


> I would like to make a general comment about insurance. Can we all agree that if someone takes money from you with the promise to pay for something in the future that they are not running a charity and are making money doing this after paying someone to sell it ? The general idea of insurance is to pay a relatively small amount of money to protect you or your family from an unlikely but possible event. For these reasons I always decline any kind of insurance where the insurer does not have a large financial exposure and always buy insurance when the unlikely event would be devastating for me or my family. To me, lease insurance is akin to extended warranties on consumer electronics. Ever wonder why stores like Best Buy try so hard to sell them ?


Home Depot is brash about it. Right on the cashier counters they have hand written signs saying:

Cashiers remember we have goals for ESP's.

Part time - 2 ESP's per week
Full time - 3 ESP's per week

ESP = extended service plan

Amazing how overt they are, but cuts to the heart of where almost pure profit exists.

For a hamburger today I will gladly pay you on Tuesday. :rofl:


----------



## zibawala (May 1, 2006)

zibawala said:


> I was told, dings, chips, rims, tires, 1000 extra miles for $499


Regular wear and tear on tires! if go below 1/8th at time of turning car in, BMW financial will require tire replacement, along with any scratched rims!

We have leased MBZ for 4-5 years, never to pay a penny, but here bmw lease contract shows their stringent criteria, couple lease return horrifying estimate, trying to eat the bait here!

They strat with $675 then work down!Paying extra $1000 miles on lease( worth $200 any ways) I intend 10K miles a year, so, if negotiate at $499, minus $200, is $300 for 3 years, $100 extra every years for assurance that you wont pay anything out of your pocket at end of lease!

I think, I understand these warranties are gimmick, but I understand with sports package, performance tires, risk of damage is realistic!

Jeff, would you be kind to give us link, re BMW Finacial lease criteria for end of lease return, wear/tear policies and personal experience of people who have leased and returned a couple times already! if possible?

If you have not leased with BMW they induce FEAR FACTOR!


----------

