Hi guys, first time leasing here, am wondering if this is the norm.
I leased a BMW today and paid for the end of lease protection (covers all scratches, dings, wear & tear at the end when you return the car) which obviously added to the total cost of leasing. Do most/all lease agreements come with such insurance as default or do you have to pay extra like I did? This is in California, Norcal.
Thanks!
Extra, always.
Even if you’re in the unique situation where your sales price post incentive should be below RV (and you need to pack the cost a little with product) it’s always extra.
Ah I see. I did not think about the extra cost charged for this end of lease protection when calculating the “true” total cost of leasing but I guess that is the norm. Thank you!
You could have told them you didn’t want the insurance. They definitely charged you for it
How much did they get you for? I usually pass but if you feel more comfortable getting it do know the amount charged is negotiable on most leases.
They charged 2K for end of lease protection. They asked me if I wanted it and strongly recommended it. I mean dings/scratches (>1 inches) will definitely happen in three years of ownership and that’s why I decided to go for it.
How do most people deal with large, noticeable physical defects before they return the lease at the end? Suck it up and pay for it? Wouldn’t it cost more than 2K to repair all the defects especially for a BMW?
Touch up paint = $60 and it works wonders
Look.at ur previous vehicles. If u see lots of dings and dents, then maybe u need it. Otherwise it’s a RIP off for 2k, imo
Hmm I’ve definitely had some long scratches/dings/dents on my car before just from city driving/parking. I don’t think it would’ve costed $2K to repair but who knows with these BMWs and how much the dealership would’ve charged at the end.
Oh well I will see how it goes for the next 3 years. It’s my first time leasing so I will know for next time.
Thanks to the community here I was able to ink a great deal so extra $2K cost over 36 months is OK to me. 
I got it on my first lease ever too 
Don’t forget it covers tires too so you don’t have to worry about tread depth and replacing tires at the end
Lol you should’ve told me not to take it! J/K. Live & learn I guess. 
Yes that is true it does cover that. Each tire costs ~$400 for these 18’’ run flats and replacing 4 of them would’ve costed close to $2K. I did a 3yr/36k lease and they told me it would come very close to replacing the tires.
However, I also got the wheel + tire insurance coverage (covers blowouts & damage by nails, potholes, etc to wheels/tires) which I think they overcharged for. Ugh I’m stupid let’s stop talking. 
Cancel that BS if you feel comfortable that you will take care enough to not need it. Otherwise, treat the thing like a rental car and shove a shopping buggy into it every once in a while for the hell of it.
Lol would they let me cancel it? TBH it will be indoor garage parked, driven mostly on highways for commute, and I will be rarely driving it around the city + parking on the streets as I will be using Uber/Lyft to close distances from home.
I’m gonna call tomorrow and ask. It has been less than 24 hours since I signed the papers. :o
You should have 30 days to cancel that. Your paperwork packet should have forms or at least instructions in how to cancel it, otherwise contact dealer to start that process and if youre lucky they cut you a check as a discount for you to keep it…
Awesome, I will call tomorrow first thing. I’m going to cancel BOTH end of lease protection & wheel + tire protection. Retrospectively, I don’t get why I signed up for them. I guess I felt under pressure as this was my first lease signing.
Even if dings/scratches/dents happen, having it repaired via 3rd party will be cheap and I don’t think it’ll cost more than $2K. As for wheel + tire protection… definitely is NOT worth the cost.
Thanks Electric, love the Leasehackr community!
Just once I’d love to hack a deal so hard that I needed to add product like this just to make the bank take it (selling and incentives would have to put the car about 3-4K under RV to make for “0 cost” product) and just treat it like a piñata.
Who am I kidding? I cherish these beautiful pieces of metal too much to do that to them! Lol.
Lol yea so many ways these guys try to rip you off… I thought getting the deal over the phone and walking in to sign papers was the end but nooooo they had to throw these curveballs!
Ha, they told me each tire $500 when they tried to sell this to me. Of course they don’t say that they don’t cost nearly that much if you don’t get it done through a dealer. I got tire certificates from America’s Tire, $30 per tire, within 6 months I had a nail in a tire and they replaced it for free so paid for itself.
The sales pitch is tempting however I remind myself that the reason they sell these things in the first place is because they intend to make a lot of money on them, not as a charity to protect me.
Any significant damage should be covered by regular ol’ car insurance anyway. Scratches and dents here and there are fixable and normal.
That is so true. I should’ve thought like you!
What are tire certificates from America’s Tire? Is it like tire insurance you get for cheap? $30 per tire seems like a great deal. I’ve had two tire blowouts in the past both due to nails so I think it may be worth getting.