BMW Lease end protection plan

Ask the Hackrs
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1

First time leasing a car, signed a x3 early this week with lease end protection plan for $1900+. Now after reading the posts here, I wanted to cancel the lease end protection plan. How many days do I have to cancel it? I haven’t got any paperwork of the plan so I’m not sure what’s on there.

I tried to call the finance guy at the dealer three times in past two days and never got a call back from him. What can I do?

In addition, the capitalized cost on my copy of the lease agreement is more than the amount I agreed with the sales (I have the print-out the sales gave to me). Anything I can do here?

Thanks in advance!

2

This isn’t surprising. Adj cap cost often includes fees and taxes beyond the selling price.

3

I feel the numbers do not add up. How should I calculate the cap cost before any incentives?

4

Depends on what was capitalized vs what was paid upfront.

5

This is all in leasing 101 section.

6

I paid all the fees and taxes upfront, so my understanding is cap cost is mspr-%mspr, which should agree to the number the sales gave to me, + cost of lease end protection plan which I’m now trying to cancel, but there is still a few hundred $ difference. I’m not sure what I’m missing.

Thanks and happy new year!

7

I don’t know what kind of math gymnastics you’re trying to do. Read the article I posted and other leasing 101 articles on how to calculate lease payments. We have no idea without seeing your contract.

8

The contract spells out everything that goes into the adj cap cost.

9

I read the 101. Item 13 of my contract only has one number on line A so I have no idea how to get that number.

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10

Are we supposed to intuit the contract you haven’t shown us to figure it out? If you want help you need to post it.

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11

Here is a copy of the contract and the numbers I agreed with the sales. I purchased the lease end protection plan at $53 per month, should that show on the contract as well? I’m not seeing it anywhere.

Thanks for your help.

12

The gross cap cost is equal to the selling price. What am I missing?

Adds are on the next page of the contract per the guide to reading a lease contract. You should probably cancel whatever you’ve purchased if you can… $1908 for a protection plan? Yikes.

Also this is not a good deal. Recommend you let us help on your next one.

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13

Thank you for your help.

I was just wondering why the selling price is not the same as the number the sales gave to me.

Also what can do I better?

I don’t see the lease end plan as add-on on next page, am I in trouble?!

14

It appears you signed a contract that doesn’t match your lease offer… By a lot. There’s a $2300 difference between that lease offer and your contract.

They may have rolled the ridiculously overpriced lease protection into the selling price rather than itemized it as some sort of math gymnastics. Or they just upped your price and didn’t include the lease protection.

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15

Yup…This is what my Chevrolet dealer did on the Camaro. I of course had no interest in the “appearance protection package”, but once we had already come to terms, they said they would add it in, then subtract out the cost so nothing will change on my end. They probably had a finance office add on sales target they wanted to hit this month…And I was happy to help them reach it😜

16

So based on the contract, I don’t have the lease end plan? Do I have any options at this time? I was told I have the plan.

17

I don’t see it itemized on the contract. They may have rolled it in to the selling price. I’m not sure how to verify it.

18

I called a few times in the past three days and today a finance manager at the dealer, not the one we signed the contract with, suggested I email the finance director to send a cancellation request. I guess they will let me know if I don’t have the plan?

What can I do if they didn’t include the plan? Im really worried now…

19

Can I verify with BMWFS?

20

I would think that bmwfs could verify this for you, as ultimately the coverage should be for protection there rather than the dealer being involved.

Now, I have heard of people getting a dealership offered protection pack, where if you get damage, etc, you can bring it in to them to fix it, rather than the lease protection that is through the captive and limits your out of pocket expenses at lease turn in.