Extra Wear and tear insurance- what should I do?

I know this has been asked before but I just leased a car on Saturday and ended up getting the extra wear and tear insurance which came out to an extra 800 dollars for the 3 years of the lease, so extra 21 bucks a month. I’m not sure if I should cancel it. I read the forums and it’s mixed reviews. I know it’s a big profit for the dealer but I’m not the best at taking care of my car. I don’t have pets but with kids and random scratches and dents that happen in south Florida, I was wondering how much they really charge at the end of a lease for wear and tear. It’s a Toyota and the finance guy said they don’t give you any leeway. Not sure how true that is. Anyone have any advice on this?

Follow your gut. If you want the peace of mind, and aren’t hurt by the extra 20/mo, or feel that’s enough to calm your fears, keep it. If you think it’s pointless, dump it.

You’re going to get mixed opinions here too, just like any other site you’ve looked at. Personally, I skip it all, and am way ahead after x amount of leases over the last 20 years, that it doesn’t matter if I have to pay something out of pocket now. Sure it sucks, but I’ve also saved thousands.

BTW, and while I don’t know how lenient TFS or SETF is with regard to leniency on lease end charges, take whatever the Finance Mgr says with a grain of salt until you’ve researched on your own and find the answer yourself. All they are interested in is selling, and don’t always tell the whole truth in the process. If it’s a USBank lease, OTOH, they aren’t known to be “lenient,” and are one of the most frequently posted banks that nickel and dime, so if it’s through them, you might want to keep the insurance.

Please post your deal here and the brand of the car and wear and tear policy and we can wear and tear you…

Looks like you are paying 450 for a highlander XLE amirite?

Thanks for you’re input. It’s thru TFS. It’s tough to know what is allowed and what they will charge you for.

Nope, I think I got a solid deal. Maybe not the best but overall not bad. 395 a month with the insurance and all taxes and fees rolled in with 750 down that includes first month and tag rolled in.

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Captives like TFS are usually more lenient than 3rd party banks like Us Bank. That said, there should be lease end instructions somewhere on TFS’s website. Take a look and see what they consider normal vs excessive wear, and then decide if it’s worth it to you.

How much in damage does your wear and tear cover? Does it include tires?

That’ not bad. Did you do MSDs?

True that. TFS is pretty lenient in term of wear and tear. Go with it unless your bill is more than $800 fixing it outside.

It covers up to 5000 and it includes tires so you can bring them back in any condition. I’m assuming leasing it for 36k miles I would need to replace them anyways or at least some of them.

Honestly, if it includes tires which you can expect to pay $100/tire, then the warranty effectively costs $400 for the duration of the lease. If you’re on the fence I think it’s cheap enough for your piece of mind IMO

No MSD’s. I was debating whether to do that but opted not too in case I go over miles or something unforeseen happens

Thanks for your help! Makes me feel a little better forking up the 800

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Did you get your car in S.FL? Seems like a good deal for the region

How does MSD has anything to do with those things?

395 with tax no msds including 800 spiff of wear and tear is a great deal!!!

Yeah I would keep it if it includes the tires. It’s not that much and you never know what’s gonna happen.

Had a scion through TFS. End of the lease I had a dent in the driver door, a small scratch from something near the door handle, swirls on the roof and hood, normal nicks on the bumper from nyc parking and a large scrape going around the back left bumper. They charged me about 300 for the small scratch. Made no sense but they forgave everything else so they’re decent

I have the same wear/tear on my Lexus lease and was offered at the same price, will opt out next time. Mine covers up to $7500 worth of damages so at the time I got it for peace of mind. With 4 months at most left on my 36 month lease and about 8k more miles to used with the car; the only wear item i may have is front tires. Rears are brand new since I had to install new set last week.

Therefore, in my case it was a waste of money. I take care of my cars and don’t normally park in sketchy places.