extra warranty for leases?

xxxrsxxx · 10-07-2015, 11:43 AM

Just wondering for those that are leasing, do you guys op in for the extra warranty?

Excess wear and tear - this will cover all the nicks/dings along with no need to buy a new set of tires at the end of lease

tires/rim - replaces the run flats in case of punctures. I heard it costs around $500 for a run flat tire?

I'm just trying to figure out the best way without having to pay for an additional expenses at the end of the lease. Unfortunately the 2 above does not include brakes so it looks that it's pretty much a given that I would need to replace brakes after 4 years?

GTA_6speed · 10-07-2015, 12:21 PM

I generally don't worry about the extra warranty because i'll be leasing another car next. If you decide to stick with BMW, they'll typically waive any additional costs on the returned vehicle. If you switch manufacturers and they buy out the lease, they typically don't make you pay for wear and tear.

BMW just bought-out my 2011 G37 Coupe - brakes had never been done, tires needed to be replaced. They didn't even inspect the vehicle!

Emilim · 10-07-2015, 12:25 PM

I have never bought the excess wear plans myself and have not been dinged. Granted, I ran my own tires and put the stock back on before return and I was pretty anal when it came to protecting the car against scratches and dings. Some dealers also don't care as much while others nickel and dime you to death.

I guess it comes down to whether you're confident you can take good care of your car or if you can't be bothered to fret over every little (or big) parking lot dings for a car you will be returning.

Depending on your driving habits you'll probably need to change your pads at some point during the lease anyway. As long as the pads aren't worn down too much on return you should be OK.

aspiring335 · 10-07-2015, 02:58 PM

I've just had some very direct experience with this issue. At the end of my X1 lease, the lease inspection showed a charge of just over $450 for repairing a small scrape on the bumper and $130-ish for a scrape on one of the wheels. Then when I got the final statement from BMW Financial, it showed charges of about $1,800. The charge for the bumper tripled and they tried to ding me for new rear brakes.

I had taken the car to a BMW-approved body shop to get them to estimate the bumper repair -- they would have done it for $500 including HST. The brakes I had recently had inspected at a dealer, who confirmed there was almost no wear at all (luckily I had a copy of the service report). The wheel was fair enough.

Long story short, it took weeks of fighting with them to get them to credit some of the charges. In the end I got them down to about $900. However, since then I've received four(!) statements in the mail, showing different balances owing, different goodwill credits, etc. While I was disputing the charges I was threatened with collection, and even after I paid the final charge I received a statement saying I owed them money and an email alert asking them to call to settle my account.

The main value of the lease insurance, then, is probably avoiding the total incompetence of BMW Canada / BMW Financial Services. I also think that because so many people are buying the lease insurance, they go to town on those who don't.

Overall, the insurance is obviously expensive and likely a big profit centre for BMW. If I'd bought it, I would have had far less pain from dealing with the end of lease process, but I would still have lost out financially.

itrocks4u · 10-07-2015, 03:50 PM

Get excess wear and tear. You then don't have to put down a security deposit.

For wheels/tires consider your normal routes and fire often you got a puncture or pothole damage. If Chances are slim, no need for warranty.

CHCCubs · 10-09-2015, 06:00 PM

Quote:

Originally Posted by itrocks4u

Get excess wear and tear. You then don't have to put down a security deposit.

For wheels/tires consider your normal routes and fire often you got a puncture or pothole damage. If Chances are slim, no need for warranty.

Agreed on the excess wear and tear as it just replaces the security deposit. I had it on my previous E90 and it covered a curbed wheel and a some other minor cosmetic damage I would have charged for. It will also come in handy when I turn in my current F30 which unfortunately has another curbed wheel and a few chips on the windshield.

casualDIYer · 10-10-2015, 06:34 PM

Insurance? BMW has a security deposit. If i treat the car well, i get in back as a final payment credit. If i abuse the car it goes to pay for damages. With insurance i don't get the money at all. It's only good if i abuse the car.

So, with a security deposit i have skin in the game to treat the car well. Insurance? Its a ticket to wreck the car. Potentially each insured leasee could cause bmw harm wrecking their car to the $7200 limit.

10-07-2015, 11:43 AM	#1
xxxrsxxx Enlisted Member 4 Rep 43 Posts Drives: car Join Date: Sep 2012 Location: canada iTrader: (0)	extra warranty for leases? Just wondering for those that are leasing, do you guys op in for the extra warranty? Excess wear and tear - this will cover all the nicks/dings along with no need to buy a new set of tires at the end of lease tires/rim - replaces the run flats in case of punctures. I heard it costs around $500 for a run flat tire? I'm just trying to figure out the best way without having to pay for an additional expenses at the end of the lease. Unfortunately the 2 above does not include brakes so it looks that it's pretty much a given that I would need to replace brakes after 4 years?
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10-07-2015, 12:21 PM	#2
GTA_6speed New Member 2 Rep 24 Posts Drives: 2014 BMW 435i Join Date: Jan 2013 Location: Toronto, Ontario iTrader: (0)	I generally don't worry about the extra warranty because i'll be leasing another car next. If you decide to stick with BMW, they'll typically waive any additional costs on the returned vehicle. If you switch manufacturers and they buy out the lease, they typically don't make you pay for wear and tear. BMW just bought-out my 2011 G37 Coupe - brakes had never been done, tires needed to be replaced. They didn't even inspect the vehicle!
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10-07-2015, 12:25 PM	#3
Emilim Dust Bunny 98 Rep 189 Posts Drives: 2016 F31 328i xDrive M Sport Join Date: Jul 2015 Location: Vancouver iTrader: (0)	I have never bought the excess wear plans myself and have not been dinged. Granted, I ran my own tires and put the stock back on before return and I was pretty anal when it came to protecting the car against scratches and dings. Some dealers also don't care as much while others nickel and dime you to death. I guess it comes down to whether you're confident you can take good care of your car or if you can't be bothered to fret over every little (or big) parking lot dings for a car you will be returning. Depending on your driving habits you'll probably need to change your pads at some point during the lease anyway. As long as the pads aren't worn down too much on return you should be OK.
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10-07-2015, 02:58 PM	#4
aspiring335 Lieutenant Colonel 95 Rep 1,614 Posts Drives: 2019 G05 40i Join Date: May 2006 Location: Toronto, Canada iTrader: (0) Garage List 2006 330i [0.00]	I've just had some very direct experience with this issue. At the end of my X1 lease, the lease inspection showed a charge of just over $450 for repairing a small scrape on the bumper and $130-ish for a scrape on one of the wheels. Then when I got the final statement from BMW Financial, it showed charges of about $1,800. The charge for the bumper tripled and they tried to ding me for new rear brakes. I had taken the car to a BMW-approved body shop to get them to estimate the bumper repair -- they would have done it for $500 including HST. The brakes I had recently had inspected at a dealer, who confirmed there was almost no wear at all (luckily I had a copy of the service report). The wheel was fair enough. Long story short, it took weeks of fighting with them to get them to credit some of the charges. In the end I got them down to about $900. However, since then I've received four(!) statements in the mail, showing different balances owing, different goodwill credits, etc. While I was disputing the charges I was threatened with collection, and even after I paid the final charge I received a statement saying I owed them money and an email alert asking them to call to settle my account. The main value of the lease insurance, then, is probably avoiding the total incompetence of BMW Canada / BMW Financial Services. I also think that because so many people are buying the lease insurance, they go to town on those who don't. Overall, the insurance is obviously expensive and likely a big profit centre for BMW. If I'd bought it, I would have had far less pain from dealing with the end of lease process, but I would still have lost out financially. __________________ 2019 G05 40i (premium excellence, m-sport, 2VR), Tesla Model S 100D, Nissan Leaf SL Volvo XC90 T8, Subaru Outback, E84 X1 28i, E91 328i xdrive, 6MT, VW Touareg TDI, E90 330i, E46 325iT, MINI Cooper S (all retired)
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10-07-2015, 03:50 PM	#5
itrocks4u Colonel 617 Rep 2,418 Posts Drives: F80, F36, E90 Join Date: Aug 2011 Location: Bay Area iTrader: (3)	Get excess wear and tear. You then don't have to put down a security deposit. For wheels/tires consider your normal routes and fire often you got a puncture or pothole damage. If Chances are slim, no need for warranty.
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10-10-2015, 06:34 PM	#7
casualDIYer Major 446 Rep 1,372 Posts Drives: 340i xDrive M Sport Join Date: Nov 2008 Location: Toronto iTrader: (0)	Insurance? BMW has a security deposit. If i treat the car well, i get in back as a final payment credit. If i abuse the car it goes to pay for damages. With insurance i don't get the money at all. It's only good if i abuse the car. So, with a security deposit i have skin in the game to treat the car well. Insurance? Its a ticket to wreck the car. Potentially each insured leasee could cause bmw harm wrecking their car to the $7200 limit. Last edited by casualDIYer; 10-10-2015 at 07:46 PM..
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