Lease Insurance with Buyout

[azmo]

Hey all, not able to find out any information on this and I figure I just need to handle things myself.

When I got my lease 3 years ago, I got lease insurance expecting that I would definitely be returning the car so that my likely curb rash and tires would be covered through the insurance. Now my lease is ending in the next ~2 months and the dealership has been contacting me about what I'll be doing and to schedule my pre-inspection.

With the increased value of the cars, my cash offer from multiple services is ~10k more than my residual/buyout so I was planning on keeping or selling the car. Is there any way, perhaps through this pre-inspection/pre-return repairs, that I can have certain replacements/repairs done through my lease insurance before I buyout the car and keep it for myself or is it on me if my end goal is to keep the car?

[N1rve]

Originally Posted by azmo

Hey all, not able to find out any information on this and I figure I just need to handle things myself.

When I got my lease 3 years ago, I got lease insurance expecting that I would definitely be returning the car so that my likely curb rash and tires would be covered through the insurance. Now my lease is ending in the next ~2 months and the dealership has been contacting me about what I'll be doing and to schedule my pre-inspection.

With the increased value of the cars, my cash offer from multiple services is ~10k more than my residual/buyout so I was planning on keeping or selling the car. Is there any way, perhaps through this pre-inspection/pre-return repairs, that I can have certain replacements/repairs done through my lease insurance before I buyout the car and keep it for myself or is it on me if my end goal is to keep the car?

So if it's the excessive wear and tear insurance that just protects you from oweing anything at the end of the lease like scratched bumpers, keyed car, cracked windshield, bald tires, etc. So you won't have anything replaced/reparied if you buy it out.

If you bought the service where cosmetic damages would be repaired like curb rash, then that is something you can use.

Any repairs would be covered under warranty assuming it's not wear and tear.

[Pauldunlop13]

Yes

that is what I have been doing - mine is up in Mar 2022

just took it in for the oil change/spark plug/air filter service
asked them to check the brakes -they were at 6mm left - they said come back in Jan, because they must be at or below 4mm

since I paid the $12/mnth for the brake coverage, I will be definitely getting this service, BEFORE I pay it out

but if the service is too early - then they won't perform it

[N1rve]

Originally Posted by Pauldunlop13

Yes

that is what I have been doing - mine is up in Mar 2022

just took it in for the oil change/spark plug/air filter service
asked them to check the brakes -they were at 6mm left - they said come back in Jan, because they must be at or below 4mm

since I paid the $12/mnth for the brake coverage, I will be definitely getting this service, BEFORE I pay it out

but if the service is too early - then they won't perform it

I think that's the Ultimate Care+ where it covers brakes. I bought that too but I won't be able to cash out on it due to the pandemic and WFH all the time now. Also, had somewhat regrets getting it as well since OEM brakepads dust like crazy and I can't wait to get Akebonos lol.

[azmo]

Originally Posted by N1rve

So if it's the excessive wear and tear insurance that just protects you from oweing anything at the end of the lease like scratched bumpers, keyed car, cracked windshield, bald tires, etc. So you won't have anything replaced/reparied if you buy it out.

If you bought the service where cosmetic damages would be repaired like curb rash, then that is something you can use.

Any repairs would be covered under warranty assuming it's not wear and tear.

Ya I think it's the excessive wear and tear insurance. The main thing I got it for was tires and curb rash. So it sounds like because i'm not actually returning anything I won't be able to use it? I thought maybe because the preinspection had a "prerepair" stage, I could do that and then at the last minute say I want to keep it and buy it out

[azmo]

Originally Posted by azmo

Ya I think it's the excessive wear and tear insurance. The main thing I got it for was tires and curb rash. So it sounds like because i'm not actually returning anything I won't be able to use it? I thought maybe because the preinspection had a "prerepair" stage, I could do that and then at the last minute say I want to keep it and buy it out

dealer got back to me and said they won't cover anything :/

[doug_999]

Originally Posted by azmo

dealer got back to me and said they won't cover anything :/

Any chance you have the contract?

[N1rve]

Originally Posted by azmo

Ya I think it's the excessive wear and tear insurance. The main thing I got it for was tires and curb rash. So it sounds like because i'm not actually returning anything I won't be able to use it? I thought maybe because the preinspection had a "prerepair" stage, I could do that and then at the last minute say I want to keep it and buy it out

It doesn't pre-repair. It only waives your liability.

[azmo]

Originally Posted by N1rve

It doesn't pre-repair. It only waives your liability.

yep this is exactly what they said to me lol. It basically only handles the cost of the repair at the time of lease return and only if I do a lease return.

[speedmaster20d]

Originally Posted by azmo

Hey all, not able to find out any information on this and I figure I just need to handle things myself.

When I got my lease 3 years ago, I got lease insurance expecting that I would definitely be returning the car so that my likely curb rash and tires would be covered through the insurance. Now my lease is ending in the next ~2 months and the dealership has been contacting me about what I'll be doing and to schedule my pre-inspection.

With the increased value of the cars, my cash offer from multiple services is ~10k more than my residual/buyout so I was planning on keeping or selling the car. Is there any way, perhaps through this pre-inspection/pre-return repairs, that I can have certain replacements/repairs done through my lease insurance before I buyout the car and keep it for myself or is it on me if my end goal is to keep the car?

unfortunately no, the wear and tear covers cost of repair that is deemed necessary by BMW FS (dealer is nobody here, your contract is with BMWFS). your lease contract is terminated the moment you buy out the car and all insurances you paid for the lease are gone.