06-15-2019, 09:59 PM | #1 |
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Leased car return story needed (preferrably from Canada)
Anyone can share their recent leased BMW return story / details / "gotchas"? Does the lease return insurance ($1,400 CAD) worth it?
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06-15-2019, 10:12 PM | #2 |
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What does this insurance cover? Why is it needed? Who is the underwriter or is this a BMW product?
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06-15-2019, 10:22 PM | #3 |
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It's BMW Financials product, here's the link with their description. Most appealing part that you can supposedly return with completely worn out tires so $1,400 is about how much new tires will cost anyway. On the top of that it also covers $7,500 in wear / tear. But are they really that picky when returning?
https://www.bmwtoronto.ca/financing/...protection.htm |
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06-15-2019, 11:52 PM | #4 |
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06-16-2019, 08:22 AM | #5 |
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Just returned one last month (my first lease return experience). Had the excess wear and tear. It does not cover tires with bulges, but does cover worn tires.
In my case it was completely worth it as I had a few scratches. Absolutely zero hassle. |
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06-16-2019, 11:14 AM | #6 |
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That was my logic too. I've leased for 48 months and with two kids it's going to experience a lot of family love over the next four years. Whether it's paint chips, wheel rash, scratches or wear to the leather seats I don't need to worry about it!
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06-16-2019, 03:46 PM | #8 |
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If it's due for service, this has to be completed prior to return. I had a brake service due and I made an appointment to get it done the week before so it wouldn't be a flag. Check engine light would be something I'd get taken care of before returning.
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06-16-2019, 04:29 PM | #9 |
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Scheduled service costs are included in the price in Canada for 4 years / 80km, although I guess they might want this complete in case of any hidden issues however if you're buying another bmw you don't need to worry as they will be more interested in securing the new sale than recovering costs on the car you hand back
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06-16-2019, 04:44 PM | #10 | |
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Although brakes are not covered. On the other items, rim rash costs $150 per rim. If you use winter tires not likely you'll tear through the oem tires by 80k. |
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06-16-2019, 08:08 PM | #11 |
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06-16-2019, 08:18 PM | #12 |
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I returned my 3 series lease in January.
It took about 15 minutes. All I had to pay was $150 for a lost key. I actually had two small dings on the bumper. Someone rear ended me. They didn't catch that. |
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06-16-2019, 08:29 PM | #13 |
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I guess it's often subject to some luck! I even think this lease protection insurance is just waste of money because even if tires do not pass, it's like $200 per tire and $800 is less than $1,400. Plus it's common to have a normal wear and tear on the car, otherwise it will be repaired through your normal insurance for something more serious.
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06-16-2019, 09:07 PM | #14 |
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Sorry - it was a brake fluid service that was due (included in the 4yr/80k service). I think it's very unlikely you'll be due for brake pads by the end of the lease. Brakes are not covered in the included service... not sure if these would be covered in excess wear and tear (I assume it isn't).
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06-16-2019, 10:46 PM | #15 | |
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The insurance covers you up to a further $7,500CAD of damage be that chips, scratches, damaged windshield etc. If you can negotiate a good price it's definitely worth it not to worry during the lease about the sort of wear and tear that always happens. |
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06-17-2019, 06:04 AM | #16 | |
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06-18-2019, 05:57 PM | #17 | |
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