reduces the stress associated with returning leased vehicles; covers excess damage up to $3,750; and is supported by BMW finance services
Up to $5,000 in coverage for excessive wear and tear charges; $300 in coverage for missing parts; and an accelerated claim process at lease end
In This Article...
EQUIPMENT FROM AFTERMARKETS AND MISSING PARTS
Keys, luggage coverings, charging cables, and tablets are just a few examples of the stuff that is missing.
At the time of return, there may be any aftermarket modifications, such as genuine BMW parts that a BMW Center added or non-BMW parts that a third party fitted.
Any third-party-installed structural modifications still in place at the time of return.
Potential extra wear and tear charges may be helped by BMW Lease Protection. You can easily check if your current BMW has Lease Protection by visiting MyBMW.
For information on obtaining BMW Lease Protection for your next vehicle, get in touch with your preferred BMW Center.
Ultimate Protection Plan for BMW
A comprehensive range of solutions are available through the BMW Ultimate Protection Program from BMW Financial Services. We can arrange for your coverage to be extended or for extra vehicle protection products to be purchased. Knowing that we have you covered gives you peace of mind for whatever you need, whenever you need it.
Protection for your new, used, or certified pre-owned BMW vehicle that gives you peace of mind.
Your needs were taken into consideration when creating the BMW Extended Service contracts. Benefits of an extended service contract include:
With BMW Lease Protection, you can unwind and enjoy the ride knowing that when you return your leased car, some or all potential excess wear and tear fees will be waived. Benefits of BMW Lease Protection include:
Most insurance providers will only compensate you for the market value if your BMW is completely destroyed due to theft or an accident. This could result in a discrepancy between the amount the insurer will pay and the outstanding balance on your loan, together with the deductible. Have faith in BMW GAP.
With BMW GAP, you can be sure that there won’t be any coverage gaps for any shortcomings or deductibles*.
Benefits of the BMW Protection Product include:
BMW Tire & Wheel Protection offers up to five years of protection against road hazards like metal, nails, glass, debris, potholes, blowouts, etc.
With paintless dent repair, tiny dings and dents can be removed permanently without damaging your BMW’s factory surface.
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Because BMW is aware that its clients detest this, it provides a Lease Protection Program. BMW Financial Services will pay up to $3750 in excess damage at no additional cost when you purchase the vehicle for $1275 (retail list price). Customers can avoid a significant one-time charge for wear and tear at the start or end of the lease by selecting the program in advance and having the cost added to the lease payments.
Common occurrences like parking lot dents, scratched wheels, windshield chips, upholstery tears, loosened molding or trim, burned-out lights, or a misplaced remote might cost you money when the lease is up. Spending money on the old automobile after purchasing a new one is the absolute last thing anyone wants to do. The amount of coverage for a missing component, such as a remote control, is $300.
With my last vehicle (a non-BMW), I had excess wear and tear of $1100 that I was able to haggle down to $850. But I’m worried that with BMW, the prices might be considerably higher. It seems to be a good mental peace. However, I’m not entirely sure because I might offer insurance for key loss, wheel/tire/curb rash/painless dent repair, and curb rash. As a result, part of this may be unnecessary. Although the latter is advantageous because I can get the dings and dents corrected while I own the car and not be responsible for them at lease’s conclusion. While I wouldn’t have to pay for the dents and dings at the end of the lease if I had just the lead protection, I would still have to put up with them while I own the car.
Do tires come with a BMW lease?
Leasing a car is an alternative to getting dealer or bank financing and paying cash for a car. Except for parts like tires, every aspect of your vehicle’s upkeep is covered by the lease payment each month. Your lease contains particular clauses that address the condition and kind of tires that are permitted for your BMW.
What is insurance for lease protection?
First Class Lease Protection (FCLP) offers coverage at lease end for a few charged items, such as small dings and scratches as well as specific damage that goes beyond ordinary wear and tear. Disclaimer When you sign a Mercedes-Benz Financial Services First Class Lease Agreement, the cost of FCLP may be included in your monthly payment.
FCLP will forego some excess wear and use fees up to a $7,500 cap. Included in this are amounts for excess wear and use at covered one-time events, with a cap of $2,000 per instance. Additionally, it covers the cost of a single missing key fob, missing components and equipment costs up to $200 per, and expenses for windshield damage. Additionally, there is no deductible with FCLP. The full sum due on your lease agreement might not be waived by this product, and it does not cover any excess mileage fees.
Throughout the duration of your lease, you can rest easy knowing that your car is better protected. In order to reduce your out-of-pocket costs at lease end, eligible charges for small dings, scratches, and other types of damage deemed beyond normal wear and use will be waived.
Does a car lease include insurance?
Does renting a car come with insurance? Standard insurance is typically not included in a car lease agreement, therefore the person or company leasing the car is responsible for arranging coverage.
Can I offer Carmax my rented BMW?
Yes! You can often sell your leased vehicle in a manner similar to that of any other financed vehicle. We will assess the vehicle, then get in touch with the lease company to get a payment quote and handle any equity you may have.
Do run-flat tires on a BMW lease have to be returned?
You will be charged if you replace the tires if they are not the same size, caliber, or speed rating as your original tires. Additionally, acceptable tread wear is defined as a minimum of 4/32 of an inch of depth from the finish tread (you may find the speed rating label on the inside of the vehicle’s door jam). You can use your Ding-O-Meter to determine whether or not your tire complies with our rules. With the use of a tire tread depth tester, your local BMW Center will be able to give you a final, more accurate measurement. Additional lease end fees will apply to tires with cuts or gouges. Please take note that if your car had run-flat tires when you bought it, you must return it with run-flats. You will be charged for new tires if you don’t.
For a leased car, is insurance required?
Car insurance for leased vehicles differs somewhat from insurance for an automobile you own. Even though you aren’t the actual owner of the rented car, you must still get auto insurance for it. You might opt for a policy that merely offers the bare minimum of protection as a car owner in your state. However, a leased vehicle would probably need a more extensive insurance plan to satisfy both the legal and any lender’s coverage needs.
How much does a leased car’s insurance cost?
There may be numerous advantages to leasing an automobile and making monthly payments instead of buying one. The cost of insurance is a little bit greater for leased cars than for owned ones, though, which is a drawback. Drivers who lease automobiles typically pay $275 a month in insurance premiums, compared to $156 for those who own their vehicles.
But why do leased cars require more money for auto insurance? It’s not because insurance companies arbitrarily decide to raise the cost of car insurance for leased vehicles. The cost of your coverage is increased since leasing firms have varying requirements for auto insurance. These depend on the state, the driver, and the kind of vehicle you’re operating.
Typically, comprehensive and collision coverage are included in your auto insurance policy requirements for leasing firms. Additionally, they could demand more insurance, set greater coverage limitations, and impose a maximum deductible. The sum of money you are required to pay out of pocket when you submit a claim is known as a deductible.
Most of the time, leasing businesses want substantially greater insurance coverage for rented vehicles. There is a lot more on the line for car dealerships, which essentially loan out cars that are paid for in monthly lease payments, than for customers who might choose to buy a car outright because leasing agreements tend to be transient.
Full-coverage auto insurance offers extra protection in the event that your car is destroyed, despite the fact that it is more expensive. In addition to providing the driver with peace of mind, this also benefits leasing firms. After an accident, the special collision, comprehensive, and liability coverages assist in covering costs for everything from personal property damage to physical injury liability.
Are tires covered by BMW wear and tear?
The BMW Tire & Wheel Protection program offers coverage in the event that metal, nails, glass, debris, potholes, blowouts, etc. cause damage to your tires or wheels (excluding cosmetic damage). You can select a plan that provides coverage for your car for up to five years.
How long is the warranty on BMW tires?
PERIOD OF PROGRAM BENEFITS: This Program covers Eligible Tires for a period of 12 months from the date on your original tire invoice, or until any area of the tire tread that comes into contact with the road has a tread depth of 2/32″ or less, whichever occurs first (“Program Benefit Term”)
What happens if a rented car is scratched?
The lessor may assess fees for “excessive” wear and tear when you lease a car. Small imperfections like scratches on the exterior that are smaller than a quarter may not result in additional expenditures and are likely to be considered part of regular wear and tear. Anything larger almost certainly requires you to spend additional money out of pocket when you return it.
Why renting a car makes sense?
- When you lease a car, you essentially hire it out for a predetermined amount of time.
- When you purchase a car, you do so outright and accrue equity through regular payments (if you finance the purchase).
- Leasing typically includes fewer upfront costs, smaller monthly payments, and no hassles associated with resale.
- Benefits of owning typically include having a car of one’s own, total control over mileage, and a clear understanding of costs.
- In general, experts agree that investing in a car is a superior long-term financial move.
How can I maintain the rented car tidy?
You must return the automobile with tires that are safely inflated, have enough tread, and are in good condition. The tires should last for three years if you maintain the proper air pressure and rotate them on a regular basis. After two years, you might want to think about getting new tires to be safe. As a result, you have a year to use the tires before you have to turn in the automobile.
How can you make money from a leased car?
- Offer the lease to another person. Selling their leases to companies like Carvana, Vroom, or CarMax has long been an option that lessees have used during their leases.
- Get the car, then market it.
- Offer the dealer a lease return.
Is it worthwhile to maintain a BMW?
It’s not worthwhile, no. The warranty provider can typically be contacted directly to cancel. You might struggle more if it’s through BMW. If at all possible, avoid dealing with the dealer since they will fight you.
Are unused miles on a lease credited?
Under-mileage: You can simply return the car at the conclusion of the lease if your anticipated mileage falls below your allotted amount. There is frequently a return if you purchased extra miles (but didn’t use it), but there is no credit for exceeding the mileage stipulated in the lease agreement.