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      03-09-2015, 08:57 AM   #1
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BMW Lease protection

I got talked into buying the lease protection back in oct 2014 when i leased my 2015 m3. The price offered was $1150. Now my question is if i can cancel and get a pro rated refund. Also who should i start with BMWFS or the dealer. Any help is appreciated.
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      03-09-2015, 09:41 AM   #2
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Call both.
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      03-09-2015, 09:44 AM   #3
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Quote:
Originally Posted by 135tom3 View Post
I got talked into buying the lease protection back in oct 2014 when i leased my 2015 m3. The price offered was $1150. Now my question is if i can cancel and get a pro rated refund. Also who should i start with BMWFS or the dealer. Any help is appreciated.
Yes, you are entitled to a prorated refund. I have done that a few times. You need to contact the company directly. The policy can be located using the cars VIN number.

If you don't know what company carries your policy, then call either your dealership or BMW NA.

My BMW policies have all went through safeguard, so you can cold call them and start there. http://www.safe-guardproducts.com/cu...ancel-coverage
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      03-09-2015, 06:22 PM   #4
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What's lease protection? Gap?
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      03-09-2015, 07:25 PM   #5
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Originally Posted by tyler9595 View Post
What's lease protection? Gap?
Gap insurance is already included in your lease payment. "Lease protection" insurance covers excessive wear and tear to the vehicle, when you return the car. Might be dings, paint scratches, tears to the leather, ...
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      03-09-2015, 08:41 PM   #6
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Correct, it covers excessive wear. I had it on a previous car and it saved my butt. A few weeks before the lease ended, i had the car keyed on a door and the lease insurance covered it. So I didn't have to use my own insurance and deductible.
It also covers tires. The last two lease returns, they were very anal about remaining tread.
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      03-09-2015, 09:04 PM   #7
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After leasing 7 BMWs I can tell you ALWAYS get this coverage. You can bring the car back with 4 bald or even flat tires.
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      03-09-2015, 10:01 PM   #8
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Originally Posted by MDIVISION View Post
After leasing 7 BMWs I can tell you ALWAYS get this coverage. You can bring the car back with 4 bald or even flat tires.
The cost of the tires is less than the protection, but for peace of mind, some may like the insurance.
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      03-09-2015, 11:38 PM   #9
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Quote:
Originally Posted by OneRib
Quote:
Originally Posted by MDIVISION View Post
After leasing 7 BMWs I can tell you ALWAYS get this coverage. You can bring the car back with 4 bald or even flat tires.
The cost of the tires is less than the protection, but for peace of mind, some may like the insurance.
How can that be? Set of 4 of almost any tires for a BMW are more than $1100 I think. But yes the other perks include a cracked windshield or headlights along with dent, ding, scratch and the list goes on. You can claim 5 items of damage at $1000 each max. Total of $5000 worth of damage on the car will cost you 0.
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      03-09-2015, 11:41 PM   #10
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Quote:
Originally Posted by MDIVISION View Post
How can that be? Set of 4 of almost any tires for a BMW are more than $1100 I think. But yes the other perks include a cracked windshield or headlights. You can claim 5 items of damage at $1000 each max. Total of $5000 worth of damage on the car will cost you 0.
Not bad

As far as tires, I looked it up on tire rack and found at least 3 different tires under $1000 for a set of four.

Would each tire count as a separate claim?
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      03-09-2015, 11:47 PM   #11
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Quote:
Originally Posted by OneRib
Quote:
Originally Posted by MDIVISION View Post
How can that be? Set of 4 of almost any tires for a BMW are more than $1100 I think. But yes the other perks include a cracked windshield or headlights. You can claim 5 items of damage at $1000 each max. Total of $5000 worth of damage on the car will cost you 0.
Not bad

As far as tires, I looked it up on tire rack and found at least 3 different tires under $1000 for a set of four.

Would each tire count as a separate claim?
Correct.
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      03-10-2015, 12:22 AM   #12
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Quote:
Originally Posted by OneRib View Post
Not bad

As far as tires, I looked it up on tire rack and found at least 3 different tires under $1000 for a set of four.

Would each tire count as a separate claim?
Actually the cost of up to $5k/ $1k DMG per incident costs you what ever you paid for the lease insurance coverage....if it was 1150 like OP paid and ONLY tires were replace then it would have cost you approximately the same amount at the end to replace tires yourself
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      03-10-2015, 12:30 AM   #13
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Tires alone would be worth it, IMO. My dealership has never offered this to me. I'm guessing that means they don't sell it. Interesting.
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      03-10-2015, 05:41 AM   #14
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Quote:
Originally Posted by MDIVISION View Post
After leasing 7 BMWs I can tell you ALWAYS get this coverage. You can bring the car back with 4 bald or even flat tires.
Quote:
Originally Posted by OneRib View Post
The cost of the tires is less than the protection, but for peace of mind, some may like the insurance.
There ya go. I didn't realize it covered worn (bald) tires. Even better!



Quote:
Originally Posted by tyler9595 View Post
Tires alone would be worth it, IMO. My dealership has never offered this to me. I'm guessing that means they don't sell it. Interesting.
They must just not be proactive. They absolutely sell it, and make a lot of profit on it too. Maybe they're used to you haggling them down so much that they do not suspect you would pay one more dollar on top of the negotiated price ... for anything!
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      08-15-2015, 12:52 AM   #15
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What is the allotted percentage of tread remaining that BMW will let you return the car without fees? Surely it can't be 100%?
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      08-17-2015, 01:39 PM   #16
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Quote:
Originally Posted by MDIVISION View Post
After leasing 7 BMWs I can tell you ALWAYS get this coverage. You can bring the car back with 4 bald or even flat tires.
+1
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      08-17-2015, 01:58 PM   #17
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tires alone will cover it. when changing your first set, ask for the bald tires
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      08-18-2015, 04:27 PM   #18
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Hello - This is my first post here, wanted to share some interesting information I received during my recent lease end inspection for my 2013 M3.

I have the lease protection plan from BMW so I wasn't too concerned with the results of the inspection although I wanted to learn more about the process since this is my first lease and I just ordered a 2016 and plan to lease again.

Overall I found that the lease protection is not as valuable as one might think. My rear tires are just about bald (20k miles on them) and because they are not run flat I would only be charged $200/tire by BMW when turning in. The front bumper has bad undercarriage damage the inspector said it wasn't an issue as it was normal wear and tear (I would NEVER buy a car in this kind of condition). He told me if the bumper was literally cracked in half and falling off the most I would be charged is $400! He said this goes for any panel on the car.

The long and short of it all is I paid $1100 (as I recall) for a product that saved me $400 - not a good deal IMO. Even if all of my tires were toast it wouldn't be a good deal since the excess wear charge is much cheaper! I think you would also pay interest on this product because it's added back into the cap cost... stupid mistake on my part.

Food for thought for those considering the coverage, I for one will not be purchasing this again.
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      08-18-2015, 04:57 PM   #19
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Quote:
Originally Posted by VitaminTee View Post
Hello - This is my first post here, wanted to share some interesting information I received during my recent lease end inspection for my 2013 M3.

I have the lease protection plan from BMW so I wasn't too concerned with the results of the inspection although I wanted to learn more about the process since this is my first lease and I just ordered a 2016 and plan to lease again.

Overall I found that the lease protection is not as valuable as one might think. My rear tires are just about bald (20k miles on them) and because they are not run flat I would only be charged $200/tire by BMW when turning in. The front bumper has bad undercarriage damage the inspector said it wasn't an issue as it was normal wear and tear (I would NEVER buy a car in this kind of condition). He told me if the bumper was literally cracked in half and falling off the most I would be charged is $400! He said this goes for any panel on the car.

The long and short of it all is I paid $1100 (as I recall) for a product that saved me $400 - not a good deal IMO. Even if all of my tires were toast it wouldn't be a good deal since the excess wear charge is much cheaper! I think you would also pay interest on this product because it's added back into the cap cost... stupid mistake on my part.

Food for thought for those considering the coverage, I for one will not be purchasing this again.
thanks for sharing,

Do you by any chance know what % of tire tread BMW will allow to be returned at zero cost? I thought tires + what ever damages would make this easy deal, but come to think about it, if I had a door ding, noticable damage to wheels etc, my OCD self would rather get it fixed (assuming im not near the end of my lease). It seems to only make sense If i were to not change tires, not drive/park carefully and not get a single thing fixed until the end of the lease. It would be too good to be true if they could fix things along the way...
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      08-18-2015, 05:17 PM   #20
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Quote:
Originally Posted by Donger Kim View Post
thanks for sharing,

Do you by any chance know what % of tire tread BMW will allow to be returned at zero cost? I thought tires + what ever damages would make this easy deal, but come to think about it, if I had a door ding, noticable damage to wheels etc, my OCD self would rather get it fixed (assuming im not near the end of my lease). It seems to only make sense If i were to not change tires, not drive/park carefully and not get a single thing fixed until the end of the lease. It would be too good to be true if they could fix things along the way...
I'm not sure of the % tread. I know door dings don't really count unless they are significant, I think he said they charge $100 if it's outside of the normal allowance (4" I think). Also, my wheels had some curb rash, I thought for sure I would have to pay a fee to get them refurbished - No charge! The only way you would have to pay is if they were severely damaged and not safe.
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      08-18-2015, 05:21 PM   #21
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My lease is about up and just received a call from my BMW dealership to remind me to come in for an inspection. The rep told me tire tread has to be at lease 1/8" inch to avoid a charge. I don't know if this varies per dealer, but I would think it is pretty standard.
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      08-18-2015, 06:27 PM   #22
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Quote:
Originally Posted by dzaborn View Post
My lease is about up and just received a call from my BMW dealership to remind me to come in for an inspection. The rep told me tire tread has to be at lease 1/8" inch to avoid a charge. I don't know if this varies per dealer, but I would think it is pretty standard.
4/32" is bmw lease standard.
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