2009 Cooper S - Lease - Excess Wear protection - opinions?

guppy98 · #1 04-30-2009, 06:36 AM

Hi all,
I did do a search here but nothing specific to my question...so here it is

I'm picking up my 2009 Cooper S next week on a 39 month lease (I'm in Canada). The dealer has offered me the "excess wear" insruance which covers up to $7500 worth of "excess" at lease return time. The cost is $800 CDN HOWEVER if I take it, Mini will waive the security deposit (which is $450) so extra out of my pocket is around $400.

Is this worth getting? I'm generally pretty OCD about my car (keep it very clean, etc.) but I do a lot of highway miles and stone chips do happen, etc. While the price isn't too crazy, it's still money I'd rather have in my pocket (need winter tires!) and wonder if anyone has any experience returning a lease with Mini? Is this a "must have"?

Speaking to my father-in-law who returned a Mazda last month, their allowances for scratches are totally reasonable. I've also checked out the mini USA 'lease checklist' and apart from stone chips, it seems not unreasonable so I'm inclined to not get this coverage....however, opinions (esp from people who have actually returned a mini off lease) are welcome.

Please don't blast me with "you should buy not lease"...not interested in those replies here.

Thanks

guppy

kavatski · #2 04-30-2009, 07:57 AM

I have about a year left on my '08 MC lease. I did not purchase that lease-end insurance (I think it was offered to me at around $700). Yes, it waives the security deposit but since you'd otherwise get that security deposit back at the end of the lease, you're still $800 out-of-pocket overall. Instead, for about half the cost I invested in paint protection film (aka "clear bra") for the front of the car to take care of the stone chip issue. For the rest of it, I'm also fairly OCD and am not concerned about getting nailed for excess damage at the end of the lease.

I tend to think that they wouldn't offer this insurance if it wasn't a money-maker, and the only way for BMW Financial to come out ahead on this insurance is if most lease returns require less than $800 worth of work. If you're confident in being responsible for the condition of the car then I think you could safely pass on this coverage.

Browser_23 · #3 04-30-2009, 08:55 AM

I am not in Canada so the protection may be different. I purchased the protection plan mainly because it covers the tires as well. I plan on turning the car in at the end of lease and this way I won't have to put new tires on as I think they will be just about to replacement level at end of my 3 year 30k mile lease. And also for the possibility of extra parking lot dents and suc that always seem to happen here in California. Policy price was cheaper than a set of tires so was worth it to me.

katrina1581 · #4 04-30-2009, 12:34 PM

I purchased this warrany on my 06 MiniCooperS for about $600. I dont remember them waving the security deposit or anything like that, i simply thought it would be a wise thing to do (having never leased before). Well 2 years into the 4 year lease, the car was totalled. I ended up not reaping ANY benefits of the warranty. So it kinda was a waste. The only upside was that if the car becomes a total loss or you trade it in early, you can cancel the protection and they refund you a prorated amount of the original warranty price. I should be getting $250 back any day now.

If you take care of your car, it may not be worth it, though you cant always protect agains other idiots dinging your doors in parking lots despite how far away you may try to park.

However, I will say, if you can get the tire protection warranty, that is a MUST if you have the runflat tires. I replaced four tires under the warranty (saving about $370+ each time). Also, because of the total loss, I received a prorated amount of the unused time on the warranty as well...

**JudgeS** · #5 04-30-2009, 04:46 PM

Both this and tire protection are a huge waste of money, and a complete scam by the stealership, and there is no reason to opt. for either. I've leased a number of cars over the years, and have never been charged a single cent for excessive wear and tear on return (and I'm no fanatic when it comes to car care). As far as wheel/tire protection, a set of (slightly used) OE RFTs can be purchased in the market place for @ $200 if you keep your eyes open, they come up for sale all the time.