I would say I guess it depends on what $20/mo means to you. To me that would be an insignificant amount of money. That is less than one night a month my wife and I going out for burgers.
Excess/Wear Tear Insurance
Purchased with new lease car this past Friday, costing me extra $20 a month on my lease payment, two days later think I made big mistake, anyone know it I can cancel the insurance.
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What exactly is excess wear and tear insurance? is that mean you can turn it in with bald tires and no brakes at the end of the lease?
I Am assuming your vehicle is an LTZ AWD w/20 inch tires. I am also assuming your lease is for 36 months so 20 buck a month on the life of the lease means $720.00 for the tire wear. Assuming you have to put tires on it before you return in it and are replacing Dueler HL Alenza at 171.30 per tire ( tirerack.com) plus mount and balance @25.00 (estimate) per tire. The grand total would be 785.20 plus tax, so you would be ahead of the game. You could probably put cheaper tires on it and lower the cost (General Grabber HTS @ 528.80 + 100.00 m&b = 628.80 + tax) so you would be slightly or break even on the game. Kind of a wash in that you don't have to take the time to worry about replacing the tires. Time is money too.
Don't know what your lease is for or what it says, but if you're at 36 months and 1,200 mi/month, that's 43,200 miles. I would sure hope that the tires would not be down to the indicators by then. If you've got 1,500 mi/month, you'd be at 54,000 miles; still not to the indicators, I would hope. My 2011 2LT went to 75K on the first set of tires. (And I'm assuming this coverage is NOT for excess miles.)
I guess I'd be interested to know what "excess" means. Are they really going to get down and measure the wear on your tires? I would think this would cover ripped seats and carpets, paint scratches, dings - stuff like that.
I guess I'd be interested to know what "excess" means. Are they really going to get down and measure the wear on your tires? I would think this would cover ripped seats and carpets, paint scratches, dings - stuff like that.
FYI: I ended up cancelling the excess insurance coverage. I leased for 39 months and I drive less than 8,000 miles per year. It was going to cost me over $900 for the 39 months. The coverage was mainly for damage to seats, carpets and cracks to windows. ( tires would be pro rated if the wear out ) I'm retired and drive the car mostly myself ( better half has her own car )with no kids to haul around anymore who might have caused such damaged I decided I didn't need to spend another $25 a month.
I think that is a rip off insurance, does the dealer expect to receive the verse back in the same condition it left the lot ? If you return it to the dealer after your 39 months and it has some wear and tear, I don't believe the dealer will replace the slightly worn out parts, as long as the verse is safe to resell, it is sold as a used vehicle for that reason.
What then happens to trade-in vehicles from other dealers that owners don't get suckered into this insurance ?
If tires don't meet safety standards, it is the dealers responsibility to replace them when the used vehicle is sold.
This is a cash grab for dealers !
What then happens to trade-in vehicles from other dealers that owners don't get suckered into this insurance ?
If tires don't meet safety standards, it is the dealers responsibility to replace them when the used vehicle is sold.
This is a cash grab for dealers !
Someone had tires that lasted 75k miles? I have had 2 sets. I think I am getting about 40k per set. Bridgestone.
A lease has a different obligation compared to just owning the car. When the lease vehicle is returned at the end of the contract, normal wear and tear is expected and allowed. However, what is considered normal? Here is a link to a GM Financial explanation of "normal wear". You can even download a card to use to check your leased vehicle for wear.rau_d said:I think that is a rip off insurance, does the dealer expect to receive the verse back in the same condition it left the lot ? If you return it to the dealer after your 39 months and it has some wear and tear, I don't believe the dealer will replace the slightly worn out parts, as long as the verse is safe to resell, it is sold as a used vehicle for that reason.
What then happens to trade-in vehicles from other dealers that owners don't get suckered into this insurance ?
If tires don't meet safety standards, it is the dealers responsibility to replace them when the used vehicle is sold.
This is a cash grab for dealers !
https://www.gmfinancial.com/finance-options/excess-wear-and-tear.aspx
Leasing does not allow you to return with unsafe tires. It is NOT the dealers responsibility to replace them. Owning a vehicle and trading it in is a whole different ballgame. Kind of like renting a house compared to owning a house. Different rules and restrictions.
I understand what you mean from the description provided, many of those I can understand not being able to return it in such condition, and it is obvious.
In my many years of leasing vehicles and walking away from them, it never cost me an extra penny, not even when I went over my allowed km.
Of course I did the needed oil change and tire rotation and recalls, but never did I do the required maintenance they want to sell you above and beyond, and never had to replace tires prior to its end of lease. if a dealer can't sell the vehicle at the end of a lease return because of excess wear, it will go to auction, or let it sit on his lot until the right buyer comes along, and this said by the dealer himself.
I do believe used cars sell themselves, and unfortunately GM products might have a much more difficult time reselling its used over new. I see this myself from the used inventory sitting on lots from the dealers I deal with.
I know I would never buy an American made used vehicle.
I guess it all depends on how well individuals treat and care for their vehicles from start to end.
In my many years of leasing vehicles and walking away from them, it never cost me an extra penny, not even when I went over my allowed km.
Of course I did the needed oil change and tire rotation and recalls, but never did I do the required maintenance they want to sell you above and beyond, and never had to replace tires prior to its end of lease. if a dealer can't sell the vehicle at the end of a lease return because of excess wear, it will go to auction, or let it sit on his lot until the right buyer comes along, and this said by the dealer himself.
I do believe used cars sell themselves, and unfortunately GM products might have a much more difficult time reselling its used over new. I see this myself from the used inventory sitting on lots from the dealers I deal with.
I know I would never buy an American made used vehicle.
I guess it all depends on how well individuals treat and care for their vehicles from start to end.
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