I am finalizing a new car lease in the next two days and I have been offered an excess wear and use protection plan.
It covers excess wear and use charges at lease end.
A single event at $1000 or less.
Each missing part or equipment valued at $200 or less.
Up to a maximum of $5000 in total wear and use charges.
I haven’t gotten a price yet and I’m wondering if anyone is familiar with this and if it is worth it?
I’ll get back to this when I get a price.
They’re going to make you get collision and comprehensive coverage anyways, so what possible “incident” could there be that wouldn’t be covered by those? And how are parts of your car going to just go missing?
I assume the “excess wear and use” is in case you go over your mileage allowance, but if you think that’s going to be an issue why not just do a lease with more mileage? Or, you know, buy instead and drive as many miles as you want?
“Excess wear and use” refers to damage such as dents, deep scratches, any other sort of body panel or paint damage, stains or tears on upholstery or carpeting, damaged or non-functional features (audio system or A/C controls, for example).
Excessive mileage is dealt with separately and specifically, not as part of the Excess Wear and Use. In the lease contact, the amount of miles allowed (12,000 per year, for example) is specified, then the penalty for any miles over that is also specified ($0.20/per mile over).
The damages that fall in the “excess wear and use” category are either too small too to file an insurance claim or they simply aren’t covered by comprehensive or collision coverage.
As for
What sort of vehicle are you leasing? It will be interesting to see what sort of price quote you get on this coverage…
But I will go ahead and say that it isn’t worth it, whatever the price. All extended warranties, service contracts and other protection plans are highly profitable to the dealer and lenders. That is why they try to add them on to the transaction, not for the consumers benefit!
How well do you take care of your vehicles? Are they usually in ‘like-new’ condition after two or three years? If so, you really shouldn’t worry about “excess ear and use” being an issue at lease end.
If your cars usually have some pretty heavy wear after three years, you really aren’t a good lease candidate. You need to consider buying instead of leasing. Leased cars are expected to be in very good condition when they are turned back in at the end of the lease term.
Otherwise, just be sure that your auto insurance policy has all the coverage types that you need- comprehensive and collision with a realistic deductible are a must. But you also need GAP coverage, which the dealer may try to push on you for 2x or 3x what your auto insurance company will charge! You should also check to see if your insurer covers OEM (original equipment manufacturer) body parts or if you can add that coverage to your policy. If a leased car is repaired with generic body parts, that could result in a significant excess wear/use charge at lease end. I added OEM parts coverage to my 2012 Mazda CX-9 and for only $9/year!
Good luck and let us know what you are leasing! 
For the last several years or so, banks have been looking at lease returns as a source of profit.
Got two Michelins on the front, and two Kumhos on the back. Umm that is going to cost you, the lease says you have to have all 4 of the same tire with at least 4/32"f thread (yes this really happened, customer had bought the Kumhos 6 months previously)( and yes he was fucked, he had to buy 2 tires)
Scratches? Going to cost you.
A stain on the driver’s seat? Spendy.
It’s your call on the excess wear insurance, but I have seen excess wear charges go over $2,000.
2013 Toyota RAV 4
I was quoted a price of $700.00 up front.
I said the hell with it and bought the car.
Thanks all.