Lease Excess Wear Waiver

by Admin on September 20, 2013

When it comes to deciding how to purchase your new vehicle, there are a number of factors that play into that decision. What is my payment?, Can I afford it?, What will it cost over the term?, What is the interest rate and What other costs will I incur? Buying a new car shouldn’t be painful and complicated. Your sales associate and your Finance Manager should be able to present you with all the appropriate information to answer questions like the ones mentioned and more.

One way that your Finance Manager can assist you is by discussing your lease end options before your lease commences. This gives you all the available options to make an informed decision and decide if a lease is in fact the best option to pursue.

With my clients I will generally ask them how long they intend to keep their car? I understand that with a lease you are only committed to car for the term you have selected however a lot of people choose leasing because it offers the lowest monthly payment with least amount of commitment. If you intend to buy-out your lease at the end of it then we will discuss specific protection options that will apply to your lease and throughout your long-term ownership. If you are unsure if you plan to keep the car or return it, then I would suggest looking at a few protection options that would benefit both the leasing customer and the long-term one. Finally, if you intend to return your car then VW has introduced a fantastic new product called the Lease Excess Wear Waiver or LEWW.

The LEWW is specifically designed for those customers that are going to be returning their cars at the end of their lease. For anyone who has ever leased you know that at the end of your lease an inspection needs to be completed to assess damage to your car. First I should say that VW is aware that customers are going to be driving their cars and that wear and tear does occur over time and with mileage. What VW is looking for is excessive wear and tear. I am talking about dents that are larger than a quarter, how much tread depth is left on your tires, the condition of your windshield. These are all items that would be expected to be repaired or replaced before returning your car.

With the LEWW program you are able to return your car with up to $10,000 worth of damage. So, if you had to replace 4 tires, your windshield, fix 2-3 dents, fix a scratch in the leather AND replace an alloy wheel, you wouldn’t have to because you bought the LEWW. Otherwise, add it up. $800 for tires, $400 for a windshield, $200 for dent repairs, $150 for leather repair and $275 for a new rim, that’s $1,690.00. That’s expensive. and not in most people’s budget.

The cost for the LEWW is a onetime charge of $999 at the initiation of the lease. Also, an added bonus is you do not have to pay a security deposit. Depending on the car that you lease you can save anywhere from $200 or more because of this feature. This is fully backed by Volkswagen Canada. Finally, if you needed out of your lease and were doing a lease transfer, this product would follow. You are able to use the LEWW as a feature of your car. There is a $100 transfer fee that applies but that is a small amount to pay for the larger benefit at the end.

In addition to the LEWW, customers have the opportunity to upgrade their coverage through VW’s Wear Protection plans. These plans allow customers to repair or replace damaged items during their lease instead of waiting until the end and dealing with it at the time of return. Without the upgrade of the Wear Protection you will have to fix any eyesores out-of-pocket if you can’t wait till the end of the lease. It is advisable to purchase another form of wear protection depending on the kind of ownership you will have with your lease. The different options and more information about both programs can be found at http://vwpp.ca/.

Leasing doesn’t have to be such a scary option for customers. In fact, it is a very practical option for a lot of people and businesses. There are still a lot of stigmas out there about leasing and a lot of it has to do with how leasing was in the past. Leasing is a lot easier these days and with more and more people doing it, rules and programs are becoming less strict, even allowing for such things like Waiver programs.

If you would like to discuss in further detail leasing options, the Lease End Waiver and  Wear Protections you can contact myself or Darren Clarke my business partner, here at the dealership, and we will be happy to go through all your options with you.

Shanna Leonty

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