There is one huge difference between car buying and car leasing, and that’s the term of possession. When someone buys a vehicle, it is their vehicle for as long as they wish. When someone leases a vehicle, it only belongs to the lessee for a certain amount of time, and during that time, the vehicle loses value. To try to avoid losing money on the vehicle during someone’s lease, dealerships put caps on the miles a lessee can drive in a year, and when a lessee returns the vehicle at the end of their contract, dealerships can charge lessees for mileage overages as well as damage to the vehicle. That can make leasing a vehicle costly for some people. To help people avoid unexpected penalty fees when returning a leased vehicle, there are a couple different protection plan options lessees can purchase for extra coverage.
Lease protection packages can protect a number of things, such as wear-and-tear damage and repair. Most consumers choose to pick their individual packages, but if looking for an umbrella package, then the choice would be to go with a Future Resale Value Protection (FRVP) package. This package covers the exterior and interior damage that a car may experience during a leasing term, including, dents, dings, paint, the condition of the interior, and more. All of these will add charges to bring the vehicle back up to a stated value decided on during the leasing agreement between the lessor and lessee. With an umbrella package like the FRVP, a lessee can get a lot of coverage.
Individual packages are also available, the most popular being a Lease Vehicle Excess Wear & Tear package. This covers a range of things, from scratches, dents, and chipped paint to worn tires, missing owner’s manuals, and even the keys. All of that can cost a bit of cash at the end of a lease, and an excess wear and tear package will waive up to $5,000 in expenses.
Lessess can also opt for the Ding & Dent Coverage protection plan to keep the vehicle’s appearance and future resale value at the top of the charts. Simple dings and dents may be repaired at the lessee’s request, only takes 30 minutes, and the coverage has unlimited use.
Another popular individual package is the Paint & Interior lease protection package. This package protects a vehicle with a state-of-the-art coating to a vehicle’s exterior and interior (including paint, fabric, vinyl, and leather). With this package, any damage, including stains, fading, cracks, rips, tears, burns, and punctures may be repaired or replaced during the package or lease term. The last package many consumers forget about is the Cosmetic Wheel Curb Repair package. It protects the lessee from damage caused by road hazards, harsh parking stops, or that one time a right turn also happened on the sidewalk.
With protection packages like these, NowCar can do more than help consumers get a cheap lease or buy a car online. We can also offer lease protection packages to ensure you keep the money you save with NowCar.