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Tire and rim replacement insurance for car leases, auto leases, and SUV’s

  • What is it?
  • How much is it?
  • Do I really need it?
  • What is my ROI? (return on investment)

This is an insurance policy that replaces your tire & rim should they be damaged while driving.

This is a very expensive policy usually running from a minimum of $1400 up to $2500 for coverage on your lease or finance contract. The longer the term the higher the price.

The decision is yours. Frankly, on average, I think it is a very expensive product to buy.

Ok, let say you do not buy it, but you do have to replace a tire and rim! How much will you have  to spend? Will it cost you more than $1400 – $2500? I doubt it…… So the benefit is only there if you damage two or more tires and rims!

Is it worth it?

This product was invented by car dealers to give them something else to sell in the finance office as their profits from other items have gone away.

Such items include:

  • Gap insurance for leases now included on most leases.
  • A cap on the mark-up of the interest rate on leases.
  • The elimination of (la&h) life, accident & health insurance
  • Coverage on a loan.
  • Rustproofing & undercoating are a thing of the past.
  • Polyglycoat paint treatment has fallen out of favor.

 Extended warranty trick

Understanding extended warranties:

There are 3 types:

  1. Vehicle manufacturer backed
  2. Insurance company backed
  3. That dealership only backed

The only warranty worth buying is backed up by the vehicle manufacturer some vehicle manufacturers only offer full coverage extended warranties (bumper-to-bumper warranty)

But others have different levels of coverage, some examples include but not limited to:

  • Powertrain care
  • Base care
  • Extra care
  • Premium care

Pay close attention to the explanation of each level and ask to see a chartYou must see the correct level of coverage checked off on the warranty contract to be sure you are getting what you are paying for otherwise you will be disappointed.

Insurance company backed warranties such as those offered by AAA or other carriers are not as comprehensive in coverage as a result, often repairs are denied.

Single dealership backed warranties are the most limiting because you must return only to that one dealership for warranty work.

 Watch out for “the warranty trick”  Most warranties are sold by the finance manager or sometimes a warranty girl will come to the desk just after you sign the deal and will make a pitch for you to purchase an extended warranty.

Beware! Eextended warranties are one of the most over charged products sold at every dealership. If you do not know the dealer cost you will overpay.

I can prevent you from over paying on every after sell item offer to you by the dealership.

After sell items include:

  • Extended warranties
  • Alarm systems
  • Remote starter
  • Lojack retreive system
  • Wheel & tire replacement insurance
  • Gap insurance
  • Gap wrap (see section on gap wrap)
  • Replacement insurance
  • Paint & interior protection
  • and any other product offered

Non-factory extended warranty

I do not recommend an extended warranty that is insured by a third party. Dealing direct with the manufacturer of the vehicle is always best. The only advantage to a non-factory warranty is the fact that it is a little less expensive by one or two hundred dollars.

What you lose is the best warranty coverage in the business.
Most manufacturer extended warranties (as known as service contracts) cover the vehicle bumper-to-bumper less wear items.

Having your vehicle repaired at a dealership other than the one where you purchased the extended warranty, often makes payment to the dealership difficult because the non-factory warranty is not accepted nationwide by every dealership of that particular vehicle manufacturer.

You may have to pay the full bill and submit a claim to the insurance company who backs up the extended warranty. If they deny the claim you get nothing…

The manufacturers extended warranty  is valid in all 50 states at all of its dealerships.
You would never have to pay the full amount and wait to be reimbursed. The dealership files the warranty claim directly with the manufacturer and is paid electronically via EFT.

Why do dealership sell non-factory warranties?
Non-factory warranties are less expensive in cost so there is more profit to be made by the dealership.

Some dealerships do not tell you  they are selling you a non-factory warranty.
They only sell non-factory warranties because the warranties are designed to bring a must higher
profit back to the dealership.

Lojack retrieve system

Q.  What does the name “lojack” mean?
A. 
Lojack is the opposite of highjack. This is where the name originated.

Q. 
What is lojack?
A. 
Lojack is a vehicle recovery device. If you vehicle is stolen, and you report it to the police, lojack automatically alerts police to the vehicle location wherever it is across all 50 states.

Lojack receiving devices are set-up in police cruisers. These receivers bring police to the exact location of the stolen car sometimes within minutes. Often in a few hours or less. Lojack guarantees the recovery of your vehicle within 24 hours or your money back.

I have personally watched a “staged” presentation by lojack and the co-operation of local police.

It is truly a remarkable product. 100% of the time in our staged scenarios throughout the day, lojack found the vehicle every time.

It is installed in your vehicle by lojack personnel. Once installed, it is there for the life of the vehicle.

I highly recommend lojack, it is a fantastic product! Also, some insurance companies in certain states offer discounts on your insurance.

The insurance companies in the state of new jersey offer a 25% discount on the comprehensive portion of you insurance, when lojack is coupled with an alarm system.

Remote engine starters

Remote starters are usually available as an (o.e.m.) original equipment manufacturer part. The different manufacturers make the installation very easy by supplying a wiring harness specifically designed to plug into their brand of vehicles.

Outside installation companies also offer remote starters at a big discount.  However, let the buyer beware! Outside installation companies do not install the manufacturers wiring harness.  They must cut the wires and splice them together.

Please note:
If you later have any difficulty with the electrical system in your vehicle, you electrical factory warranty will be voided due to an outside installation company cutting wires.

Alarm systems

Alarms systems can be available as an (o.e.m.) original equipment manufacturer part. The different manufacturers make the installation very easy by supplying a wiring harness specifically designed to plug into their brand of vehicles.

Outside installation companies also offer remote starters at a big discount.  However, buyer beware! Outside installation companies do not install the manufacturers wiring harness.  They must cut the wires and splice them together.

Please note:
If you later have any difficulty with the electrical system in your vehicle, you electrical factory warranty will be voided due to an outside installation company cutting wires.

Gap insurance vs. Gap wrap

Gap insurance is usually standard on every vehicle manufacturers lease. However, there are exceptions,  Toyota Motor Credit Corp. (TMCC) does not include gap insurance.

What this means is that any Toyota vehicle leased through (TMCC) does not have the protection of gap insurance. Gap insurance is optional and must be purchased by the consumer.

At present, Toyota Motor Credit Corp.  (TMCC) is the only leasing company that I am aware of that does not include gap insurance with every lease contract.

What is gap insurance?

If you have an accident and the vehicle is declared a total loss, or your vehicle is stolen and not recovered within 30 days the vehicle is declared a total loss.

Your insurance company is going to pay the market value of your vehicle not the balance owed on the lease.

Do not forget most people do not put money down on a lease  so the unpaid balance is always very high. Couple that together with the vast amount of depreciation that occurs in the first two years.

Now, you have a problem.
The amount owed to the leasing company is higher than your insurance company obligation to pay you. The difference is call the gap. Gap insurance pays the difference between what your vehicle is worth (your insurance company check) vs. The amount owed to the leasing company. This amount is often very large ranging from $5,000 – $15,000 depending on how much the vehicle cost.

Gap insurance is a good thing to have in your lease contract.

Gap insurance vs. Gap wrap

I do not recommend gap wrap to my customers. Gap wrap was invented by dealers to sell to unsuspecting consumers who do not realize gap insurance is standard on the lease.

They sell gap wrap with the same benefits of gap insurance without telling you that gap insurance is already included.

They puff up the presentation with a bonus check for $5,000 above and beyond the full payoff to the leasing company.

They further explain you can use this $5,000 check towards your next lease and lower your monthly payments. What they do not tell you is that the check is made payable to you and the dealership and is only valid at that dealership!

Now, if you want to take advantage of the $5,000 check you must buy or lease from this same dealership. You are trapped, locked in, you cannot go to another dealership and use the $5,000, and as a result you will be charged top dollar! You cannot go anywhere else! What are you going to do?

Never buy “gap wrap”

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