Question - is it worth it to cancel the $30 a month excess wear and use policy? Would bring my monthly payment down from 400 to 370ish. Have any of you had any trouble when returning your Lexus/experience with this policy? I also didn't realize you could negotiate the price on this policy.

Basically:
-$30 a month
-Single event protection up to $2k
-$7500 total cover

Basically, paying out 875ish for 33 months. Which means I could do damage up to 875, and still be even.

However, I would say that I'm a pretty meh/new driver so maybe I should keep it?

 

If this is your first time to have it then keep it. Read what the policy covers and watch closely and use it when you spot an issue.
If your going to pay for it use it. I think a lot of people buy packages like this and forget about them and the dealer makes out.
I did the same thing with an interior repair, I am in a wheel chair and knew that by putting the chair in the back seat I would scuff up the interior.
Well it expired because I had forgot to use it.
Good Luck

 

See the only thing is it doesn't cover anything during the course of the lease (in which case, I might just pay for it to be repaired if happens early on in the lease because scratches/damage just kinda look bad)? It's just for when I return the car, I can't get dinged for damage.

 

I didn't even know this existed... I wonder if I have this. I opted for wheel and tire protection when I did my lease deal.. contract is locked up and a pain in the *** to get too. LFS has this on file?

 

I have it too. I was told even if you cancel it, your payment would stay the same and at the end of the lease they would do something in regards to the unused portion.

 

Warranty questions like this never have a good yes or no answer to, "are they worth it". I've bought warranties I never used, and some I was really glad I had.

It's not hard to go north of $875 in damages to a Lexus, so if you are not one of those people that's ultra-careful with their car, and the $30 isn't putting you out, it's not bad to have the piece of mind.

Keep in mind you can trade out of a lease before it's up (just like if you bought the car). You usually wind up paying bit out of pocket when you do that, but you also avoid any of the scrutiny they'd apply to the car on a lease turn in. So if you drop the coverage, but do something that may cost you, you'd have to resign yourself to trading out of it rather than turning it in if you thought the damage would be an issue.

Since all of that is a bit of a hassle, if you don't want to deal with it and you can swing the $30, no harm in keeping it.

 

Are you going to beat the hell out of the car? Do you drive and park it in high traffic areas where it's exposed to potential damage a lot? Are you going to exceed the lease mileage? It the answers to either of the first two are yes, $875 does not go a long way toward repairing damage. If the answer to the mileage question is yes, how far over mileage do you think you'll go and what's the per mile over charge? If the miles over times per mile charge is less than $875 and neither of the other considerations are a factor, it's a bad deal unless you won't be able to cough up the whole charge in one payment. I went 2200 miles over on my last lease so that times $.25/mile was $550. It would have been a bad deal in that case.