Just leased an RX. The have an insurance policy for excessive wear on a lease. This is first time I have leased. They indicated that at end of lease they charge if tires are worn or if there are dings on the body, etc. Policy was $850 spread over the 36 months. Was this smart to get? If not can I still cancel now?

 

Tires should last you the entire lease, especially in Florida (you can always buy used tires before the return). For large dings and everything else you have your auto insurance for which you are already paying a nice high premium since it's a 100/300 policy... You are gifting them $850 + tax. I think it's too late to cancel it, so enjoy the extra peace of mind. Enjoy the car.

Edit: When the car is inspected at the return of the lease - they will tell you what needs to be fixed and then you decide whether to pay what they are asking, or having it fixed yourself and in many cases it comes to zeros where nothing is owed as they ignore minor damages / wear.

 

Another profit center.

 

I agree with the others 100%.

The insurance is a pure cash grab by the dealer. If the dealer can sell you an excessive wear policy and other high profit items, including extended warranties, nitrogen tire fills, wheel protection policies, interior protection, etc., the dealer can easily turn what, at first, appears to be a good deal into an extremely high profit deal.

 

Many of these things get ignored if you lease another one. You should read the policy. you may well be to cancel it for the pro-rata remainder of the 36 months. Don't feel bad I know someone who paid half that just to cover damage to the rims!