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Smart Lease Protection... Almost free!!! Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Fri, 23 Jun 2006 15:24:03
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GMAC has a new financial product for leases called Smart Lease Protection. For a suggested list of $499 up to 27 months and $599 over 27 months, GMAC will insure you against excessive wear and tear charges on your lease. The limit is $1,000 per item up to a total of $5,000. The $1,000 limit per item is to prevent you from using if for actual insurance matters like body damage, but tires, windshields, bumper gashes and scrapes, body scratches, all the excess wear and tear (as opposed to actual collision damage) is waived.
And it's practically free! You see when you buy the Smart Lease Protection, GMAC waives your security deposit which in some cases is more than the value of the Smart Lease Protection. Remember with GMAC (unlike the old SFSC) they do not waive security deposits for good credit. The only ways to get your security deposit waived are to be a previous GMAC/SFSC lessee, or to pay a 1/2 % rate increase (standard industry practice), or to buy the Smart Lease Protection.
Smart Lease Protection DOES NOT PAY EXCESS MILEAGE CHARGES, only excess wear and tear. No buying the product after you lease, it must be included in the lease upon signing.
, Fri, 23 Jun 2006 15:24:03 <-- Viewing This Message
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