Wells Fargo Auto Finance to Provide Dealers with Wear and Use Waiver Option

SAN FRANCISCO – Wells Fargo Auto Finance Group said today that it will offer a waiver to protect against expenses for lease-end damage, wear and use. LeaseProtect is a private label version of Premier Lease & Loan Services’ Excess Wear & Tear program offered to automobile dealerships.

“One of the major concerns customers have when deciding whether or not to lease is the unknown charges at lease-end,” said Cynthia Kuo, senior vice president, Wells Fargo Auto Finance Group. “The LeaseProtect program will provide our auto lease customers with peace of mind against unexpected lease-end expenses and with the ability to finance those expenses in small monthly increments over the life of the lease instead of in one lump sum at the end of the lease. The LeaseProtect program can help dealers reduce their customers’ concern by waiving charges for damage, wear and use of a leased vehicle up to $2,500.”

For a small increase in their monthly payment, typically less than $10, Wells Fargo auto leasing customers can add the LeaseProtect excess wear and use waiver to their lease agreement. The LeaseProtect waiver reduces the lessee’s excess wear and use responsibility under the lease agreement by decreasing the lessee’s liability when the car is returned to Wells Fargo. Wells Fargo will begin offering the LeaseProtect program to dealerships in the majority of its target states.