Figuring out your car or truck lease agreement definitions, terms, and conditions is hardly ever identified as a simple feat, particularly for some of us who prefer conversational language, to be sure we understand. Just to be clear, leasing is not buying. To be honest, it is similar to renting. As such, the most vital lease details deal with ownership, liability, and responsibility. These include insurance on the leased vehicle, wear items, and lease return or extension.
Read More: Lease or Buy?
Securing insurance on a leased vehicle is no different than getting insurance on any other vehicle. With leasing, however, the lease contract usually requires the lessee to have comprehensive auto insurance. The leasing company owns the car, the contract provides the rules that lets you rent it for a set period of time. The main condition is full protection, also known as, full coverage insurance.
Exactly what is designated as normal vehicle wear and tear most likely is clarified in the typical lease. This is significant because when you return your leased vehicle you may be billed for wear and damage that falls outside of the coverages. Of course, if that makes you uncomfortable, then be sure to inquire about Excessive Wear Insurance to take the uncertainties out of the equation.
Before the end of your agreement, we advise contacting the company you leased from and figure out your end of lease procedures. In addition to doing a lease return inspection, you may also want to request an auto lease buyout or extension. They allow you to keep your lease for a longer time, while the other permits you to buy your leased truck, or SUV.
A lease buyout is an option at the end of the lease that lets you purchase your leased car, truck, or SUV for a fixed price that is based on a combination of current market value and the amount you have already paid.
A car lease extension lets you extend your existing vehicle lease for a longer time. Depending on the case, this could be 6 months, 12 months, or even month-to-month. If you are looking for more info, we are more than happy to assist.
Normal wear and tear on a car is judged by the binding terms in the lease agreement. Most often, regular wear and tear is expected and something that is easily fixed.
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