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- You, not the lease company, will be responsible for all
maintenance and repairs on your leased car. This is typically
spelled out in the fine print of your lease contract.
- The manufacturer's new car warranty will protect you in case you
have problems with your new car. It's important, therefore, that
your lease term should not exceed the length of your warranty. You
would not want a longer lease term and be exposed to having to pay
for major repairs after your warranty expires.
- You are expected to keep your vehicle (actually the lease
company's vehicle) in good condition and not make any modifications
to it that can't be easily undone at the end of your lease. If
notified of a recall on your vehicle, you are expected to have the
required work or repairs done promptly.
- If you have an accident, make sure the repairs are done by a
reputable body shop that uses only manufacturers' parts, not
"aftermarket" parts. If the repairs are not done
correctly, the lease company may charge you at the time you return
your vehicle to them.
- If your vehicle is totaled in an accident, your insurance will pay
what the car is worth (minus your deductible), not what you still
owe on your lease, which is usually more. Fortunately, most leases
now have automatic "gap" protection, which pays this
difference. Check your lease contract to make sure you have it; it's
very important.
- If you plan to return your vehicle at the end of your lease, you will be expected to pay for excessive mileage, unrepaired damages, worn tires, and wear-and-tear. Your lease contract spells this out in some detail. If you decide to purchase your vehicle instead of returning it, you are not responsible for any of these charges.
Before you decide to lease, it's very important to understand how leases work and if you're a good candidate for leasing. It's also important to know how payments are calculated to make sure you get a good, honest deal. You can get this information, and more, on the Web at www.LeaseGuide.com, a consumer's guide to smart car leasing.
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Sincerely,
Austin C Davis
