Following your car or truck lease agreement definitions and terms is hardly said to be a simple feat, especially for some of us who prefer regular old English, for better understanding. First and foremost, leasing is not the same as buying. In reality, it is basically like a long-term rental. As you might imagine, the most important contract terms deal with liability, responsibility, and ownership. Among these issues are lease vehicle insurance, wear items, and lease return or extension.
Read More: Should I Buy or Lease?
Securing insurance on a leased vehicle is the same as getting insurance on any other type of vehicle. With leasing, however, the terms usually require the lessee to have comprehensive auto insurance. In short, the leasing company owns the car, the lease lays out rules that permits you to drive it. Normally one of the conditions is full protection, also known as, full coverage insurance.
The typical vehicle lease usually stipulates exactly what is considered normal vehicle wear. This is important because when you return your leased vehicle you may be charged for wear and damage that falls outside of the coverages. If that makes you uncomfortable, then be sure to inquire about Excess Wear & Tear Insurance to take the ambiguity out of the thought process.
We advise approaching the dealership you are leasing from before the end of the contract and confirm your end of lease obligations. In addition to scheduling a lease return inspection, you might also choose to request a vehicle lease extension or a lease buyout. They allow you to extend your lease for a longer time, while the other permits you to buy your leased car.
An auto lease buyout is an end of lease option that permits you to buy your own leased car, truck, or SUV for a fixed price that is based on a combination of the current value and how much have already paid towards it
Of course, you can use your current vehicle on trade. Taking advantage of the equity from the trade-in may lower the monthly payment, but it will not alter the overall cost of the lease agreement.
An auto lease extension lets you extend your existing vehicle lease agreement for more time. Depending on the case, this could be 6 months, 12 months, or even go month-to-month. If you are interested in more info we’re more than happy to help.
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