Car Leasing 401 - After the Lease Deal

Car Leasing Details You Need to Know

Moving Your Home?

Many lease contracts may restrict the consumer if they plan to move their home. Most lease contacts prohibit moving the vehicle out of the country, and in some cases, even from moving from state to state. Ensure you review your lease agreement for these types of details.

Your Word is Bond

Failure to maintain your vehicle and make payments as scheduled are in violation of lease agreements. Failure to repair any damage or made modification to the vehicle can results in higher costs at lease-end.

Maintaining your leased vehicle to best you can to ensure at lease-end you don’t have added costs against you due to violations against your lease agreement is very important.

Always keep records of any repairs so that you have on record the appropriate proof if any discrepancies arise at with the leasing company.

Failure to do these things is a violation of your lease contract.

Other Important Points to Remember after the Deal

• Insurance coverage
• All lease contracts require that you carry insurance on the vehicle, naming the lease company as "additional insured (define: additional insured)."
• Check the fine print for details on insurance as the insurance only covers the current value of the vehicle, not the amount you still owe on your lease, which may be more.
  
  
• Mileage
• Watch your mileage to ensure you don’t go over the agreed upon mileage limit at lease-end. Remember, if you exceed the mileage on your leased vehicle by lease-end, you’ll be paying for those additional kilometers or miles.

Part V: Ending A Car Lease