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Finding meaning within your vehicle lease agreement conditions and terms is seldom called an intuitive accomplishment, especially for some of us who prefer non-legalese. To be certain we understand, leasing and buying are not the same thing. To be honest, it’s more like renting. As you might suspect, the most vital lease details relate to liability, responsibility, and ownership. Including leased vehicle insurance, wear and tear, and lease extension or return.
Read More: Should I Buy or Lease?
Securing insurance on a leased vehicle is the same as insuring any other type of vehicle. When it comes to leasing, however, the terms normally require the lessee to have full coverage. The leasing company owns the car, the lease stipulates the rules that allows you to rent it for a set period of time. One of these conditions is full protection, also known as comprehensive insurance.
Exactly what is considered excessive vehicle wear and tear most likely is clarified in a normal vehicle lease contract. This is very important because when you trade in your leased car you may be liable for damage and wear that falls outside of the agreement. If that makes you uncomfortable, then be sure to ask about Excessive Wear Insurance to take life’s ambiguity out of the equation.
We advise approaching the dealership you are leasing from several months before the end of your contract and confirm your end of lease requirements. While doing a lease return inspection, you might also choose to request a lease extension or an auto lease buyout. They allow you to keep your lease for a longer time, while the other permits you to buy your leased truck, or SUV.
Short term car leases are not typically available from the dealer, but once in a while they are available as extended rentals from many rental companies.
A lease buyout loan is a specialized solution that allows you to finance your leased vehicle at the conclusion of your lease contract.
An auto lease extension allows you to extend your current vehicle lease agreement for a longer time. Depending on the case, it could extend 6 months, 12 months, or even month-to-month. If you are interested in more information we are more than happy to help.
