Figuring out your vehicle lease agreement terms, conditions, and definitions is seldom called an easy task, by and large by some of us who prefer to read the conversational English. Just to be clear, leasing and buying are not the same thing. To be honest, it’s similar to renting. As you might suspect, the most vital contract conditions deal with responsibility, ownership, and liability; including insurance on the leased vehicle, wear and tear, and lease extension or return.
Read More: Buy or Lease?
Finding insurance for a leased vehicle is no different than getting insurance on any other type of vehicle. With leasing, however, the lease agreement typically obligates the lessee to secure a specific level of minimum coverage. The leasing company owns the vehicle, the agreement stipulates the obligations that permits you to use it. The main condition is full protection, aka, comprehensive insurance.
The normal lease most likely clarifies specifically what qualifies as normal vehicle wear and tear. This is significant because when you trade in your leased vehicle you may be charged for damage and wear that falls outside of the lease. Now, if that makes you uneasy, then make sure to inquire about additional Insurance to take life’s ambiguity out of the equation.
We recommend getting in touch with the dealer you leased from several months before the end of your agreement and establish your end of lease obligations. While scheduling a lease return inspection, you might also want to request a lease extension or an auto lease buyout. One allows you to keep your lease for an additional period of time, while the other lets you buy your leased car at current value.
Short term vehicle leases are not usually available from the dealer, but sometimes they are available as extended rentals from many rental companies.
A lease extension allows you to extend your current lease for an additional amount of time. Depending on the case, it could extend 6 months, 12 months, or even go month-to-month. If you are looking for more info, we’re happy to help.
Sure, you can use your vehicle as a trade-in. Using the equity from the trade-in can lower your monthly payment, but it will not change the cost of the lease.
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