Discerning your vehicle lease agreement definitions, terms, and conditions is hardly mistaken for a straightforward achievement, by and large by many of us who go for less legal language, for even better understanding. Just to be clear, buying is not the same as leasing. In fact, it is similar to renting. As you might suspect, the most essential terms deal with responsibility, ownership, and liability. Among these issues are insurance on the leased vehicle, wear and tear, and lease return or extension.
Read More: Buying vs Leasing
Insuring a leased vehicle is the same as insuring any other vehicle. In the case of leasing, however, the lease terms usually obligate the lessee to provide a specific level of minimum coverage. In short, the leasing business owns the vehicle, the contract stipulates the obligations that lets you use it. One of these conditions is full vehicle protection, also known as, comprehensive insurance.
The standard lease often stipulates specifically what qualifies as excessive vehicle wear and tear. This is critical because when you trade in your leased car, truck, or SUV you may be liable for damage and wear that falls outside of the contract. If that makes you uncomfortable, then make sure to inquire about Excess Wear & Tear Insurance to take the ambiguity out of the consideration.
We recommend getting in touch with the company you leased from leading up to the end of the lease to figure out your end of lease obligations. In addition to scheduling a lease return inspection, you may also choose to request an auto lease extension or a lease buyout. They allow you to extend your lease for more time, while the other allows you to buy your leased car at its current value.
Excess wear and tear on a vehicle occurs when repairs and replacement components are needed beyond what is specified in the lease. A few things include missing pieces, dents, aftermarket updates, or engine damage because of a lack of maintenance.
There are usually not any short term auto leases available from the dealership, but sometimes they are available as extended rentals from rental companies.
A car lease extension allows you to extend your existing vehicle lease agreement for a longer time. There are lots of factors but it could extend 6 months, 12 months, or even go month-to-month. The best way to find out is to ask.
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