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Processing your vehicle lease agreement conditions, terms, and definitions can hardly be referred to as an easy accomplishment, by and large by most of us that go for less legal language. Just so there is no misunderstanding, leasing and buying are not the same. To be honest, it is basically like renting. As you might imagine, the most vital contract details are in regards to ownership, liability, and responsibility. Including insurance, wear items, and lease return or extension.
Read More: Leasing vs Buying
Insuring a leased vehicle is the same as getting insurance on any other kind of vehicle. With leasing, however, the agreement typically stipulates the lessee to have full coverage. In short, the leasing business owns the car, the contract stipulates the obligations that permits you to drive it. Normally one of the conditions is full vehicle protection, aka, full coverage insurance.
The standard lease contract often stipulates specifically what is considered excessive vehicle wear and tear. This is very critical because when you return your leased car you could be charged for wear and damage that falls outside of the contract. Now, if that makes you nervous, then be sure to inquire about additional Insurance to take the unpredictability out of the thought process.
Before the end of your lease, we suggest approaching the company you are leasing from to confirm your end of lease obligations. While completing a lease return inspection, you might also want to request a 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.
Excess wear and tear on a leased car occurs when repairs and replacement components are necessary beyond what is specified in the lease. A few examples might include missing pieces, major dents, aftermarket upgrades, or engine damage due to lack of upkeep.
A car or truck lease extension allows you to extend your current lease agreement for a longer time. There are several factors but this could be 6 months, 12 months, or even month-to-month. The best way to find out is to ask.
You certainly can use your vehicle as a trade-in. Using the equity from your trade-in may lower your monthly fee, but it won’t change the overall cost of the lease agreement.
