• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint

Lease Conditions

Auto leases always come with conditions. The most important one is a mileage limitation. If you drive the car more than a certain number of miles, such as 15,000 per year, you will be charged an excess mileage fee at the end of the lease. This fee might be 15 cents a mile. It’s important to understand the mileage limitations on a lease and how they relate to your driving habits. Having to pay a hefty excess mileage fee at the end of the lease can negate any financial advantages.

The other thing that leases always spell out is the condition of the car when the lease is over. Obviously the dealer does not want to take back a car that is scratched and dented with torn upholstery at the end of the lease! You are expected to keep the car in good condition (including regular maintenance) and you must pay for any problems that are found at the end of the lease. Check the fine print in the lease to make sure it does not include an unreasonable definition of good condition.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint