I am leasing a car for the first time - a 2006 Nissan Altima. I am nervous about being hit for all sorts of costs, etc.... after the lease is up. I take excellent care of my cars, but I have heard that some leasing companies can be very nit picky.
Please share your positive or negative experience and hopefully help to put my mind at ease.
2006-07-21 02:52:55 · 4 answers · asked by DJgirl 2 in Cars & Transportation ➔ Buying & Selling
Depending on your lease, you should have the option to buy the vehicle at the end of the term. If it is a "closed end" lease, the price to buy it is listed in the lease.
When you are within a month or so of the end of the lease term, take the vehicle to an independent used car dealer, or to a place like Carmax, and see what the real cash value is of your vehicle.
Take the price you can sell the car for, and compare it to the price you will have to pay to buy it at the end of the lease. If you can sell it for more than you have to pay, buy the car, and sell it to recoup some of the lease payment. If the car is worth less than you have to pay to buy it, you then have to consider other costs.
The leasing company will charge you for any damage, or repairs that need to be done on the vehicle. If there are parking lot dings, scrapes, or any other damage, you will have to pay for the repairs. You also may be charged for worn tires, stained or torn interior carpet or seats, or even for worn brakes. Some leasing companies have entire departments dedicated to finding and repairing minor problems on leased vehicles, and collecting the fees for the repairs!!!!
You also will have to pay if you drive over the alloted amount of miles. This cost is listed in your lease, but is usually 8-30 cents per mile!!
Allow for these costs, and see if it is better for you to buy the vehicle, or let them have it back!!
2006-07-21 04:23:58 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
First, your lease states the car will be returned at the end of the lease with a specific mileage. If you drive more miles than it specifies in the contract, you will have to pay extra for those miles. (The mileage rate is also in the contract)
Then, you will have to return the vehicle in good condition... No dents, scratches, broken glass, stains on the interior, good tires, etc. If the car needs repairs, you will have to pay for them.
Once all the above considerations are covered, you have a choice of just handing over the keys and walking away from your car, or buying it back from the leasing company as a used car. Either way, the leasing company comes out on top of the deal, and you lose!
Leasing a car is probably the dumbest plan going for an individual owner. Sure, the monthly payments are lower, but you still need a big down-payment up front, and at the end of the leasing period, you don't own anything!
2006-07-21 04:24:55 · answer #2 · answered by JetDoc 7 · 0⤊ 0⤋
Depends upon your contract, how many miles you have driven, and whether or not you have done anything to the car that would devalue it (like lowering it). I bought my car at the end of my lease (bad idea), so it turned into the 8 year plan. If you really want to lease, you just have to give it back at the end of your lease and get a new car. If the idea of never actually paying off a car loan bothers you, then you shouldn't be leasing.
2006-07-21 02:57:14 · answer #3 · answered by Blunt Honesty 7 · 0⤊ 0⤋
now's honestly the incorrect time to be figuring this all out. that is the kind of tips you should have understood before you signed the employ many years in the past. i'd recommend you study the contract you signed and get in touch with youre employ organization once you've any questions. in reality you may want to pay the employ termination expenses, extra placed on and tear expenses, severe miles expenses and the different expenses they felt like hiding interior the words of the employ.
2016-10-15 01:12:05 · answer #4 · answered by may 4 · 0⤊ 0⤋