what to do at the end of the lease?

Question

i m looking to lease a new bmw and my question is that if u lease a car is there like a warranty or anything that covers for maintenance on leased cars and what hapens when u go to return the car do u owe them anything or no and do they charge u for like making thecar dirty

Answer 1

Most dealers can sell a maintenance plan to go right along with the lease term.


When you return the vehicle (it should be relatively clean) they will charge you for missing or inoperative equipment. excess mileage, excessive wear & tear, & damage.

All of thos things are printed on the actual lease contract in detail so be sure to read every word of everything that you sign.... you will be held to it.

Answer 2

Compare costs and think about your needs and choices before you lease. Be sure to ask about what fees you'll pay at the beginning, during, and at the end of the lease. Check for kilometre limits, and the surcharges for exceeding them. Make sure you consider the same factors when you are comparing leasing with buying.

Your lease agreement outlines the terms and conditions of the agreement and your rights and responsibilities. Take the time to read the entire contract before signing. If you don't understand something, ask for an explanation. If the dealer promises you something, get it in writing. If you are considering leasing a used vehicle, have it checked by a mechanic before leasing it.

Leases are contracts in which you make a fixed number of payments during the specified term of the lease and you return the vehicle to the company when the lease is over. There are two kinds of leases: closed-end and open-end. In both open- and closed-end leases the projected depreciation of the vehicle is estimated and calculated into your monthly payment.

In an open-end lease, you, the lessee, will have to pay any difference between the retail value of the vehicle at lease-end and the residual value (estimated wholesale value) of the vehicle in the lease agreement. What this means is, at the end of the lease term, if the vehicle is worth less than the retail value, then you pay the difference. On the other hand, if the retail value is more than the residual value, you get the difference. Keep in mind that the lessor (the business leasing the vehicle) determines the retail and residual values. Before you sign the contract, ask how the retail and residual values are determined.

In a closed-end lease, you usually have no more payments to make at the end of the contract, unless the vehicle has been damaged by excess wear and tear. You may also have to pay a kilometer charge if you have driven a greater distance than the limit set out in the lease contract. This can be expensive.

Basically, you have three options under a closed-end lease when it expires: you may return the vehicle, buy the vehicle (if the lease has a purchase option) or lease a new vehicle.

When leasing, you are responsible for maintaining the vehicle according to the owner’s manual specifications, unless you have a full-maintenance lease. You are responsible for repairing the vehicle. If you fail to follow through on these responsibilities, you may be charged for excess wear and tear at the end of the lease term. You are also responsible for paying the registration and insurance. Find out how much coverage the lessor requires.