When you lease a car for a certain period, you will be signing a contract with the company where you will get the cars for lease. The contract will include some big words in the form of complex terms, but the actual idea here is to understand that not to go over the mileage limit, take good care of the car when it is with you, and finally drop it back after completing your lease time.
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You might be well versed in handling car lease transactions. However, there are certain things that you should understand while planning to handle your car back to the respective company.
Here are some of such tips for you.
Understand what is Mentioned in the Contract by Reviewing
When you feel like the lease time is about to end, it is suggested to go through the contract that you signed with the car leasing company. You should give importance to some of the factors that are mentioned in the lease contract such as,
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Disposition Fees
The fees that you will be paying after the completion of the lease time are known as the disposition fee. This will normally be from $150 and can rise to $500. It will include the turn-in fee of the car along with the pre-set return charge.
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Residual Value
This is the amount that you will be paying if you are planning to purchase the vehicle after completing your lease duration. You can check many websites and decide whether it is worth paying the money or not.
Lease Inspection
While you plan to hand over the car, the lease companies will first check the current condition of the car. They will compare the condition of the vehicle by checking and comparing the photographs that were taken before and after the completion of the lease. You will be charged if there is some wear and tear.
The damage inspection normally includes,
- Dents, scratches, dings, scrapes, etc., on the exterior of the car.
- Cracks or dents on the windshield.
- Excessive wear and tear on the tires.
Mileage Charges
The contract that you sign will decide the mileage charges accordingly. After the 36 months leasing of the car, the yearly mileage should not exceed more than 12,000 miles. If you have crossed the limit, then you will be paying extra charges.
The Date of Maturity of the Lease
This will help you decide the date when you will be returning the leased vehicle to the company to avoid the possible late charges.
