End of Lease Costs
No one wants to turn in their leased vehicle only to find that they still owe a bunch of money that they weren't expecting. To avoid this unpleasant experience, there are many steps you can take, both while you are using the car, and right before you are ready to turn it in.
While You Are Using the Car
1. Make sure that you do not go over the allowed mileage, or you will end up paying a substantial price for every mile that exceeds the limit stated in your lease contract. This is usually the greatest end-of-lease cost and many people are shocked when they realize how much they owe for exceeding the limit. To avoid this problem, try renting a car when you have to go on a long trip. Try carpooling whenever possible so that you and your friends can trade off dropping the kids of at school or shuttling them back and forth from sporting events.
2. Make sure that you keep up with the required maintenance mandates that are specified in your lease, such as changing your oil every three thousand miles, rotating your tires and getting regular tune-ups. You will also need to keep records and receipts of all of these maintenance items so that you will evidence that you held up your end of the contract. Otherwise, you could be charged for damages to the vehicle that could possibly be attributed to neglected maintenance.
3. Make sure to read your owner's manual and follow all of the recommendations regarding rust proofing, washing and waxing. Automatic car washes can often do a great deal of damage to the car's exterior and should probably be avoided whenever possible.
4. Keep up with any necessary repairs, because unchecked or unaddressed problems can lead to bigger much more expensive problems.
When You Are Ready to Turn the Car In
1. First and foremost, make sure the care is spotlessly clean. If a dealer sees that your car is dirty or full of trash, this will be a red flag that the car was not well taken care of and may bias the dealer when it comes to figuring up your end of lease costs.
2. Get any necessary repairs taken care of yourself before you turn the car in - especially if there is a chance that insurance will cover it. Otherwise you will be charged hefty fees by the dealership to do on site repairs. Nine times out of ten, you will be able to get the work done much cheaper somewhere other than the dealership.
