Trouble begins when car lease ends
Perhaps the most dreaded time for people whose cars and trucks are leased comes when it’s time to turn the vehicle back to the leasing company.
Even if the miles on the odometer show the driver is under or at the allowable mileage, there’s that gray area referred to in most lease agreements as “normal wear and tear.”
The problem arises when it comes to who’s deciding what’s normal.
While a few paint nicks from parking lot door encounters may seem like normal wear on a 4-year-old car, the leasing company could decide that the door needs repainting and bill the customer after the car is turned in.
A friend recently turned in a BMW after five years of leasing. She was told later that because the front tires were of a different brand than the rear tires, she owed more than $400 — despite the fact that all four tires had plenty of tread left.
To avoid surprises, you should know what to expect when the lease runs out.
When your lease has several months left, contact the leasing company and ask for their guidelines on what signs of usage are acceptable. Then, go over the car with a highly critical eye, noting the questionable areas.
Most finance companies hire a third party to inspect the leased vehicle and give the owner and the finance company a copy of what they found.
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