Whenever car enthusiasts, especially shoppers, are around, some questions continue to pop up about car leasing. Time-tested questions time and again are thrown at dealers and even YahooAnswers groups. Same old questions, same old answers. But then maybe it pays to repeat things, particularly if they’re as important as influencing them to believe in leasing as a good form of car ownership.
The following are the most significant questions and the hardest to answer, but they’re answered for you, nonetheless.
How can I get out of this lease even before the contract ends?
At times, things don’t work out the way we want. They drift into detours; then you find yourself not needing your car. This is true when your wife suddenly adopted two Asian kids from UN and the whole family won’t fit into your sedan. To make things easy, there are three options you have: find someone to assume the lease, sell the car yourself, or hand in the keys and walk away. The first option needs you to call the leasing company and ask if they would allow somebody else to “assume.” You might be needing $300 for fees. And be sure that the mileage does not go beyond what’s allowed. The second option will demand research from you. You need to check on the standard market price of your car. Even if you’re short by $1,000 or $2,000, you’re still better off with a new car. The third option is simply not a good choice. It will show as a “repo” on your credit record.
How can I buy out my leased car at the end of the contract?
When it happens to you, like to many, who went love struck with their leased cars for the comfort and familiarity and other times memories that go with it, the first thing to do is check its residual value. If, unfortunately, it’s higher than what you can afford, remember one thing: it’s negotiable. Next move is, call the leasing company.
How can I avoid extra expenses at lease end?
When you’re counting the days for Judgment Day, you secretly wish you’re not going to pay for your car’s after-life. To give you a clue, most leasing companies are bent on earning from returned leased cars. Good thing, there are maintenance tips that can help you with that: Get a car wash and have it detailed. Keep maintenance records as evidence. Have it serviced at regular intervals. Fix damages. Stay on regular mileage.
