A leasing deal always looks good when you are first looking at it. What people tend to forget is how a lease turns out at the other end when the lease term is about to end. The thing about car leasing is that at the end of a lease, you may end up having to pay for excess mileage costs; and if you don’t take care of those miles, this could lead you into even more debt. How much would the penalties reach? That really depends on the excess mileage, but it can set you back as much as $5,000, and that’s just the minimum.

There’s no real way to get out of this because even if you settle for a trade-in, you still have to pay the mileage penalty, and then there is the possibility that if you trade-in earlier than the end-of-lease date, you may have to pay a termination fee because it’s the same as ending a lease contract before it actually ends. This is something that should be explored at the beginning of a lease contract. What other secrets can you think about when it comes to leasing a car?