There are a lot of details included in a typical car lease contract. Some are minor points; others can make or break the deal. When leasing a car, it’s up to the driver to determine which details are important, and which are not.
If you’re leasing a car, below are some of the fine print details you should not overlook.
- Mileage limits and surcharges. All leases allow you to drive a set number of miles over the course of the lease. If you go beyond the mileage limit, you’ll have to pay a surcharge for each mile you go over. Surcharges vary, so you’ll want to see what the rate is for your lease. If it’s just a few cents per mile, going over the limit might not be a big deal.
- Wear and tear restrictions. Some wear and tear is normal and expected when leasing a car. But you’ll want to check and see what specific wear-and-tear provisions are included in the contract. Exceeding the expected amount of damage could result in additional fees.
- Fees. There are a number of different fees that may be included in the leasing arrangement, such as an initial acquisition fee or a fee due when returning a vehicle.
- Residual value. The purchase price of the car at the end of the lease term is stated in the contract. If you’re interested in buying the car at the end of the lease, this stated residual value is what you’ll pay.
- Lease assumption. Lease assumption allows you to either get out of a lease early or take over a lease from someone else. Some leasing companies place restrictions on your ability to transfer leases, so you’ll want to check for any such limitations before signing a lease.
Whether you’re leasing a car new or searching for a lease transfer, it’s important to read the fine print. You can get help in understanding lease contracts and how lease transfers work by browsing our Lease 101 guide or by simply contacting us at Swapalease.com.
Image via Shutterstock.com