Congratulations! You have leased a vehicle and it is yours for the next few years. While it’s yours, don’t forget that you have to turn it in when your lease agreement is up. So, prepare now. Here are a few things that you can do to ensure that you are not charged any extra fees.
Perform periodic checkups
Some normal wear on the exterior of the vehicle is to be expected. Below is normal wear for which you won’t be charged:
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Small door dings
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Paint scratches
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Stone chips
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Tire tread worn to 1/8 inch
However, if there is excessive wear, you can be charged for it. Some excess wear can occur from:
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Accident damage
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Not performing routine maintenance
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Using non-recommended parts and materials
Plus, if you have excessive wear by not performing routine maintenance it can void your
factory warranty. If you have excessive wear, you can repair any damage before you turn the vehicle in to avoid excess charges. If you fail to repair the vehicle, you will be charge for the cost of repairs.
Keep an eye on excess mileage, and charges
When you sign your lease agreement, you were allotted a certain amount of miles that you could drive during the lease period. When you return your vehicle, your mileage will be calculated. If you go over the amount of miles you agreed upon you will be charged extra. Here’s how you calculate your excess mileage charge:
Number of extra miles x
Per mile charge(in your contract) =
Excessive mileage charge (what you owe)
So keep an eye on your mileage to avoid a high mileage overage fee.
Start preparing for your lease turn in the moment you lease your vehicle. Perform periodic checkups to check for excessive wear and keep an eye on your vehicle’s mileage. The next article will discuss the inspection aspect of a lease turn in.
