Subaru Leasing Agreement Terms

Car Lease Frequently Asked Questions

Why A Car & Truck Lease Is Not The Same Thing As Financing

Getting the hang of your vehicle lease agreement terms and definitions is scarcely called a simple feat, especially by most of us who have a preference for conversational language, to be certain we understand. Just so there is no misunderstanding, buying is not the same as leasing. To be honest, it's most like a long-term rental. As you might imagine, the most vital agreement terms deal with responsibility, ownership, and liability. These include insurance on the leased vehicle, wear items, and lease return or extension.

car leasing insurance stipulations

Car Leasing Insurance Musts

Securing insurance for a leased vehicle is no different than getting insurance for any other vehicle. When it comes to leasing, however, the agreement normally obligates the lessee to have comprehensive auto insurance. In short, the leasing company owns the vehicle, the lease provides the rules that allows you to drive it for a set period of time. One of these conditions is full protection, also known as comprehensive insurance.

excess wear vs normal wear

Normal Wear vs Excess Wear

Exactly what is designated as excessive vs. normal vehicle wear usually is stipulated in a typical vehicle lease contract. This is important because when you trade in your leased car, truck, or SUV you may be billed for damage and wear that falls outside of the lease. If that makes you uneasy, then make sure to inquire about Excess Wear & Tear Insurance to take life's uncertainties out of the thought process.

returning or extending your car lease

Returning or Extending your Auto Lease

We suggest getting in touch with the dealer you are leasing from before the end of the lease and figure out your end of lease obligations. In addition to scheduling a lease return inspection, you may also want to request a vehicle lease buyout or extension. One allows you to keep your lease for an additional period of time, while the other lets you buy your leased truck, or SUV at its current value.

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Car Leasing Terms - Frequently Asked Questions

What is an Auto Lease Security Deposit?

Many leases require you to put down one month's lease payment as a guarantee against vehicle damages to the vehicle. Due to the fact it is refundable, many lessees are able to get this money back at the end of their lease.

What is the Discrepancy Between a Down Payment and a Deposit on a Leased Vehicle?

A deposit is used to compensate for any problem that happens to the car during the lease. When it is time to complete your lease, if the leased vehicle needs repairs then the cost of any required repairs is funded from the deposit. If there is any money left over, it shall be given back to you. A down payment is a payment in advance on the total price of the lease. The more you pay in a down payment the lower your monthly payment. You might get part of the deposit back, but a down payment isn't refundable.

How to Lease a Car With Low Credit?

The best way to lease with a bad credit score is to find a willing cosigner that has excellent credit or by offering more money as a down payment.