When you first lease a new vehicle, usually the last thing on your mind will be retuning that car to the company. However, this is the time that you should be thinking ahead. At the end of the leasing term, you will be required to return the vehicle and decide what to do next. The way each car leasing company handles the return of the vehicle will be different but all companies will conduct an inspection.
They will check the overall condition of the car thoroughly and check the mileage. Whether or not you owe any fees at this time will depend on this inspection and the terms of your contract. In order to eliminate or at the very least reduce the amount that you'll be required to pay at the end of your leasing contract, you need to know what they'll be looking for during this inspection.
Mileage Restrictions
When you signed the new car leasing contract, you agreed to the terms and condition of that contract. One of the things that you agreed on was the number of miles that you would be allowed to drive. If you go over the limit, then you can expect to pay for the excessive mileage. How much you pay will depend on the individual company and should be listed in the contract.
It would be to your advantage to completely read the contract before you sign and make sure you understand the end-term requirements. Know how many miles you're allowed to drive and how much it will cost you if you go over.
If you don't think the allowed mileage is sufficient for your needs, then you should discuss this with the leasing company before you finalize the agreement and have more mileage added to the contract. This may cost a little more up front but not as much as it will cost if you end up going over the agreed mileage.
Overall Condition of Vehicle
Your contract allows for a certain amount of wear and tear but if you go over what they consider normal, then you'll be responsible for the damage. What you consider normal damage may be considered excessive damage by the leasing company. Therefore, this is something that you need to make clear up front before you lease the vehicle. Normally, a few small nicks and scratches will be accepted but not dents or torn upholstery.
Have the new car leasing company supply you with a written description of what type of condition the car is expected to be in upon the end of the lease. This will help you throughout your contract to keep the car up to standards.
Treat the car with respect and take good care of it while it's in your care to help avoid end term leasing fees. It's a good idea to have the vehicle detailed before returning it to the new car leasing company as well. This will help show that you took great care of the vehicle.
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