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Agreements For Car Leases

Frequently Asked Questions For BMW Leasing

Car Leasing Isn’t Financing

Thinking about your car lease agreement terms and definitions can rarely be identified as a natural feat, by and large by many of us who have a preference for conversational language, to make certain we have accurately understood. Just to be clear, leasing is not the same as buying. To be honest, it’s basically like renting. As such, the most important conditions relate to ownership, liability, and responsibility. Among these issues are insurance, wear and tear, and lease return or extension.

 

car leasing insurance requirements

Car Leasing Insurance Stipulations

Getting insurance for a leased vehicle is the same as insuring any other type of vehicle. When it comes to leasing, however, the lease terms typically require the lessee to secure a specific level of minimum coverage. To be clear, the leasing business owns the car, the agreement provides the rules that lets you rent it for a set period of time. Normally one of the conditions is full protection, also known as, full coverage insurance.

normal wear vs excess wear

Wear & Tear: Normal vs Excess

Specifically what is designated as normal vehicle wear usually is clarified in a standard vehicle lease contract. This is important because when you trade in your leased vehicle you may be liable for wear and damage that falls outside of the lease. Of course, if that makes you uncomfortable, then be sure to inquire about additional Insurance to take the unpredictability out of the thought process.

lease extension or return

Returning or Extending your Lease

We advise getting in touch with the company you leased from leading up to the end of your contract and establish your end of lease procedures. In addition to doing a lease return inspection, you may also want to request an auto lease extension or a lease buyout. One allows you to extend your lease for an additional period of time, while the other lets you buy your leased car.


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Frequently Asked Questions About Car Leasing Terms

What is a Lease Extension?

An auto lease extension lets you extend your current lease agreement for more time. Depending on the case, it could extend 6 months, 12 months, or even go month-to-month. If you are looking for more info, we’re happy to assist.

What is a Lease Buyout Loan?

An auto lease buyout loan is a unique solution that permits you to finance your leased vehicle at the end of your lease terms.

Can I Use My Car as a Trade-In?

You absolutely can use your current vehicle as a trade. Applying the equity from the trade-in should lower the monthly fee, but it will not modify the total cost of the lease.

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