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Q&A: When leasing a vehicle, how does it work if you plan to purchase the car? What if you go over mileage?damage?
Question by TimmyJ: When leasing a vehicle, how does it work if you plan to purchase the car? What if you go over mileage?damage?
So, my wife is almost at the end of the lease she purchased on her car before we met. We, for the most part have decided to buy the vehicle. Tonight, ironically, we hit a deer on the way home after running some errands. I’d say $ 500+ damage to the vehicle.
What are you recommendations for return to dealership? I’ve heard people say before you can negotiate a price now. How does this work? The entire leasing process can be somewhat confusing.
Best answer:
Answer by clueless
Think of it this way.
Millage, damage, abuse and everything else that makes the car ugly will come out of your pocket, buy or trade..
Those suckers really suck just as you do in your profession.
What do you think? Answer below!
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4 Users Response In " Q&A: When leasing a vehicle, how does it work if you plan to purchase the car? What if you go over mileage?damage? "
when you take the car back, you will get dinged heavily for that body damage. Its $ 500 according to you. But the leasing company has the right to get it reparied wherever they want, and bill you for the expense. That light damage could end up being well over $ 500 if you let that happen.
According to the terms of your lease, you are penalized for every mile over the allotted amount. Each lease is different, but usually the allotment is either 12k or 15k/yr. The penalty varies by company.
When you contact the leasing agency, they will tell you where you can return the car. The dealer will do an inspection with you and fill out a lease return form. Make sure you verify the odometer, and make sure you both sign it. You asolutely must get a copy for your records.
The lease company will typically bill you for the overage and damages. So after you drop it off, you are left waiting for the other shoe to drop.
The buyout may have been given when she bought it. Ive heard they wont negotiate but it cant hurt to try. They will add up anything and everything to charge her for so buying it may be the best idea if the price is reasonable.
Find out if Bambi did any frame / front end damage before committing to buying it
The lease is one deal and they will nail you for the damage. Then buying the car is a separate deal. But demand a discount as the car was in an accident and needed body repairs.
Overall by the time yoy are done you will have paid quite a bit more than if you had just bought the car in the first place, even with slightly longer payments.
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