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Important Aspects to Consider In a Car Lease

Sunday, May 15th, 2011

Length of Contract: Generally lease agreements are for 6, 12, 18, 24, 36, or 48 months.

Negotiate: Car leasing companies usually buy vehicles in large numbers and hence can pass on the benefits to customers.

Residual Value of the Car: Select a car with a good residual value at the end of the contract. This will bring down the monthly instalment.

Early Lease Termination Penalties: Many lease agreements have stringent penalty clauses for early termination. Analyse these clauses carefully.

Excess Mileage Charges: Estimate your car usage accurately before entering into a contract because excess mileage charges may apply.

Wear and Tear: Read wear and tear clauses carefully. Most lease contracts specify that charges for excess wear and tear will have to be borne by the customer at the time of returning the car.

Modification Clauses: Usually customers are not allowed to make any modifications to the car. If the customer makes any changes, he will have to bear all expenses to bring the car back to its original condition, when returning it to the lease company.

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