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Lease Obligations

Leasing a car gives you a lot of flexibility. However, like an auto loan or a cash purchase, there are certain financial responsibilities associated with use and maintenance of the car. A lease entitles you to certain rights but also binds you to certain duties, liabilities and obligations. Most elements in a lease can be structured and adjusted to meet your needs or situation. Work with the lessor to create a lease that is right for you.

Periodic Payments

The lessor is required by law to provide the lessee (you) with the following information, both verbally and in the lease agreement: the total number of payments, the total amount of payments, the amount of each payment, the due dates of each payment, the fee schedule for late payments, and how all this is calculated. You (the lessee) are required to make all of the payments according to the lease agreement. Typically the term of the lease is between 24 and 48 months.

Insurance

The lessee is required to purchase and provide automobile insurance, typically collision and comprehensive, in accordance with the lease agreement.

Repairs and Maintenance

The lessee is responsible for maintenance and repair just as with a loan. Please be sure that your maintenance and repair responsibilities are detailed specifically to avoid confusion and costly mistakes concerning "normal wear and tear" and "reasonable maintenance". For example, small dings and scratches may be considered "normal wear and tear".

Follow the Manufacturer's Recommended Maintenance Schedule for oil changes and other items. This will help to maintain the car's original worth and allow you to take advantage the factory warranty given to you for your new car. Other necessary repairs covered under the factory warranty can be done at the dealer of your choice. If you are considering a long term lease, you may want to consider an extension to your warranty if it is available.

Vehicle Registration and Use

While a lease may have restrictions on taking the car out of state for an extended period of time without permission, leases generally do not restrict other family members from driving the car. Permission, if you should move out of state, can usually be obtained in writing through the mail.

You are required to pay any applicable renewal registration fees or property tax whether you choose to lease or own the car.
Other obligations under a lease will vary from contract to contract. Please verify your obligations at the time of signature.

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