End your car lease without getting dinged
Many people incorrectly assume car leasing companies will gouge them for every little dent and ding, says Jeff Huang, a remarketing representative at Westlake Financial Services, a financing company that works with dealerships.
‘Excessive wear and tear’
Before you take the car to the lease inspection service you can figure out what sort of damage the leasing company is looking for.
For example, Toyota’s “Wear and Use Guidelines” show what damage to the car’s interior, exterior, tires, glass and lights a customer might be charged for.
You can fix some problems yourself. Deep scratches can often be remedied with some touch-up paint. Stains may come off with stain remover. You also can pay for repairs independently before turning in your car.
Most leasing companies charge around 15 to 20 cents per mile over the amount allowed in the contract, commonly 12,000 miles per year. If you’re way over the allowed mileage and looking at a big penalty, you still have options.
If you like the car, you can buy it. Another strategy is to check the manufacturer’s website for “lease pull ahead” offers. Such deals let you end your current lease and start a new car lease from the same manufacturer. To make a deal — and keep your business — the dealer may forgive some extra miles and damage. — Nerdwallet