End your car lease without get­ting dinged

The Denver Post - - BUSINESS -

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.

Pre-emp­tive re­pairs

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.

Ex­cess mileage

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

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.