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3400 Soncy Street, Amarillo, TX, 79119

Questions & Answers For Ford Leases

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What Should You Expect from Vehicle Leases?

Understanding your car lease agreement conditions, terms, and definitions is seldom said to be a natural feat, especially for some of us who prefer to read the conversational English version. First and foremost, leasing is not buying. In reality, it is almost like renting. As you might imagine, the most vital contract details relate to responsibility, ownership, and liability. Among these issues are insurance, wear and tear, and lease extension or return.

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Obligations for Leased Car Insurance

Finding insurance on a leased vehicle is no different than insuring any other type of vehicle. With leasing, however, the lease agreement usually requires the lessee to provide a specific level of minimum coverage. In short, the leasing company owns the car, the contract stipulates the obligations that allows you to use it for a set period of time. One of these conditions is full vehicle protection, aka, full coverage insurance.

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Wear & Tear: Normal vs Excess

Specifically what is designated as normal vs excessive vehicle wear and tear usually is stipulated in the typical vehicle lease. This is significant because when you trade in your leased vehicle you may be charged for damage and wear that falls outside of the contract. Of course, if that makes you nervous, then be sure to inquire about Excess Wear & Tear Insurance to take the unpredictability out of the equation.

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Vehicle Lease Extension or Return

We recommend contacting the company you are leasing from leading up to the end of your agreement and figure out your end of lease requirements. In addition to completing a lease return inspection, you might also choose to request a lease extension or a lease buyout. One allows you to keep your lease for more time, while the other permits you to buy your leased truck, or SUV.

Auto Lease Agreements - Frequently Asked Questions

What is the Difference Between Normal or Excessive Wear On a Car?

Auto leasing dealers usually identify normal and excessive wear and tear in their lease contract terms. The ultimate decision is typically based on the cost of repairs.

What is an Auto Lease Buyout?

A lease buyout is an end of lease option that permits you to purchase your leased car for a predetermined price based on a combination of its current value and the amount you have already paid on the lease.

Can I Use My Vehicle as a Trade-In?

Of course, you can use your vehicle on trade. Applying the equity from the trade should lower the monthly fee, but it will not modify the cost of the lease agreement.
 

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Gene Messer Ford of Amarillo 35.175549, -101.938267.