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Car leasing laws you must know about the various aspects of leasing a Vehicle In this series Leasing a Vehicle
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3 min read Published May 11, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the details of using loans to buy the car they want.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances with precise, well-studied information that break down complex subjects into bite-sized pieces.
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If leasing a car is on your agenda Be aware that you are entitled to certain legal protections. Leasing firms are subject to the Consumer Leasing Act (Regulation M) and, as such, they must inform you of the terms and prices of the deal they’re providing. So be prepared to ask the right questions to confirm that your lessor is following legal regulations. What is an auto lease? A contract essentially allows you to rent the car for a specific period of duration. The lease agreement includes rules for your time with the vehicle, for example, mileage restrictions, the types of insurance you must maintain and how much damage is considered acceptable. You can at most automobile dealerships. For those who don’t drive much or who don’t want to purchase a car for more than few years, leasing might be an alternative to purchasing. What information must be made available to you when you sign an agreement to lease? According to the Consumer Leasing Act and the Truth in Lending Act, lessors must provide you with basic information regarding your lease. Here’s the list of things you should look for in your to verify that your lease is adhering to the leasing regulations for the total lease amount. Before signing the lease, you have to be given a detailed written explanation of what you must pay or may have to pay. Duration of lease and payment due dates. The leasing company must tell you how many installments you need to make, as well as how much each payment will cost and when payment due date is. Extra fees. It is important to be informed of the upfront cash you need to pay, including deposit, registration fees and security deposits, and how much you’ll pay if a payment is late. There could also be the cost of mileage overage as well as a disposition fee should you decide not to purchase the vehicle. Lease-end requirements. The leaseholder must provide conditions that could force it to terminate the lease. It must also state what will happen when you decide to purchase and take over the lease. Vehicle maintenance requirements. You must be told how the wear and tear of your vehicle will be assessed upon returning the vehicle and the circumstances under which you’ll be required to pay for damages. The leasing company should also inform you who is responsible for servicing the vehicle. Insurance requirements. You should be informed regarding lease conditions, such as a specific type of or the amount of insurance. Lease restrictions on cars Because you do not technically own the vehicle the lease will come with several restrictions. This includes clauses that prohibit racing and ride shares and more extensive limitations on how far you are allowed to drive, and the places you are required to go to for maintenance. Mileage Leased vehicles typically allow the driver to travel between 12,000-15,000 miles per year. These can stack up quickly when you commute or take long road trips, and there is likely to be a fee for every mile that is over the limit agreed upon. Regular maintenance You will likely have to pay for regular maintenance and service. The owner’s manual should lay out when your car needs to be seen by a mechanic, based on odometer readings, but your lessor might have a different schedule you have to adhere to. It could also be necessary to see a certified mechanic or service centers endorsed by your dealer or manufacturer. If you fail to take care of your maintenance regularly you could violate the wear-and-tear requirement in your lease agreement. Cancelation and lease-end sale Canceling your lease contract is costly. Be prepared to commit to the two or three-year lease with the car or pay thousands in charges. This is among the biggest restrictions you’ll encounter, so consider it carefully when you’re deciding to lease a vehicle. The leasing company may decide to restrict the location you can sell your vehicle at the end of the lease. In the majority of cases you will have the option to either return the vehicle or . And you may be forbidden from subletting or leasing swapping. Modifications or modifications to the vehicle your vehicle is likely to be against the lease contract. This means no specialty paint job, however, it also means you may not be allowed to change out equipment like the speakers. If you want to get a customized car then a lease isn’t the ideal option. The bottom line is that leasing an automobile can be a good financial investment, but make sure you are aware of the ins and outs of leasing laws to get the best deal. If your lender tries to hide any terms of your lease or refuses to divulge information like your total payment amount as well as any potential fees, it’s best to turn to a different dealer. Find out more
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Writen by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy the car they want.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing precise, well-researched and precise data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
Next Part of Leasing a Vehicle
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4 min read Aug 22, 2022
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5 minutes read Mar 03 2023
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