Bring Your Lease Return in For a Complete Explanation of Your Lease Return Options!
. Its that time. We hope you have enjoyed your lease. Now that you near the end of your lease agreement, let us take the pressure out of turning in your lease.
We will take care of :
Inspection
Returning vehicle to the bank
Make arrangements for all repair work
Prepare all necessary lease return documents
Leasing companies expect to have their vehicle back in good condition. If not, they will charge you a hefty reconditioning fee. Get our expert assistance before returning your leased vehicle! We specialize in returning leases even if you have had a few scuffs and scratches along the way. Our professional team will examine, inspect your car and help prepare all necessary paperwork.
111. 22. ************************************************************************************** What Your Lease Contract is Really Saying:
Acquisition Fee A fee charged by a lessor to cover the administrative costs of preparing, approving and administrating the lease. May be paid up front or included in the gross capitalized cost.
Adjusted Capitalized Cost The amount capitalized at the beginning of the lease, after adding any fees or other charges to be included, and subtracting any capitalized cost reductions, such as rebates, trade-in allowances and cash reductions.
Allowable Mileage This is the number of miles you are allowed to drive over the term of the lease. Often this is stated as the number of miles per year you can drive.
Closed-end Lease A lease that allows the lessee to return the vehicle at the end of the lease term with no further financial obligation, assuming that the lessee has complied with all of the terms of the lease. The lessee may be responsible for a disposition fee, if it is part of the lease agreement. Early Termination Charge The fee charged to a lessee in the event of an early termination of a lease. Penalties vary from lease to lease and the method of calculation is determined at lease inception and explained in the lease agreement.
Excess Mileage Charge The fee charged for each mile in excess of the predetermined mileage limit, as set forth in the lease agreement. The excess mileage charge varies depending on the type of vehicle, and is typically between $0.10 and $0.17 per mile.
Excessive Wear and Tear Charge A charge collected by the lessor at the end of the lease for damage to the vehicle that is beyond what is allowed by the terms of the lease. In a consumer lease, excess wear and tear or normal wear and tear will be specifically defined.
Gap Coverage A type of insurance coverage that covers the difference between the payoff of the lease and the amount covered by other insurance coverage, when a vehicle is damaged or stolen during the term of the lease.
Loan Origination Fee The fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of face value of the loan.
Open-end Lease A type of lease in which the lessee is responsible for the difference between the residual value and the realized value at the end of the lease. The lessee may be entitled to a refund if the realized value is greater than the residual balance.
Security Deposit A refundable deposit, usually equal to one monthly payment, collected by the lessor at the beginning of the lease to offset any amounts due under the term of the lease. **************************************************************************************************
