A Quick Guide to Returning a Leased Car
Returning the leased vehicle is one of the necessary things you must do at the end of a lease. It is crucial that, in doing so, you dot your i’s and cross your t’s.
Here is some important information you should know about returning a leased vehicle.
- It means you are ending your lease
It is important to note that returning the leased car usually spells the end of your lease agreement, except in situations where you can exercise the right to purchase the vehicle at the end of the lease.
Even if you intend to look up Lease Loco car leasing deals for a new car, you need to turn the old lease in before considering your options.
Also, the process of turning in the vehicle can vary depending on what the lessor and lessee sign.
- You should prepare for the collection of the vehicle
Typically, the lessor would make contact three months before your lease expires to remind you to sort your affairs towards the car collection.
Alternatively, you can terminate the lease before expiry, and you would be tasked with notifying your lessor according to the terms in your lease agreement.
Either way, when you have given notice and the end of the lease is in view, you should begin preparing for the collection of the vehicle.
This means that you should make sure all the items that came with the car are present, ensure that you have all the original copies of the documents in order, delete personal data stored on the vehicle and remove all personal items.
- You should prepare for inspection
Once aware that you should be ending your lease, the first thing the lessor does is have an inspector sent to you to examine the car.
As a result, you should ensure that the vehicle is cleaned thoroughly on its exterior and interior and that all maintenance procedures have been carried out.
You may require professional cleaning services to do this.
- What you should know about damages
Many people taking out a lease for the first time worry about who handles the damages.
Most times, it is already spelt out in your agreement with the lessor. This is because the leasing company already expects some damages due to normal wear and tear from using the vehicle in the agreed lease period.
This stays true for as long as the damages remain reasonable. All would be fine if they only had to worry about minor scratches and worn tyre treads.
On the other hand, you might need to handle significant maintenance and repair if the vehicle you intend to submit has a cracked windshield, is missing one or more side mirrors, or has a dent in the bodywork.
- You should ascertain the place of return
Where you return the vehicle is a crucial part of the lease return process. You should note that it is still in your care and responsibility until you correctly return it.
The usual suspects are the lessor’s station or the car dealership. Alternatively, your lessor can have someone come to your home with a checklist to ensure everything is as agreed. The inspector can then help you return the vehicle when everything checks out.
To be sure, you should ask your lessor how they prefer the car to be returned.
- You should return the vehicle and pay the final charges required
Although you are returning the vehicle and ending the lease, there is still a certain amount of money that you may need to remit.
While you would still need to pay for the last month of your lease and the end-of-lease charges, you may also be required to pay extra fees if you go beyond the approved mileage or there have been significant damages to the vehicle.
In such instances, you would be charged according to the amount stipulated in your contract.
Return the Car in a Good Condition
We have explained many important safety lines in returning a leased car. The general idea is to return the leased vehicle in good condition to the dealer or lessor. It is not just that you would be saving on extra fees but because you would be doing what is appropriate.