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Car leasing laws you should know Part Of Leasing a Vehicle In this series Leasing a Vehicle
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3 minutes read. Published May 11 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of using loans to buy the car they want.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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If leasing a car is in your future Be aware that you’re entitled to certain legal protections. Leasing firms are subject to regulations like the Consumer Leasing Act (Regulation M) and, as such, they must tell you all of the terms and costs of the deal they are providing. Be prepared to ask the right questions to make sure that your leasing company adheres to legal regulations. What is an auto lease? A contract lets you rent the car for a specific amount of duration. The lease agreement has guidelines for the time you spend with the car, such as mileage restrictions, the types of insurance you have to keep in place and the extent of damage that can be accepted. It is available at all auto dealerships. For those who don’t drive often or don’t want to purchase a car for more than a couple of years, leasing may be a viable alternative to buying. What information must be made available to you before you sign an agreement to lease? Under the Consumer Leasing Act and the Truth in Lending Act, lessors must provide you with basic information regarding the lease. Here’s a list of what you should look for in your to make sure that your lender adheres to leasing laws for the total lease amount. Before you sign the lease, you have to receive a thorough written explanation of what you must pay or may have to pay. The lease duration and due dates. The leasing company needs to inform you how many installments you have to make, the amount of each one will be , and the date when payment is due. Extra fees. You must be told about the upfront cash you need to pay, such as deposits, down payment fees and security deposits, as well as the amount you’ll have to pay in case the payment is due. You may also have to pay the cost of mileage overage and a disposition fee if you decide not to purchase the vehicle. Lease-end requirements. The lessor must explain any reasons why it might terminate the lease. The lease should also be explained in detail as to what will happen in the event that you choose to buy and take over the lease. Vehicle maintenance requirements. It is important to know how wear and tear is assessed upon returning the vehicle and in what conditions you’ll need to pay damages. The leasing company should also inform you who is responsible for servicing the car. The lease requires insurance. You should be informed regarding lease conditions including a particular kind or amount of insurance. Lease restrictions on cars Because you don’t technically have the car and your lease agreement will contain quite a few 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 have to go to for maintenance. Mileage Leased vehicles typically allow the driver to travel between 12,000 to 15,000 miles per year. These can stack up quickly in the case of commutes or long road trips. Additionally, there will likely be an extra charge for each mile that is over the limit agreed upon. Regular maintenance It is likely that you will have to pay for regular maintenance and servicing. The owner’s manual should lay out when the vehicle needs to be seen by a mechanic based upon the readings of the odometer, however, your lender may have an additional set of rules you need to follow. You could also be required to see a certified mechanic or service centers that are approved by your dealer or manufacturer. If you do not take care of your maintenance regularly, you may violate the wear-and-tear policy of the lease agreement. The cancellation of lease-end sales or the cancellation of your lease agreement is expensive. Be prepared to commit to the next two or three years of the car or pay thousands in fees. This is among the bigger restrictions you’ll face be aware of when you’re deciding to lease a vehicle. Your lessor may choose to restrict the location you are able to sell your car at the end period of your lease. In most cases the only option is to either return the vehicle or . And you may be forbidden from subletting or swapping leases. Modifications to your vehicle Customizing or altering your vehicle is likely to be in violation of your lease. This means that you cannot paint special job, however, it also means you may not be allowed to swap out equipment like the speakers. If you’d like to get a customized car then a lease isn’t the best choice. The bottom line Leasing a vehicle is a great financial investment, but make sure that you understand the specifics of leasing laws to get the most favorable deal. If your lender attempts to conceal any of the terms of your lease or is unwilling to reveal things such as your total amount of payment as well as any potential fees, it’s best to turn to a different dealership. Learn more
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Authored by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely taking out loans to purchase a car.
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-researched, and well-constructed data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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