Are there final costs and if so, what are they?

The final costs include:

  • Charges for excess mileage
  • Typically, closed-end leases have mileage limitations. It is necessary to pay a fee if you go over the allowable mileage at the completion of your lease.
  • There is no penalty with an open-end lease if you go over the mileage limit, although the appraisal value will likely be lower.
  • Default fees
  • Any payments or security deposits that the dealer doesn’t collect from you, or the costs and legal fees the dealer incurs to recuperate costs are covered here.
  • Charges for excessive wear and tear
  • When you return the car at the completion of the lease, you will need to pay for any charges due to excessive wear and tear. You must be informed in writing by the dealer of the specific definition of excessive wear and tear. Typically, it signifies anything past the regular usage, both physical and mechanical.
  • Charges of disposition
  • Costs of cleaning the car, doing final maintenance and tune-ups are included. The dealer may defer these costs to you if the agreement does not specify otherwise.

Posted in: Buying or Leasing Your Next Car

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