When I lease a car, why is a security deposit required?

If you owe money at the end of the lease or if you miss a monthly payment, the Lessor is permitted to keep the security deposit. It may also be used to cover the car’s damage or excess mileage from the limit stated in the lease by the dealer. Your security deposit is given back to you if you do not owe anything at the end of the lease’s term.

Posted in: Buying or Leasing Your Next Car

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