What Should I Look For So I Don't Get Ripped?

[Spooner]

I'm signing a lease today for a car. I've never signed one before.... when I read through the contract, what kind of stuff should I look for so I don't get ripped? and what should i make sure is there?


edit: had to specify the lease is for a car

 

[joohang]

Read and analyze the fine print as much as possible.

 

[Spooner]

Originally posted by: joohang
Read and analyze the fine print as much as possible.

yeah......... i understand that, but what should i be looking for?

Are the papers easy to read and understand?

 

[777php]

check for how much you depoisit is and things of that nature.

I went around my apt and took pictures of anything that might be considered damage so that I could use it as evidence later on, just in case.

I then wrote up a document stating all these damages and had both parties sign off agreeing to the damages. This might be a bit too much but you can never be too safe.

Also check for specific policies that if violated can break your lease with your lessor, such as pets, minor renovations, etc. etc....

 

[Spooner]

Whoops.......... i suppose i should have specified...

it's a CAR lease.

hehe

 

[Cerebus451]

I am assuming you now all the monetary particulars? Such as any down payments, what the purchase price of the car is, what the interest rate is, what your mileage limit is, and so on. Make sure they aren't taking on gap insurance if you don't want it. Car lease agreements are pretty standard. The only thing they might try to sneak in are items they consider to not be normal wear and tear (like if they tried to put in a requirement that the tires have to have so much tread left on them when you turn the vehicle in, which would be total B.S.). I've leased 2 cars, but I've never really scanned them for verbage. You might also want to scan for info on getting out of the lease early, in case it becomes necessary.

 

[Spooner]

I think I pretty much know all the numbers we're dealing with.

Explain what gap insurance is again?

 

[CPA]

Though I don't think it is charged very often anymore, make sure you are not paying a disposal fee (a fee when you return the car). They used to charge it if you just dropped it off at the end of the lease without re-leasing a new vehicle or purchasing another vehicle.

Here is a good article at bankrate.com. It even explains gap insurance.

 

[apoppin]

Read the fine print first . . . THEN post any questions you have here. Some of it is pretty obvious. And see how much "Free" annual mileage you get and how much you get charged for over their limit.

 

[etech]

Lots of good info here though I have to admit I've never leased a vehicle. I'm the buy it and drive it into the ground type.

Edmunds' Do-It-Yourself Guide to Leasing

"Like most shoppers, you want to lease the car of your choice for the lowest possible price. Leasing is attractive because of low payments and the prospect of driving a new car every two or three years. Many people figure that a car payment is an unavoidable fact of life, and they might as well drive "new" rather than "old." True, leasing is an attractive alternative, but there are some things you need to understand about leasing before jumping in feet first."

edmunds.com/finance/

 

[ShallowHal]

Mileage can be a big issue. Some leases are cheaper because they only allow 10k miles per year. Watch out for that because they can charge you around 20 cents per mile over your limit. Should be at least 12k per year. I don't know why anyone leases a car. You get nothing in return. Just my opinion. I sincerely hope this works out perfectly for you. Good Luck.