Your car lease is ending soon. Looking at the dent in the driver’s door, you wonder if you’ll be charged for it. Or maybe you’ve exceeded the mileage limit and you’re bracing for a big hit. But you can avoid common issues like these if you know how the game is played.
“The consumer holds more power than they think,” says Scot Hall, executive vice president of operations for Swapalease , which matches leaseholders with car shoppers looking to take over a lease.
Many people incorrectly assume leasing companies will gouge them for every little dent and ding, says Jeff Huang, a remarketing representative at Westlake Financial Services, a financing company that works with dealerships. And for obvious problems – deep scratches or stains in the upholstery – he says a little “sweat equity” can head off extra charges.
IN THE ‘HOT ZONE’
The last 90 days of a lease is the “hot zone,” according to Hall. During this time, the leasing company will likely contact you about your options, including offers designed to keep your business. You can: