Lease Termination in Staten Island
Lease termination is the process of concluding a lease contract. This is an important part of an auto leasing agreement because the vehicle essentially borrowed from the auto leasing company is now returned back after significant use over an extended period of time. Car leasing services have a number of measures to follow to ensure that they don’t get the short end of the stick.
One option available during lease termination is purchasing the car. Lessees have the option of buying the car at the “residual price” at the end of the lease. This is the auto leasing company’s estimate of what the used car is now worth. This does not necessarily have to be higher than market value; some companies can even offer a lower price than what you’d find in the used market. This is because an independent third party is sometimes responsible for placing the value on the car.
In most cases however, lessees return their car and move on to another lease. During the process of lease termination, leasing companies inspect the car to ensure it is in adequate condition and take a note of the number of miles used as car leasing agencies normally impose a limit that lessees are allowed to drive the car beyond which the lessee will have to pay a price per mile which can add up to a significant amount. The inspection and possible compensation of the car and the payment for excess mileage can constantly be a cause of argument between lessee and auto leasing agency due to a difference in opinion or lack of clarity. The argument can be a result of the customer’s ignorance in paying close attention to the terms and also may be due to an unreasonable car leasing company looking to capitalize on unclear terms.
Terminating your lease with Car Leasing Staten Island
Lease termination with Car Leasing Staten Island is handled with much more care. Our auto leasing professionals emphasize on what to expect along with costs that customers may have to incur well before the leasing agreement is signed. While this is included in the documentation in detail, we also reiterate these points verbally to prevent any confusion. In addition, we remind customers occasionally and also arrange the final car inspection several months before the end of the lease contract so that the customer and Car Leasing Staten Island have plenty of time to discuss and negotiate any discrepancies. For the most part, our customers are quite happy at the end of the leasing agreement because they are well aware of certain payments if they have to make them. Additionally, we look to absorb as much of the cost so minor wear and tear and other issues are not charged.
If you want to find out more about our leasing processes or if you are interested in leasing of any of the hundreds of vehicle models we have available, contact us on 718-517-2255 and we will be happy to assist you in any way we can.