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Difference between revisions of "Leasing a Car"
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→What happens when a lease ends?
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With a straight lease, you return the car and owe nothing more. With a closed lease with an option to purchase, you pay just the agreed-on amount if you decide to buy the car. But with an open lease with an option to purchase, you may have to pay an extra amount. You may also have to pay extra if you drove more than the lease allowed or if the car has more than normal wear. And dealers may want to charge other fees at the buy-out time. So before you sign a lease, ask about any fees that the dealer will charge at the time of buy-out. Discuss them with the dealer and get them in writing—before you sign the lease agreement. | With a straight lease, you return the car and owe nothing more. With a closed lease with an option to purchase, you pay just the agreed-on amount if you decide to buy the car. But with an open lease with an option to purchase, you may have to pay an extra amount. You may also have to pay extra if you drove more than the lease allowed or if the car has more than normal wear. And dealers may want to charge other fees at the buy-out time. So before you sign a lease, ask about any fees that the dealer will charge at the time of buy-out. Discuss them with the dealer and get them in writing—before you sign the lease agreement. | ||
If you buy a vehicle at the end of the lease, it’s a new transaction. So motor dealers and salespeople must make all their required declarations, especially the declaration that the vehicle meets the safety requirements of the Motor Vehicle Act when they sell it. The declarations are listed in the Vehicle Sales Authority of BC glossary at [http://www.mvsabc.com/glossary-of-terms www.mvsabc.com/glossary-of-terms]. | If you buy a vehicle at the end of the lease, it’s a new transaction. So motor dealers and salespeople must make all their required declarations, especially the declaration that the vehicle meets the safety requirements of the ''Motor Vehicle Act'' when they sell it. The declarations are listed in the Vehicle Sales Authority of BC glossary at [http://www.mvsabc.com/glossary-of-terms www.mvsabc.com/glossary-of-terms]. | ||
How a dealer ensures that a vehicle meets the ''Motor Vehicle Act'' is a business decision—the Act does not say how. Generally, a dealer will do an inspection to ensure the vehicle meets the Act’s requirements. Depending on the original lease, the dealer may charge you for the inspection. Discuss it with the dealer before you agree to lease a vehicle. | How a dealer ensures that a vehicle meets the ''Motor Vehicle Act'' is a business decision—the Act does not say how. Generally, a dealer will do an inspection to ensure the vehicle meets the Act’s requirements. Depending on the original lease, the dealer may charge you for the inspection. Discuss it with the dealer before you agree to lease a vehicle. | ||
