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Car leasing laws that you need to know Part Of Leasing a Vehicle In this series Leasing a Vehicle

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3 min read published May 11 2022

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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If leasing a vehicle is in your future, be aware that you’re entitled to certain legal protections. Leasing firms are subject to Regulation M, the Consumer Leasing Act (Regulation M) and, as such, they must tell you all of the terms and prices of the deal they are providing you with. So be prepared to ask the right questions to make sure that your leasing company adheres to the law. What is the meaning of an automobile lease? It is a contract that essentially allows you to rent an automobile for a certain amount of duration. The lease agreement has the rules that govern your use of the car, such as limits on mileage, what types of insurance you have to keep and the amount of damage that is considered acceptable. You can find it at many auto dealerships. For people who don’t drive frequently or don’t wish to purchase a car for more than a few years, leasing could be a viable alternative to purchasing. What is required to be revealed to you prior to signing a lease? Under the Consumer Leasing Act and the Truth in Lending Act, the lessor must give you basic information about your lease. Below is the list of things you should look for in your to verify that your lease is adhering to the leasing regulations for the total lease amount. Before signing a lease, you must be provided with a complete, written statement of everything you are required to pay or pay. Lease duration and payment due dates. The leasing company needs to inform the lease holder how many payments they must make, the amount of each one will be and when the payment is due. Extra fees. It is essential to know about any upfront money you have to pay, such as deposits, down payment fees and security deposits, as well as what you’ll be charged if the payment is due. There could also be a mileage overage fee and a dissolution fee in the event that you decide not to purchase the vehicle. Lease-end requirements. The lessor must explain any circumstances under which it could terminate the lease. It should also explain what will happen if you decide to buy out the lease. The maintenance of the vehicle is required. You should be informed of how wear and tear is evaluated upon returning the vehicle and under what circumstances you’ll need to pay damages. The lender should also inform you who is responsible for servicing the car. It is important to know the requirements for insurance. You must be given details regarding lease requirements including a particular kind or amount of insurance. Lease restrictions for cars Since you don’t actually own the vehicle, your lessor will have many restrictions. These include clauses against riding shares and racing as well as bigger restrictions on the amount you are allowed to drive, and the places you have to visit for maintenance. Mileage Leased vehicles typically permit you to drive anywhere from 12,000 to 15,000 miles a year. These can stack up quickly when you commute or take long road trips, and there is likely to be an additional cost for each mile you drive beyond the limit that was agreed upon. Regular maintenance You’ll likely have to pay for regular maintenance and maintenance. The owner’s manual should lay out when your car needs to be seen by a mechanic, based on odometer readings, but your lessor may have an additional schedule you have to adhere to. You could also be required to visit official mechanics or service centers approved by your manufacturer or dealer. If you fail to take care of your maintenance regularly it could be a violation of the wear-and-tear policy of your lease contract. Cancelation and lease-end sale Canceling your lease agreement is expensive. Be prepared to commit to the minimum of two or three years of the car or pay thousands in costs. This is among the biggest restrictions you’ll encounter be aware of before deciding on a lease vehicle. Your lessor may choose to limit the places you are able to sell your vehicle at the conclusion of the lease. Most of the time the only option is to return the vehicle or . You may also be prohibited from subletting or leasing swapping. Vehicle modification Customizing or modifying the vehicle you own will likely be against the lease contract. This means no specialty paint jobs, but it also means that you might not be allowed to change out equipment like the speakers. If you want to get a customized car, a lease won’t be the most suitable option. The bottom line: Leasing a vehicle is a great financial investment, but make sure you know the ins and outs of leasing laws in order to secure the best deal available. If the dealer you lease from attempts to conceal any of the conditions of your lease, or is unwilling to reveal things such as your total amount of payment as well as any potential fees, it’s best to turn to a different dealership. Find out more

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase the car they want.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to control their finances with precise, well-researched and precise data that breaks otherwise complicated subjects into digestible pieces.

Auto loans editor

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