Auto Leasing Rights
|A "capital" idea -- Find out the "capitalized cost" of a leased vehicle which should be comparable to the vehicle's purchase price. This cost is negotiable.|
Look Before You Lease -- Upon request, the leasing company must provide you with a sample lease before you sign.
Worth a Second Chance -- If you default on a monthly lease payment, you have the right once during the lease term to reinstate the lease. You must make the required payments within 25 days after receiving notice of your reinstatement rights.
There's a Limit -- Early termination charges must be reasonable and are limited under the law. The earlier you terminate your lease, however, the higher these charges will be.
Open-Ended Leases -- Beware of leases that make you pay the difference between the estimated vehicle value when you signed the lease and the "realized" or real value when the car is returned. This can amount to a lot of money!
Wearing Thin -- You may dispute an excess wear and damage claim by using the Attorney General's arbitration program set up to hear such complaints.