Glendale Infiniti

Q:         What does the lease return process entail?

A:         Although many Leases differ from Lender to Lender, a basic lease return will consist of a simple visual inspection of the vehicle, taking record of the current mileage on the vehicle, and signing a receipt acknowledging that the vehicle was returned. If your bank has other requirements that you were made aware of, or you had recently had the vehicle inspected by your bank, please bring that information with you as it will be helpful in the proper termination of your lease.

 

Q:         What if I am over on the mileage allowed on my lease and/or there is damage or excessive wear and tear to the vehicle?

A:         Your mileage allowance and applicable penalty was predetermined at the inception of your lease. Typically, lenders charge between $0.15 to $0.25 per mile over your allowance, although this amount varies. Wear and tear is generally determined to be “excessive” if there is damage to the car beyond a reasonable expectation for the length of time you had the vehicle. This, too, varies from lender to lender but can usually be defined once the lender has inspected your vehicle. Most lenders will bill you for the mileage penalty and excess wear and tear after the vehicle has been picked up from the dealership.

 

Q:         Are there any other “turn in” or “disposition” fees that I should be aware of:

A:         These fees, commonly known as “disposition fees” are predetermined at the inception of your lease. Please refer to your original lease contract to determine if such a fee is applicable. Many lenders charge between $400 and $800 for the final disposition of a lease.

 

Q:         When do I get my security deposit back?

A:         If your lease required a security deposit, this money will be sent to you, less any mileage and/or wear and tear penalties. Please refer to your original lease contract to determine if a security deposit was made.

 

Q:         What should I bring with me to the dealership when I terminate my leased vehicle:

A:         Bringing your lease agreement, any recent inspection reports, spare keys, vehicle manual and your maintenance records on the vehicle can be helpful in expediting your lease return. Your lender may charge you for missing items such as spare keys or other equipment that came with the vehicle.