4. With leasing, after you satisfy the lease and any end-of-lease costs, you can walk away and either buy or lease another vehicle.
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7. An open-end lease requires you to pay the difference between the car's value stated in your contract and the price your lessor puts on your car at the lease's end.
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9. You may also pay a capitalized cost reduction, which is another name for a down payment. That may be cash, a trade-in value or a rebate.
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12. Other requirements may include collision coverage and comprehensive insurance to pay for theft, vandalism and other losses.
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14. The Federal Trade Commission estimates that the average lease allows 12,000 to 15,000 miles a year and then drivers can expect to pay a charge of 10 to 25 cents for each additional mile over the amount stated in the contract.
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16. When leasing, make sure the warranty covers the full term of the contract and the number of miles you expect to drive.Warranties…
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18. Lease terms vary in who is responsible for maintenance although generally you will be responsible for oil changes and basic maintenance.
19. Car buyers can spill coffee all over the seats and lose nothing but the car's good looks and resale value.Wear and Tear…
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21. However, car leases may require repairs to be made only with original equipment manufacturer parts that may cost more.
22. The car will be inspected at the end of the lease and you may need to pay extra if additional repairs are deemed necessary.
23. Car buyers and lessees are responsible for the payoff value in case the car is totaled in an accident, so consider "gap insurance," to cover the amount still owed in case the insurance payment is not enough.Repairs and Accidents…
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25. The federal Consumer Leasing Act gives you the right to have all the terms before signing a lease contract.
26. The federal reserve has a form that you can use to comparison shop and clearly spell out specific offers at http://www.federalreserve.gov/pubs/leasing/formce/forms.pdf.
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