Lease question
Thread Starter
Instructor
Joined: Nov 2004
Posts: 110
Likes: 2
Lease question
I know you get penalized at the end of your lease when you return a car with a) excessive mileage or b)excessive wear and tear but does anybody know what happens, penalty wise, if you return a lease car that was in an accident and was totally fixed...it now has a blemished car fax. Thank you in advance.
Racer
Joined: Feb 2012
Posts: 260
Likes: 42
From: Myrtle Beach, SC
I know you get penalized at the end of your lease when you return a car with a) excessive mileage or b)excessive wear and tear but does anybody know what happens, penalty wise, if you return a lease car that was in an accident and was totally fixed...it now has a blemished car fax. Thank you in advance.
Safety Car
Joined: Nov 2007
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From: Tarpon Springs FL
FL Events Coordinator
Drifting
Joined: Oct 2005
Posts: 1,729
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From: South Lyon MI
Originally Posted by cds62
I have been leasing cars since 1990 and have had cars that were involved in crashes. As long as the car is fixed the right way and passes inspection at the lease end, there is no penalty.
Racer
Joined: Apr 2008
Posts: 282
Likes: 44
From: Seattle Washignton
Racer
Joined: Jul 2004
Posts: 324
Likes: 294
From: IL
In a lease, the finance company technically owns the car; you are essentially renting it from them for its depreciated value.
So, if during the lease term, the car is in a wreck and subsequently repaired, with a corresponding note on the vehicle's Carfax history, that's the finance company's problem at lease end, not yours.
So long as the car passes the finance company's end-of-lease inspection, you should be good to go.
So, if during the lease term, the car is in a wreck and subsequently repaired, with a corresponding note on the vehicle's Carfax history, that's the finance company's problem at lease end, not yours.
So long as the car passes the finance company's end-of-lease inspection, you should be good to go.
Thread Starter
Instructor
Joined: Nov 2004
Posts: 110
Likes: 2
Thank you to all who replied. Can we now change the scenario from a lease to a purchase. Certainly there has to be some economic loss to the owner who tries to sell a repaired car as opposed to a similar car that has not been in an accident.
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Safety Car
Joined: Jul 2011
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From: Phoenix, Arizona
That would depend largely on whether or not the buyer is aware of the accident and/or cares. As they say Buyer Beware.