Leasing vs. Buying
Maintenance Requirements
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Glossary |
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Leasing vs. Buying
Maintenance Requirements |
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Lease agreements generally require you to follow all manufacturer maintenance requirements. Typically, you pay separately for vehicle maintenance.
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Finance agreements may require you to follow all
manufacturer maintenance requirements. Failure to do so may affect the
warranty protection.
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| Typical lease requirements. Most lease agreements require you to keep the vehicle in good working order and condition and to make necessary repairs and replacements. Most leases also require that you have the vehicle regularly serviced, as recommended in the owner�s manual. Some of these maintenance responsibilities may also be required to keep the vehicle covered under any warranty or service contract. | Typical finance requirements. Your finance agreement may require you to maintain the vehicle or to keep it in good condition, although there is no assessment of wear-and-use charges because you do not return the vehicle at the completion of the agreement. Failure to maintain your vehicle or to follow the recommended maintenance program provided in the owner�s manual may affect the value of your vehicle for trade-in or sale. Some maintenance responsibilities may be required to keep the vehicle covered under any warranty or service contract. |
| Vehicle changes. Some lease agreements prohibit you from making changes to the vehicle that would decrease its value or utility. Doing so without the lessor�s written consent would constitute default. | Vehicle changes. Most finance agreements do not prohibit you from making changes to the vehicle. |
| Vehicle maintenance. Some lessors may provide and (or) pay for certain maintenance work specified in your lease agreement. The work to be done and the place where it is to be done may be set forth in a separate agreement or in coupons that the lessor provides you. Typically, there is a separate charge for this maintenance. If so, you can choose whether to buy these services. | Vehicle maintenance. Some finance agreements may provide and (or) pay for certain maintenance work. The work to be done and the place where it is to be done may be set forth in a separate agreement or in coupons the seller provides you. Typically, there is a separate charge for this maintenance. If so, you can choose whether to buy these services. |
Next: Early termination
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