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Get tips on leasing
Stay away from residual value leasing
Many leases include clauses that require the lessee to guarantee a certain residual value of the vehicle. The leasing banks and dealers are often unrealistically excessive and thus program an additional payment at the end of the contract. Anyone who was attracted by low rates can experience such a big end. Unfortunately, well-known manufacturers’ banks such as Volkswagen Leasing and Toyota Leasing also offer such contracts to consumers.
Tip: Read the contract before signing carefully and in peace. Never sign with the dealer, but let the contract go home. If the dealer refuses or discover a residual value clause, you know that it is a dubious offer.
(Source: Lawyer Tobias Goldkamp)
Caution cover gap
If the leased vehicle suffers a total economic loss or is stolen during the term of the contract, it is possible that, despite the comprehensive insurance cover, the insurance benefits do not cover the repayments due for the leasing bank. This gap can be closed by a GAP insurance.
Tip: Make sure that a GAP insurance is included in the insurance package.
Finance leases are almost always concluded for a specific term and can not be terminated early. This can be a problem when your life changes and you no longer need or can no longer pay for the car.
Tip: Sometimes a prospect can be found on leasing contracts on the Internet, who enters into an ongoing contract. Nevertheless, you should avoid overlong contract periods.
Typically, the leasing banks exclude liability for material defects and, instead, assign the lessee the material defects in accordance with the law of sale. This means that the lessee has to adhere to the seller in case of defects and can not easily cut or set the payment of the lease payments to the bank. The problem is that the mercantile warranty ends after two years at the latest. If the leasing contract has a longer term, the lessee will be without warranty for the remainder of the period.
So it can happen that he can no longer use the broken car, still has to pay more lease installments and the car at the end must repair at his own expense, because he is obliged to the bank to give it back in the proper condition.
Tip: Pay attention to the widest possible manufacturer’s warranty. Avoid overlong contract periods.
Every day we receive wrong leasing statements. For example, “Damages” are invoiced that are not available or are to be regarded as contractual traces of use. Many leasing banks still charge VAT on damage-related lower values, although the BGH has decided that this item is not subject to VAT.
Banks and retailers often try to provide clients with protocols and forms upon return that are intended to recognize dubious reviews or billing items.
Tip: Do not sign anything without first reading it carefully and in peace. That is their right! If you have any doubts, submit bills for review.
Source: Handelsblatt, 26.04.2013