Lease Obligations & Responsibilities
Like loans and cash purchases, leases require you to pay for
costs associated with operating, maintaining and repairing vehicles.
The lease agreement will itemize the following information regarding your periodic
payments: Total number of payments, total amount of the payments, amount of each payment,
due dates for the payments, late-payment charge, and how it is calculated.
As with any vehicle, your lease contract will require you to obtain automobile insurance
and will specify the type of coverage necessary.
Repairs & Maintenance
"Normal wear and tear" and "reasonable maintenance" provisions allow the D&M Leasing Group
to make a more accurate assessment of the residual value for your lease. To help properly
maintain your new vehicle, you will receive a factory warranty. Warranty repairs can be
performed at the dealership of your choice. Since warranty terms vary greatly by vehicle,
you should follow the specified maintenance schedules to keep the warranty coverage in tact.
You should also make other repairs as needed. Properly maintaining your vehicle will hold
more of its original value at the end of the lease.
The D&M Leasing Group offers an extended service plan. These are normally described as
"extensions" of existing warranties. Whether you choose a short- or long-term lease, you
may want to consider the service benefits offered in these plans, such as emergency roadside
assistance and rental car allowances.
Vehicle Registration & Use
Whether you lease or own the vehicle, you are responsible for renewal registration fees or
property tax obligations required by your state.
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