Your three or four year lease is coming to an end – your family is excited at the prospect of picking up that new SUV you have been looking at for the last six weeks – then you receive notification from the manufacturer’s credit arm, explaining the procedures for returning your present vehicle. Suddenly, you remember the dent on the rear quarter panel you received last year at the shopping mall. Here are some strategies for minimizing your return costs.
First, always have your vehicle inspected at least a few days prior to the actual return of the vehicle. While most dealerships are not familiar with this process, independents like Bank of Nova Scotia and GE Capital use early inspection to assess your vehicle. By getting your vehicle inspected before the actual return date, you have a chance to get an independent appraisal, and this ensures you won’t overpay for any work assessed.
Second, make sure you do any outstanding warranty work before your warranty expires. Sounds obvious, but many busy people forget this, and end up paying for items that would otherwise have been free.
Finally, make sure you know what your penalty is for excess kilometres. Kilometre charges have risen, and for luxury vehicles, like Jaguar, they go as high as 25 cents a kilometre.