Questions to Ask When Getting a Used Car on Lease

Getting a used car on a lease requires a bit more effort when doing a background check, in comparison to buying a brand-new car from the dealer. After all, you’ll never know whether the previous owner was as meticulous as you when it came to car maintenance. To help you figure out if a used car lease deal is worth it, here are some questions you need to ask the vehicle finance company:

How long have you had the car?

Car Finance on Used Car
source: http://jalopnik.com/

One of the first things you need to know is how long the lease company has had the car. When buying a near new car, it’s best to stick to one that’s a few years old (five years or less). This is to make sure that the ride you’re getting is still in relatively good shape. Once you have this information, it’s time to do your own research to verify the car’s age. Get the VIN number and check it against the database of the state it’s registered in. This is to make sure it wasn’t involved in any previous accidents or incidents that could have severely damaged the car. Depending on the state, checking the VIN of a car can be free or can incur a small charge.

Is it still covered by the manufacturer’s warranty?

Manufacturer Warranty Used Car Finance
source: www.edmunds.com

Another benefit you’ll get if the car is just a few years old is that it’s still probably covered by the manufacturer’s warranty. Ask for an original copy of the warranty agreement for verification. Under official warranty coverage, you can still get free repairs or replacements if the problem is due to a defective part.

Can I get a discount?

When dealing with car financing companies, there’s no harm in asking about ongoing discounts. Give the leasing company a call and see if you can get better rates. You can also check their specials. Many of these special deals can already include the fee for insurance and registration, making it easier for you to settle all your car payments.

Do you have a logbook or invoices for service repairs?

Buying Used Car Repair Logbook and Servicing
source: http://www.invoicetemplatehub.com/

By getting your hands on the repair logbook or invoices, you’ll have an idea if the leasing company is saying the truth when it comes to the vehicle’s mileage history. If the financing company hesitates to hand over these documents or doesn’t have the paperwork for the service history, you’ve got the right to be suspicious.

Before you sign the dotted line and hand over your hard-earned money, drop by the car leasing office for a final check of the vehicle. Under full daylight, take a good look at the panels and watch out for rusty patches, dents, and other marks that can’t be easily seen under poor lighting conditions. Don’t forget to inspect the tires and look under the hood; double check for any signs of potentially costly problems, such as a damaged head gasket, or anything else that indicates a history of poor maintenance. Armed with the right information, getting a near new car won’t be such a tricky task.

If you’re looking for a reliable source of near new vehicles, go for a car leasing company that offers a variety of makes and models that are only a few years old. Also go for one that provides flexible payment options and special deals that already include registration and insurance fees for a budget-friendly deal.