Domestic Cars Vs Import Cars | Car, Auto, Used Cars:   Up-Front, Ongoing and End-of-Lease Costs

In a closed-end {$} lease, the lessor usually keeps the gain and assumes any  loss due to excessive wear or excess mileage. In an open-end Car, Auto lease, you may receive a refund of any gain, and you Domestic Cars Vs Import Cars are responsible for any deficiency. For example, if your lease early {$} termination payoff is $16,000 and the amount  credited for the vehicle is $14,000, your Car, Auto early termination charge will be $16,000 minus Domestic Cars Vs Import Cars $14,000, or $2,000.

End-of-term options {$} At the end of a lease, you do not own the vehicle. The  specific provisions of your lease agreement govern your options at lease-end.

Domestic Cars Vs Import Cars | Car, Auto, Used Cars:   Up-Front, Ongoing and End-of-Lease Costs

There are two types of gap coverage. One is a Car, Auto waiver by the lessor of the gap amount after an insurance casualty loss. The other is a contract with a Domestic Cars Vs Import Cars third party, which may be an insurance company, to cover the gap amount.

With either type of gap coverage, you are usually responsible for your Car, Auto insurance deductible and any other amounts deducted from the insured amount of the vehicle by your insurance company. Gap coverage typically applies only in the Domestic Cars Vs Import Cars event of a total vehicle loss through casualty or theft covered by your insurance policy and a determination that the vehicle is a total loss.