What can i do if i lease a faulty car?

Cars are one of the most expensive purchases you make during your lifetime. As of 2010, leasing instead of buying is common because lease payments might be cheaper than purchase payments and leave you free to choose a different vehicle later. However, car dealers sometimes lease you faulty cars. A few options are available in this circumstance to get some (or all) of your money back and get a better car.

Paperwork

Everything you can do about a faulty leased vehicle is determined by the vehicle’s paperwork. Check the warranty and lease terms to find out if you are responsible for repairs. Even if you have to handle the repairs, the warranty might protect your pocketbook. Keep in mind that you might have two warranties–a manufacturer’s warranty and a dealership warranty–rather than just one to check. Often the dealership warranty simply extends the manufacturer’s warranty, but because every dealership is different in terms of the packages they offer, find out if the dealer is able to cover problems that the manufacturer usually considers the owner’s responsibility.

Sale/Re-lease

If there is nothing in the car’s paperwork that will help you, the next option that avoids legal action is to sell or re-lease the vehicle.

If you sell, you still have to pay the dealership for the amount left on the lease, but you can use the money from the sale to do this. This might cost you money because it’s difficult to sell a car with known problems, but you won’t have to worry about the car affecting your credit and will be rid of the vehicle.

Re-leasing is similar in that it also protects your credit and gets rid of the vehicle, but with re-leasing, you simply find someone who is willing to take over the lease. This means you won’t lose money aside from what you’ve already paid on the lease.

Arbitation/Legal Action

Investigate arbitration and legal action if you’ve tried other means of repairing or getting rid of the car. When given the choice between a lawsuit and arbitration, car dealerships almost always will arbitrate simply because court costs are so high. Arbitration involves having a neutral third party try to negotiate between you and the dealership. As with court cases, however, arbitration decisions are final. Lawsuits are a better option if you have evidence that the dealership leased you the car knowing that it had undisclosed issues. This constitutes fraud, and therefore might entitle you to all of your money back in addition to letting you out of the lease contract. If you are going to use either one of these options, make absolutely sure that you have all of your documentation together before filing, and file as soon as you are able.

Source:

Exoticautolease.com: A Guide to Getting Out of A Car Lease

More Information:

Enotes.com: Leasing a Car

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