You must consistently maintain your lease during your contract. If your vehicle needs repair or maintenance upon its return, the bank will charge you for damages. Your factory warranty will pay for vehicle repairs that aren't maintenance or cosmetic-related. Otherwise, you must pay to return the car to good condition to avoid paying your leasing bank for the car's loss of value.
Factory Warranty Coverage
New cars come with a factory warranty, which covers many vehicle repairs during your lease term depending on the lease mileage and term that you chose. A vehicle's bumper-to-bumper warranty covers repairs for free as long as the repairs aren't related to body damage or maintenance issues. The warranty covers the interior components of your car and major components of the engine and transmission. A vehicle's powertrain warranty, which may be equal to or longer than its bumper-to-bumper warranty, offers coverage for major transmission and engine components only. Repairs covered under the vehicle's factory warranty are free but must be completed at a new car dealership.
Extended Warranty Coverage
You can purchase an extended warranty for your leased vehicle if the lease contract exceeds the term and mileage of your factory warranty. You may choose a warranty that offers the same coverage as your factory warranty or one with less coverage. Some extended warranties may exclude coverage originally offered by the car's manufacturer. If you should need repairs covered under your extended warranty, you can usually take your car to a certified shop or a same-make dealer. Expect to pay a deductible; most extended warranty companies require some out-of-pocket payment unless you chose a zero dollar deductible at the time of purchase.
Maintenance-Related Issues
With or without a warranty, any damages caused by your lack of maintenance are your responsibility. Items considered wear-and-tear, such as tire maintenance, oil changes or windshield wiper replacement, are not covered by factory or extended warranty coverage. If you should sustain damage from lack of maintenance, your warranty will not pay for repairs. For example, if you don't change your oil and damage your engine as a result, you must pay to repair the engine. Or, if you run over a curb or other object that damages your wheel or results in the need for an alignment, you must pay for repairs.
Vehicle Damages
Damages covered by insurance are also your responsibility. If your vehicle sustains any damage from accidents, theft, debris, animal impact or a hit-and-run accident, you must repair the vehicle to its original state before you return it to the leasing company. Otherwise, your leasing bank will bill your for damages. You must maintain a full-coverage insurance policy during the term of your lease, so submit an insurance claim for repairs or pay to fix the car yourself. Most insurance policies require a deductible payment for at-fault damages; the deductible is determined at the time you purchase your policy. Unless you chose a zero dollar deductible, you must pay out-of-pocket for a portion of repair costs.
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