Gap insurance covers the rest of the lease and the residual cost of the car in case of a total loss. Standard insurance is also necessary since you are responsible for repairs and maintenance while you are driving the car. Return to Top A Final Note Look at more than at the low monthly payments before entering into a lease. Make sure you have considered all of the fees and stipulations described above, and figure out what the lease would really cost you per month. Leasing companies are required by law to disclose in TV and print advertising all required fees and payments, as well as the type of lease it is.
Some ads now refer consumers to a toll free number or printed ad for complete details on a lease.
Be sure to obtain a statement of figures from the leasing company to see how your base monthly payments were determined. This will show you the capitalization cost, residual, and money factor. Contact the Better Business Bureau to check out the firm's reliability before you negotiate with any automobile dealer or leasing company. Consumers with leasing disputes can submit to binding arbitration through the New York State Attorney General's Office.