Q: Who is responsible for insuring a leased vehicle?
A: With a lease, the customer or lessee is reponsible for obtaining and paying for insurance on the vehicle.  The vehicle must have full insurance coverage, including a minimum of $1,000,000 personal liability coverage, and maximum of $250.00 deductible on collision and comprehensive coverage.

Q: Who is responsible for maintenance and repairs on a leased vehicle?
A: Just like a traditional finance, the customer is responsible for all necessary maintenance and repairs, including oil changes, filters, brakes, tires, and other items not covered by the manufacturer's warranty.  If a leased vehicle does not have any manufacturer's warranty remaining, the customer would be responsible for any mechanical repairs.  Extended warranties are available for a reasonable monthly premium on most leased vehicles to protect the customer from expensive repair bills.

Q: Is it possible to lease a late-model used vehicle?
A: Absolutely!  Many people have the misconception that leasing applies to new vehicles only.  Leasing may be a very feasible financing option on a used vehicle, enabling the customer to obtain low monthly payments.  Keep in mind that interest rates on used vehicles tend to be higher than on new ones, and available financing terms are usually shorter.

Q: Will I be stuck paying fees and repair bills at the end of a lease?
A: If you choose to purchase the vehicle at the end of the lease term, there are no additional fees to be paid.  However, if you turn the vehicle in, you could be faced with additional charges if you have exceeded the allowed kilometre restrictions, if you have not performed required maintenance on the vehicle, or if you have not repaired any damage caused to the vehicle during the lease term.  If you are within your kilometre restrictions, have performed the required maintenance, and there is no damage to the vehicle, there would be no reason to expect any further charges.

Q: When the lease term is completed, will I own the vehicle?
A: No.  In order to own the vehicle, you must pay the buyout or lease end value amount plus any applicable taxes.