AUTOMOTIVE GROUP

ARNOLD AUTOMOTIVE GROUP • ARNOLD AUTOMOTIVE GROUP •ARNOLD AUTOMOTIVE GROUP •

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maintenance and repairs on the
vehicle, for licensing and regis-
tration fees and for insurance.
"Some people who lease cars
find their most unpleasant expe-
rience comes when it's time to
turn the car in," says Consumer
Reports. "New York state has
won settlements with several
leasing companies over what the
companies call 'excess wear and
tear' charges. That standard
clause allows the lease compa-
ny to bill for abnormal damage to
the car. But lease contracts sel-
dom define that term."
So one important caveat: Read
the lease agreement carefully.
To help you, here are some
standard leasing terms, as pub-
lished by the Automobile Club of
Southern California:
• Closed-end lease: Lets you
walk away from the vehicle at the
end of the lease period. You owe
nothing unless the car is dam-
aged. A closed-end lease guaran-
tees the cost to purchase the car
at the end of the lease if you have
a purchase option.
• Open-end lease: When sign-
ing an open-end lease, you and
the lessor will estimate what the
vehicle will be worth at the end
of the period. If the returned ve-
hicle is worth less than the esti-
mate — due to excessive mileage
or damage — you owe the differ-
ence. An open-end lease general-
ly offers lower monthly payments
but carries a greater risk.
• Residual value: What the car
will be worth when the lease is
up; it may be negotiable at the be-
ginning of the lease.
• Mileage limits: Most leases
limit mileage to 15,000 miles per
year. You pay 10 cents to 25 cents
per mile for mileage above the
limit.
• Early termination: There
may be a penalty for terminating
the lease early.
• End-of-lease costs: Careful-
ly read the lease agreement for
"excessive wear" charges; be sure
excessive is defined.
• Insurance and maintenance:
Be sure the lease agreement
spells out who provides insurance
coverage and maintenance, and
check your carrier's coverage lim-
its.
"Steer clear of leases that run
for more than four years or that
require substantial security de-
posits and up-front money," ad-
vises Consumer Reports.
Also avoid leases with short
mileage limits of 12,000 miles or
less per year, and those that re-
quire mandatory insurance or
costly low deductibles ($500 or
less) on your own insurance.
Consumers Union also points
out that leases from a car manu-
facturer are usually cheaper than
those from independent leasing
companies since automakers try
harder to reduce inventory.
Shop around. You can negoti-
ate lease deals as hard as you can
deals to purchase. El

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Gratiot Ave. at 12 Mile Road, Roseville, Michigan

"Just 25 minutes from the Birrn.ingham/Bloomfield area; off of 1-696

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ARNOLD AUTOMOTIVE GROUP • ARNOLD AUTOMOTIVE GROUP 'ARNOLD AUTOMOTIVE GROUP 'ARNOLD AUTOMOTIVE GROUP

STATE FARM INSURANCE

MARILYN J. GOLD•AGENCY

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26561 W. 12 Mile Road, Suite 203, Southfield, MI 48034

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Let
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Talking in THE JEWISH NEWS

Call the Jewish News Advertising Dept.

354-6060

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Fluids are the lifeblood
of a vehicle. Follow the
manufacturer's recommended
maintenance schedules for
trouble-free operation.

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