If you lease a new car, the factory warranty covers any mechanical repair not due to accident, abuse, or normal wear-and-tear. The factory warranty is a coverage plan provided by the original manufacturer of the car (Ford, BMW, Toyota, etc.).
Once the factory warranty expires, all repairs are paid for out of your pocket. Some drivers erroneously assume that leasing automatically provides vehicle protection as well. But lease and warranty terms are completely independent of each other.
Let’s say your lease has a three year term and the vehicle’s factory warranty term is also three years. This means that during the time you hold the lease, your repairs are covered. But what happens if you renew your lease? The factory warranty is not automatically renewed. In fact, factory warranties can never be renewed. Your best option? Get an extended vehicle protection plan.
Car warranties come with all new vehicles and act as guarantees against defective or poorly installed parts. Vehicle service contracts are agreements between a customer and contract administrator that the administrator will pay for select repairs. Vehicle service contracts may be purchased while a car is still under its factory warranty, but coverage really takes effect after the car’s warranty has expired.
Ideally, your lease will last for no more than 3 years, which is the length of most manufacturer’s warranties. The warranty should also cover the number of miles you will drive. Most car leases cap at 12,000 miles per year, which would be 36,000 at the lease’s end. By the time you turn in your car, the manufacturer’s warranty should be just running out. If you’re leasing a car for more than 3 years, the factory warranty will most likely expire before the end of the car lease.
Warranties are provided by the manufacturer, and service contracts can be purchased from the manufacturer or a third-party provider. New car warranties typically provide more comprehensive coverage than vehicle service contracts, but not always.
Vehicle Service Contracts or “VSC” refers to coverage that comprehensively pays for mechanical failures and repairs. You could purchase a service contract from the car manufacturer. Third Party companies and Dealers also offer Vehicle Service Contracts for their customers. These VSCs are not in any way warranties. Their services cover the number of funds that should have been paid to repair your car in places like Brooklyn, NY should your vehicle be in need of Auto Repair. It all depends on the policy you purchase, though. The services work just like a warranty and insurance. The policy expires when your car reaches the agreed number of miles determined from the policy or plan you purchased.
What Does a Vehicle Service Contract Cover?
There are so many different policies. Some service contracts do not cover every type of repair. Some cover repairs for clutches, brakes, and other common essential parts that could be repaired during regular car maintenance checkups. These service contracts provide and list the specific number of items they would cover from their contract. If an item is not on the list, anything goes wrong with that item; then it wouldn’t be covered.
There are several auto service contract providers who have serious exclusions. They get to refuse to provide one a service for different reasons.
For example, if a part of the car that’s not covered gets damaged and the service provider completely disagrees with fixing that part of the vehicle.
Some contracts only cover mechanical damages. These would deny claims from you on parts that are spoilt by normal wear and tear.
Different companies calculate the coverage by looking at the depreciation rate on your car. These contract providers would partially repair the costs based on the number of miles your car has been used to drive.
It’s best to check what your policy says whenever you need to go and get your car checked. Because that is the only way you’ll know which parts of your car would be fixed and the parts that may not be covered.
Fort Lauderdale’s Most Trusted Car Leasing Company
If you’re looking for car leasing in Fort Lauderdale or the Miami area, Signature Auto Group Florida is the place to be. As a leading leasing broker, we help customers with early lease exits, lease swaps, new leases, and everything in between. With two decades of experience in the New York area collected, our company is confidently expanding its expertise to the South Florida region.
Becoming the go-to company for early lease exits in Miami and Fort Lauderdale is no easy task, but with our commitment to customer service led by a motivated staff, our entry is already favored by most. Standing by you every step of the way, our company strives to guide you in the right direction. Whether buying, leasing, or selling, a dedicated team member is here to attend and impress.
Along with our excellent staff, Signature Auto Group Florida offers a diverse array of services, separating itself from other car dealers in South Florida.
Car Leasing Florida
Serving areas from Aventura to Boca Raton, our reach is vast. As such, our inventory is built to serve all types of clients. With an impressive list of available cars for lease in Miami, we have a special vehicle for everyone.
Leasing a car is beneficial for many consumers. It provides a way to save on costs while evading any long-term commitments. Drivers remain open to the possibility of new vehicles, always able to keep their driveways fresh.
With our extensive industry knowledge and decades-long relationships, we’ve been able to build one of the most desirable inventories around. With most makes and models available, our lot is the only place you need to visit for your next lease.
Contact Signature Auto Group Florida Today!
Signature Auto Group is the best destination for car leasing in the Fort Lauderdale and Miami area. We offer an extensive inventory made up of all makes and models, along with an experienced staff dedicated to making your next visit pleasant and straightforward.
We aim to provide as many avenues of communication as possible, allowing you to interact with our team in a manner that is most comfortable to you. Regardless of the question, feel free to email us directly at info@signatureautofl.com or use the built-in contact form. If you prefer a call instead, you can reach our team at (561) 709-2277.
You can also stop by our location to speak with us in person. We are located at 291 E Commercial Blvd, Fort Lauderdale, FL 33334.
Fort Lauderdale, Florida Car Leasing Return Center
If you have an car lease that is due to reach maturity, we at Signature Auto Group Florida can accept your lease return even if you did not lease it from us, all makes and models! Let us guide you through the process of turning in your current lease as well as provide all the information you need on leasing a new car.
If your lease is maturing soon, we suggest that a pre-inspection of your vehicle is conducted. This inspection will evaluate your vehicle’s condition using the Vehicle Condition Guidelines. After the inspection, we’ll provide you with a Vehicle Inspection Report, documenting your vehicle’s condition at that time. Save Big by returning your car with Signature Auto Group.
Fort Lauderdale, Florida Car Lease Transfer
A lease transfer works by allowing one driver to transfer their lease to another, who must qualify for credit approval with the finance company. A lease transfer is a simple process in which the name on a lease account is changed for the duration of the term. Other than the registered driver and the name on the lease, the remainder of the lease contract is unchanged. This includes mileage restrictions, wear-and-tear restrictions and the total length of the lease in months.
Fort Lauderdale Early Car Lease Buyout
Want to get out of your car lease early and into another car? Signature Auto Group Florida offers an early lease buyout program just for you. When you are leasing a vehicle, you can purchase your vehicle before the end of the lease contract. There are some instances when your car may be worth more on the market than your buyout price, and in this instance, you can actually make a profit!
