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Things I Should Know
- Whether you lease or buy, you need to insure your vehicle. In addition to insuring the vehicle, you must make sure that you have the amount of coverage required by your lease. This may be more than if you buy your vehicle. Ask your New Car Dealer what the insurance requirements are, (eg; collision deductible and liability minimum requirement)
- Whether you lease or buy, you are responsible for licensing and registering your vehicle. You are responsible for paying the license and vehicle registration fees during the term of the lease, just as if you bought the vehicle.
- Whether you lease or buy, you are responsible for maintaining your vehicle. Unless you have a lease that is a "full maintenance" lease, you are responsible for maintaining the vehicle according to the maintenance schedule set out in your Owner's Manual.
- Whether you lease or buy, you are responsible for repairing the vehicle. You will need to repair the vehicle as necessary. If you do not properly repair the vehicle, you may be charged Excess Wear and Tear.
- Whether you lease or buy, you are protected. There is a Canadian Motor Vehicle Arbitration Plan (www.camvap.ca).
CAMVAP is a free arbitration program available to you from participating manufacturers and leasing companies. If you qualify for arbitration under CAMVAP, the program will help you deal with any disputes between you and the manufacturer that might arise concerning manufacturing defects in your vehicle. Usually, your New Car dealer will work with the manufacturer to resolve your concerns.
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