6. Lease Termination; When Should the Appraisal be Performed?

Generally, most lease contracts stipulate the vehicle to be appraised no more than one month (30 days) before expiration of the lease agreement. The intent is to determine the subject vehicle’s “Fair Market Value” so the consumer and the lesser are better prepared to negotiate lease termination, residual buy-out, defending against miss-apportioned physical damages etc. to aid in obtaining a fair and equitable end of lease settlement without unwanted and unwarranted surprises for either party.

In the case of an early termination, it’s best to have the appraisal performed just prior to actually turning the vehicle in to ensure that all issues are recognized and resolved beforehand. There’s nothing worse than receiving notice weeks after turn-in advising hundreds, or even thousands of dollars in damages/repairs are owed which can no longer be verified! Most all Vehicle Value Experts appraisals will have accompanying documenting photographs to avoid such hidden and unexpected surprises.

Category: Appraisals FAQ

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