Today, many different reference guides are used by leasing companies throughout Europe, some with more precision and transparency for the different actors than others.
A standard European reference is crucial to harmonize and build the trust necessary for the leasing business, from the rental of the vehicle, through the end of its leasing life, to its resale.
With this in mind, CARA, the Car Remarketing Association, wishes to create a document that spreads a standard for end-of-lease return assessments, one that is recognized globally and accessible to all. The goal is to allow a clear understanding of the impacts involved, for all stakeholders, be they professional or personal.
In particular, we wish to bring a consensual framework to the end-of-lease return processes that are common and shared by all stakeholders, in a simple and transparent manner.
The end-of-lease return is a crucial moment in the life cycle of a vehicle for renters and for leasing companies. The assessment of the vehicle allow the driver, or renter, to know if any repair costs will be charged, to whom, and why. The assessment also lets leasing companies know the condition of the vehicle being returned, thus allowing for a more accurate estimate of the vehicle’s value.
This document is not just a technical manual for inspectors or for representatives from leasing companies, but also for anyone who has a rental or leased car and wishes to understand the processes, restrictions and conditions of an end-of-lease return assessment.
No engine check is described regardless of vehicles energy. Underbody check isn’t described and must be defined according to contractual needs.