This acknowledgment explains how LeasePass works and what makes vehicles eligible for buyback. LeasePass is a non-cancellable, optional vehicle buyback program that provides the following benefits if eligibility conditions are met. It is not insurance, a warranty, service contract, or debt cancellation, and does not alter loan or lease obligations. This acknowledgment is not part of your Retail Installment Sales Contract or Lease Agreement.

LeasePass will buy back your vehicle any time after 12 months from the start date of your loan or lease, or your LeasePass purchase date, whichever occurs later. LeasePass purchases your vehicle by paying off the remaining loan or lease balance to your lender (the “Buyback Amount”), even if the vehicle’s value is lower. Customers remain responsible for any missed, skipped, or deferred payments, and any remaining balance of prior negative equity (rolled in from a previous vehicle). If your vehicle is refinanced, program participation ends.

Vehicle Condition. At turn-in, the vehicle goes through a standard inspection, similar to a lease return or trade-in, and its condition is evaluated using the LeasePass Wear and Tear Guide (leasepass.com/wear-and-tear). The vehicle should be in clean condition, free of warning lights, and without serious mechanical issues. Normal wear is acceptable. Excess wear, damage, or incomplete repairs may reduce the Buyback Amount based on estimated repair costs. If an accident appears on the vehicle’s history report, the Buyback Amount may be reduced for diminished value, similar to a trade-in. Minor and moderate accidents do not affect buyback eligibility. Only rare, severe damage that makes a vehicle unsafe or unsellable could prevent a buyback. Recall work and necessary repairs are expected to be completed. A clear title is required (no salvage history, branding, or unresolved liens).

Mileage. There is no mileage cap. The Buyback Amount is reduced by $0.15 per mile over (a) the prorated lease allowance, or (b) 18,000 miles per year (1,500 per month) for financed vehicles.

Vehicle Modifications. Common accessories and upgrades (such as window tint, wheel refinishing, or powder coating) are acceptable when professionally done. Modifications that cannot be reversed or that clearly reduce resale value may affect buyback eligibility.

Turn-In Process. Turning in a vehicle requires 30 days’ notice at leasepass.com/turn-in with a current payoff statement and this acknowledgment. The vehicle should be made available for inspection within 3 business days after notice is given. The program arranges the inspection and provides a convenient drop-off location within your metro area. All turn-ins follow standard lender or lessor procedures, which may vary by institution. To ensure clear title transfer, the vehicle should be free of unpaid tickets, tolls, or penalties.

By signing below, you acknowledge receiving this information, understand the LeasePass details, and that no verbal statements change them. You acknowledge that LeasePass is administered by LeasePass LLC, not the dealership, and that this acknowledgment creates no obligations for the dealership.