The security deposit is a refundable amount that is due at the signing of a lease contract. Typically, the security deposit is equal to one month’s lease payment. It can be rounded off to the nearest $25. You may be waived a security deposit if you have a good credit rating or a repeat customer.
The security deposit is refunded back to you at the end of the lease barring any excessive wear and tear or exceeding mileage limit. In this case, the appropriate amount is discounted prior to your refund. A large security deposit may also result in a reduction in the interest rate charged on the lease payments. A security deposit is different than the down payment as the latter is not refunded at the end of the lease.
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