Auto Lease FAQ’S | Car Buying Services
What does it mean to lease a car?
Leasing a car is a way of driving a vehicle for a contacted amount of time, eliminating the financial risk of owning a car.
What do I need to know before I agree to lease a car?
Leasing a car has a couple of key factors. Always know what kind of budget you are willing to work with. Assess your driving habits. Make sure that the amount of miles a year that you drive is taken into account to avoid over mileage fees. Think about what type of vehicle suits your needs. Whether it's a SUV, sedan, sports car, coupe ETC. Make sure you are comfortable with a down payment if necessary.
Do I need good credit to lease a car?
Good credit is always easier but that doesn't mean you can't get approved for a lease. There are several financial intuitions that can assist in getting you approved for a car. Having a co-signer help can help significantly in getting approved or possibly putting more money down towards the lease. Dealers today are very helpful in assisting you to get approved for a car.
Is leasing a car cheaper or over financing a car?
Leasing a car can be much cheaper monthly than financing. When you are leasing, you are only paying for a fraction of the selling price of the vehicle after your lease term is up, the car goes back to the lien holder. On a finance you are paying for the entire selling price of the vehicle driving your monthly payment up.
What payments are due at the beginning of a lease?
Typically upfront costs are:
- First month payment
- Bank Fee
- Registration fee
- Local Sales Tax
- Documentation fee
- Dealer fee
How do I know if I'm getting a good deal or not?
The best way to confirm that the deal received is a good one is to check pricing against other competing dealers. This process is long, stressful and time consuming until getalease.com was born. Today anyone can go on our site and compare pricing from dealerships from all over to make sure the best deal is attained.
Who is responsible for the wear and tear and what are the charges for wear and tear?
In most cases the customer is responsible for wear and tear of a returning lease. Some brands do offer a "damage waiver" to accommodate returning customers. A damage waiver is a courtesy offered to the customer for a certain amount of damage on a leased car to be allowed for free of charge to the customer. Many dealers offer an extra damage waiver for a fee which can many times be rolled in to the lease payment. Contact your purchasing dealer for more info.
How long is my warranty and what does it cover?
The warranty offered on each vehicle is a factory warranty per brand and will cover all mechanical break downs to the vehicle each brand have their own warranties but in all cases a warranty is given on a new car lease.
Can I cancel my lease if I'm not happy?
A lease can always be cancelled. Unfortunately breaking a lease contract can be very costly. Always make sure that the lease acquired is what you want and at a comfortable payment to avoid having to cancel at a later date.
What do I pay when I return my lease?
In many cases lien holders have "disposition fees" this is a fee the lien holder charges to return the leased vehicles. Disposition fees are normally between $350-$600. Also if there are any damages on the vehicle that may not be covered by a damage waiver or the lien holder the customer is financially liable.
Do I need any special insurance or special coverage?
It is not necessary to have any special insurance on a lease. Although insurance coverage must be full coverage and cannot not be lower than $100,000/$300,000 for comprehensive and collision overages.
Can I buy the car after my lease expired?
Yes! You can buy the lease after it expires. Some lien holders may charge a small fee to purchase a vehicle.
When is the best time to lease a car?
Many people say at the end of the year have the best deals. In many ways they are right. Holiday season specials, end of the year specials, dealers need to hit quota ETC. Additionally the end of spring beginning of summer is also an aggressive season for car buying. Mainly because the next model year is on the way in and to move the current model year vehicles, aggressive deals are released.
Can I add more miles on my car in the middle of my lease contract?
Calling the lien holder to request more mileage is possible. Some lien holders allow it some don't. Contact the lien holder for more info.
Can I negotiate my lease?
Negotiating a lease payment is the same as negotiating a sale price on a new car. The beauty of getalease.com is the negotiating is done for you. No hassles, no haggling, no shifty sales tactics.
What about excess mileage charges?
Excess mileage charges may be applicable if the vehicle was driven over its allowed and contracted miles. Always assess your vehicle usage before entering a lease to avoid any additional charges.The penalty varies between lien holders. Contact your dealer for more info.