When it comes to whether to buy or lease a car the options can be confusing.
To help you make an informed decision we have provided the information below, we
hope you find it informative and useful.
Who Owns It
You do not own the car when you lease. You’re paying for the use of the vehicle,
but the finance institution that you leased it through actually owns it. This is
usually why you pay less per month in a lease than if you were to buy the car. .
Leases often do not require any type of a down payment. All you usually have
to pay is the first month’s payment, a security deposit, the acquisition fee and
other fees and taxes. But, as with a purchase, if you want to lower your monthly
payments you can always pay more upfront.
In most leases you don’t end up owning it so you don’t end up selling it. That’s
the financial institution’s job. Although you may have mileage limits and wear and
tear guidelines that, if you exceed them, could cost you extra money when you turn
your vehicle back in.
End of Payments
Most people return the vehicle at the end of the lease term. But some like to
purchase it during their lease or at the end. Others like to trade it in before
their lease is over. Just ask us about these different options before signing any
paperwork and we’ll make sure you have your lease set up the way you want it.