10 Auto Lease Questions to Ask Your Dealer

How car leasing work?

What is an Auto Lease? How Does Leasing a Car Work?

Are you looking for answers about what is car leasing? or how does leasing a car work, then you’re in good company. Some of us may not be familiar with all the benefits of leasing a car. There are, in fact, many auto leasing alternatives available.

Generally speaking, vehicle leasing is the rental of a car, truck, SUV, minivan, sports car, or electric car for a fixed time period. Auto dealers offer vehicle leasing as an another option to traditional auto purchase or financing. It is commonly used by companies when acquiring business vehicles. In general, leasing a car costs less than buying a car, although there are several restrictions, such as vehicle mileage limits and non-customization agreements, that can determine whether it is better to lease or buy a car.

Let’s examine our ten most commonly asked questions regarding auto leasing.

    • Is It A Good Idea to Lease a Car?

The benefits of leasing a car are unique. You cannot get them with other auto financing offers. These benefits include not having to trade or sell an old car or truck, lower payments, and maintenance provisions. For even more details on the benefits of leasing, our car finance department is standing by to answer all of your questions.

    • Is It Better to Lease or Buy a Car?

Deciding whether to lease or buy depends on many factors. If you drive a lot of miles annual and like to keep your vehicles for longer than five years, leasing won’t be very beneficial for you. However, if you look forward to getting a new car every three to five years and have no interest in the trade-in/selling process of your current vehicle, you could be a prime candidate for an automotive lease. Essentially, the difference between auto leasing or buying really comes down to your financial, automotive, and personal priorities.

    • Can You Lease a Used Car?

Yes, you can lease a used car. This type of ‘used car leasing’ is a little known ‘secret’ among car dealers but most dealerships do offer Certified Pre-Owned leasing specials on CPO vehicles less than four (4) years old and with less than 48,000 miles on the odometer.

    • How Much Does Car Leasing Cost?

Many manufacturers and dealerships offer zero-down lease deals. Of course, there are varying factors that qualify or disqualify customers from these kinds of leases. Factors like credit scores, credit payment history, etc. Just don’t forget that paying nothing down typically means greater monthly payments. Car leasing, like traditional auto financing, works like this: the bigger the down payment, the lower the monthly payment.

    • Can One Get a Deposit Back When Auto Leasing?

Usually a deposit is refundable at the termination of a lease. At least this is true when all leasing contract obligations have been met. Please note that a deposit (a.k.a. a security deposit) is not the same thing as a down payment. A down payment is not refundable but security deposits typically are. It is important to note some leases require non-refundable deposits. Therefore, read your lease agreement diligently and ask questions before you sign on the dotted line.

    • May I Purchase the Vehicle I am Leasing?

Most auto leasing contracts have buy-out clauses in them in the event that you fall in love with your vehicle and would like to purchase it. Keep in mind the purchase price of the car may vary. This depends on the residual value of the vehicle after the lease agreement has expired. There are options to purchase your leased car prior to the completion of the contract. For this, however, you will need to speak with a leasing representative. Only they can provide these buy-out details and take care of any early termination fees that may apply.

    • What Credit Score Do I Need To Lease a Car?

Typically, a credit score lower than 619 is classified as “subprime”. While this type of credit won’t typically be automatically declined, a 619 or lower credit score means you will likely have to pay a higher interest rate and/or down payment. Luckily, there are a lot of steps you can take to improve your credit score like apply for too many loans, employment history, and consistent on-time payments.

    • Can You Lease A Car With Bad Credit & No Money Down?

While it is not impossible, it is difficult to lease a vehicle if you have a poor credit rating and no money for a down payment. Most zero-down lease offers require a healthy credit rating. But don’t worry, there are plenty of options available for car shoppers with less-than-stellar credit scores. To explore your leasing options, simply contact our financing team.

    • Does A Car Lease Include Maintenance?

Maintenance provisions are one of the most popular benefits of leasing a car. Of course, specifics may vary within specific lease contracts, but most leases will cover your leased vehicle’s normal maintenance and service needs. These include filter and fluid changes, normal tune-ups, and regularly scheduled maintenance typically doesn’t cost anything out of pocket.

    • Can I Turn In My Leased Vehicle To A Different Dealer?

Generally speaking, yes, you can trade in your leased vehicle at a different dealership. It must, however, be an authorized dealership for the vehicle manufacturer. Obviously, you can’t turn your Audi into a Chevy dealership. That said, however, you absolutely can turn a leased Ford, for example, into any authorized Ford dealership across the nation. Again, assuming all obligations have been fulfilled.

Request More Info About Vehicle Leasing Today

If you have more questions about our current promotions, vehicle lease offers, or related topics, then contact us today. Our team of leasing specialists are waiting to answer all your questions.

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