You don't have any saved vehicles!
Look for this link on your favorites:
Once you've saved some vehicles, you can view them here at any time.
If you’re wondering what is car leasing, or how does leasing a car work, then you’re in good hands. Some of us may not be familiar with all the benefits of leasing a car. There are, in fact, more than a few auto leasing alternatives available these days.
In general, vehicle leasing is the rental of a car for a fixed period of time. Automotive dealerships offer vehicle leasing as another option to traditional auto purchase or financing. It is often utilized by companies when acquiring business vehicles. In general, leasing costs less than buying, although there are several restrictions, such as vehicle mileage limits and non-customization agreements, that can determine whether it is better to buy or lease a vehicle.
Today we are going to look at our ten most frequently asked questions regarding vehicle leasing.
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 three years, leasing won’t be very beneficial for you. However, if you look forward to getting a new car every two to three 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 personal, automotive and financial priorities.
Also, it is worth mentioning that some owners find high mileage leasing to be more beneficial in terms of financial safety and security than vehicle ownership. Statistically speaking, despite the overage fees you may pay when returning a high mileage leased vehicle, it is likely that you will come out ahead, compared to buying a car. High mileage causes a significant reduction at resale, but with leasing, it’s already taken in to consideration. Additionally, the more time you spend on the roads, the more susceptible to accidents you will be. Therefore, if or when that accident occurs on your own vehicle, you would receive wreck history on CarFax, as well as a resale/trade-in deduction for vehicle damage. With leasing, you are not responsible for the deduction in value from that accident.
There are many benefits of leasing a car that you just can’t get with other auto financing offers. These benefits include lower payments, maintenance provisions, and avoiding having to trade-in or sell your old vehicle. Foreven more details on the benefits of auto leasing, our car finance department is waiting to answer all of your questions.
Yes, you actually can lease a used car. This type of ‘used car leasing’ is a little known ‘secret’ among auto dealership but most do offer Certified Pre-Owned leasing specials on CPO vehicles less than four (4) years old and with less than 48,000 miles.
Are you wondering how much it costs to lease a car? If you’re wondering how much does it cost to lease a car, the good news is that it’s negotiable. Most dealerships and manufacturers 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 keep in mind that paying nothing down typically means higher monthly payments. Auto leasing, like traditional auto financing, works like this: the bigger the down payment, the lower the monthly payment.
Most auto lease contracts have buy-out clauses in them in the event that you fall in love with your car and decide to purchase it. Please note that 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 vehicle prior to the completion of the contract. For this, however, you will need to speak with a leasing representative. Only they can provide this exact info and take care of any early termination fees that may apply.
Normally a deposit is refundable at the termination of a lease. This assumes that all the leasing contract specifications have been met. Please note that a deposit (a.k.a. a security deposit) is not the exact same thing as a down payment. A down payment is not refundable but security deposits typically are. Also note that some leases require non-refundable deposits. Therefore, read your lease agreement carefully and ask questions before you sign on the dotted line.
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.
In general, credit score of 619 or lower is classified as “subprime”. While a subprime borrower isn’t automatically declined, a credit score lower than 619 means you will likely have to pay a higher interest rate and/or down payment. Luckily, there are various steps you can take to improve your credit score such as making on-time payments, consistent employment history, and applying for loans too many times.
Typically speaking, yes, you can trade in your leased vehicle at a different dealership. It must, however, be an authorized dealership for the vehicle manufacturer. It’s probably obvious, but you can’t turn a leased car into any other brand of dealership. You can, however, turn your leased Chrysler Jeep Dodge Ram into any authorized Chrysler Jeep Dodge Ram dealership across the nation. Again, assuming all your lease contract obligations have been fulfilled.
Maintenance provisions are one of the most popular benefits of leasing a car. Specifics will vary within individual lease contracts, but almost all leases will cover your leased vehicle’s normal maintenance and service needs. These include filter and fluid changes, regular tune-ups, and regularly scheduled maintenance typically do not cost the lessee anything out of pocket.
Do you have more questions about our current promotions, vehicle lease offers, or related topics? Then contact us today. Our team of highly knowledgeable car leasing agents are on hand to answer all your questions.
How to Get Approved for Car Leasing | Mike Smith Chrysler Jeep Dodge Ram