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Leasing 101 California

When you lease, you are paying for the use of a vehicle.

Local Companies

Mercedes-Benz of Fresno
(559) 438-0300
7055 N Palm
Fresno, CA

Clawson Honda of Fresno
(559) 435-5000
6346 N. Blackstone Avenue
Fresno, CA

Executive Auto Sales and Detailing
(559) 222-9191
116 E San Jose Ave
Fresno, CA

Kitahara Pontiac Buick GMC
(559) 431-2020
5515 N Blackstone Ave
Fresno, CA

Lithia Automotive Group
(559) 435-3500
5580 N Blackstone Ave
Fresno, CA

Lithia Ford of Fresno
(559) 435-8400
195 E. Auto Center Dr
Fresno, CA

Weber BMW
(559) 447-6700
7171 N Palm Ave
Fresno, CA

Lithia Dodge of Fresno
(559) 431-4000
6162 N Blackstone Ave
Fresno, CA

Lost Campers
(415) 632-9773
2955 Third St.
San Francisco, CA

MILLER TOYOTA/SCION OF ANAHEIM
(714) 879-6300
1331 N. Euclid St
Anaheim, CA

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Understanding Leases

When you lease, you are paying for the use of a vehicle. Your payments cover the cost of the vehicle's depreciation over the time you drive it, rather than the purchase price. When the lease is up - typically in two to four years -- you must return the vehicle or purchase it outright. This article will explain what you need to know if you're considering a lease. Before you make your final financing decision, you should also review our articles on loans and the differences between loans and leases.

How lease payments are calculated

To calculate a lease payment, the financial institution (the "lessor") estimates the amount the vehicle will depreciate over the lease period, adds the interest being paid by the lessor to finance the car while you drive it and several other fees. Many leases can be started with 'no money down,' although a down payment ensures lower monthly payments.

The Federal Reserve Board recently enacted consumer-friendly legislation that requires dealers to disclose all the key variables of a lease: the interest rate, residual value, length of lease, and size of down payment.

The two- to three-year lease

Short term leases work for those who want a brand-new vehicle every few years. The manufacturer covers major maintenance costs for the duration, and you usually pay for required servicing. A major concern: if you terminate this type of lease early, you'll most likely pay severe penalties. Returning the car when the lease is up When a lease expires, you can either buy it, or return it. If you return it you must do the following:

Return the vehicle in its original state with no accessories, modifications, or different parts.
Make sure the vehicle is in good shape, with no excessive "wear and tear." There are penalties for damage or rough treatment.
Meet mileage limits, usually around 12,000 - 15,000 miles. You will be charged anywhere from 10 to 15 cents for every mile you drive over the limit, which can really add up. For example, if you drive 20,000 miles per year for three years on a 12,000 mile/15 cent lease, your penalty would be $3,650.

Continue to Leasing 101 Review from MyRide.com

Featured Local Company

Mercedes-Benz of Fresno

(559) 438-0300
7055 N Palm
Fresno, CA

Read more about Leasing 101

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- New Car Leases California
- Auto Leasing Basics California
- Car Leasing Or Car Buying California
- Car Shopping Decisions California
- Basic Rules On Leasing California
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- Auto Leasing Pros and Cons California
- Issues On Car Leasing California
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Regional Articles

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- Issues On Car Leasing California

Keeping your vehicle looking great is a concern for car owners and car leasers alike. Car owners want to protect the value of their car and leasers want to keep from paying fees at the end of their lease term, and both want to be reflected in a great way by their cars appearance.

- Vehicle Leases California
- Auto Leasing Pros and Cons California
- Basic Rules On Leasing California
- Buying vs. Leasing California
- Auto Leasing Basics California
- Car Leasing Or Car Buying California
- Car Shopping Decisions California
- New Car Leases California
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Advertising	Family	Home Services	Real Estate Resources
Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
Career	Financial Services	Insurance	Software
Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
Construction	Health	Miscellaneous	Trade Shows
Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History