Leasing 101 Duluth GA

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

Local Companies

Gwinnett Place Honda
(678) 957-5000
3325 Satellite Blvd
Duluth, GA
Acura Carland
(770) 623-9211
3403 Satellite Blvd
Duluth, GA
Infiniti of Gwinnett-Atlanta
(678) 812-8500
3090 Satellite Blvd
Duluth, GA
Gwinnett Place Nissan
(770) 476-7771
3230 Satellite Blvd
Duluth, GA
Volvo Authorized Factory Dealer
(678) 475-9330
3373 Satellite Blvd
Duluth, GA
Lou Sobh Pontiac Buick GMC Inc
(770) 232-0099
2473 Pleasant Hill Rd
Duluth, GA
Hennessy Dealerships
(770) 680-5000
3423 Old Norcross Rd
Duluth, GA
Volvo Parts of North America
(770) 813-9125
3020 Evergreen Dr
Duluth, GA
Gwinnett Place Kia
(678) 804-2100
2493 Pleasant Hill Rd
Duluth, GA
Atlanta Toyota A Unitedauto Dealership
(770) 476-8282
2345 Pleasant Hill Rd
Duluth, GA

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2003 Porsche Boxster
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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

Paul Teryl

(706) 745-2002
5724 Dills Rd. Extension
Blairsville, GA

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Once you have decided to get a new Acura, visit the manufacturer’s website for details on what is available and how to locate the dealers closest to your location. With this information you are ready to start getting quotes so that you can aquire your vehicle.
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