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Leasing 101 Florida

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

Local Companies

Lexus of Clearwater
(727) 726-6000
27547 US Hwy 19 N
Clearwater, FL

Countryside Ford of Clearwater
(727) 797-2277
24825 US Hwy 19 N
Clearwater, FL

Ed Morse Cadillac
276-2441
2300 S. Federal Hwy
Delray Beach, FL

Crown Acura
(727) 507-8866
18911 US Hwy 19 N
Clearwater, FL

Harberson RV-Pinellas, LLC
(727) 539-8714
17028 US Hwy 19 N
Clearwater, FL

Lokey Infiniti/Mercedes
(727) 531-4774
19740 U.S. 19 N.
Clearwater, FL

Maroone Chevrolet of Delray
454-3900
1111 Linton Blvd.
Delray Beach, FL

Switchtrader
954-437-3417
2460
Pembroke Pines, FL

SwitchTrader.com
954-442-7409
9000 Sheridan Street Suite 14
Pembroke Pines, FL

Clearwater Toyota
(727) 799-1234
21799 US Hwy 19 N
Clearwater, FL

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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

Lexus of Clearwater

(727) 726-6000
27547 US Hwy 19 N
Clearwater, FL

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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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