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Leasing 101 Georgia

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

Local Companies

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

Jackson & Jackson Holding Inc
(770) 957-5284
439 Highway 81 E
McDonough, GA

Harry Lewis Chrysler Plymouth
(770) 775-3434
196 Alabama Blvd
Jackson, GA

Georgia Automobile Dealer
(770) 874-1860
2255 Cumberland Pkwy SE
Atlanta, GA

Riverside Kia
(478) 757-2002
4785 Riverside Dr
MacOn, GA

Tyson Center Auto Sales Inc
(770) 716-0635
1233 Highway 54 W
Fayetteville, GA

A J Auto Brokers Inc
(770) 471-8474
194 Jonesboro Rd
Jonesboro, GA

Chuck Clancy Automotive
(770) 382-5885
539 E Main St
Cartersville, GA

Warner Robins Ford Lincoln Mercury Inc
(478) 922-2468
Warner Robins, GA

Kate & Kenzie's Auto Sales
(770) 868-1045
935 Highway 124
Winder, GA

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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.

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Featured Local Company

Paul Teryl

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

Read more about Leasing 101

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Lease or buy? It's a decision that many college students have to make each year when they venture into the world of car shopping.

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- Auto Leasing Pros and Cons Georgia

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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Cars	Food & Beverage	Internet	Technology
Computer Hardware	Franchise	Legal	Telecommunications
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Education	Holidays	Nightlife	Travel
Entertainment	Home Appliances	Online Database	Weddings
Environmental	Home Electronics	Pets	World History