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Leasing 101 Illinois

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

Local Companies

Uftring Auto Mall
(309) 694-0700
500 Fairlane Dr.
Peoria, IL
Jaguar Land Rover of Peoria
(309) 690-6100
7300 N. Allen Road
Peoria, IL
Neil Norton Cadillac - Pontiac
(309) 686-7099
1600 W War Memorial Drive
Peoria, IL
Pearl Automotive Group (Peoria Toyota Lexus
(309) 689-3000
7301 N. Allen Road
Peoria, IL
Uftring Nissan
(309) 690-6200
7400 North Allen Road
Peoria, IL
Heritage Buick - Mazda - GMC
(309) 693-2300
1500 Pioneer Parkway
Peoria, IL
Mike Miller Automotive
(309) 693-1222
2007 West Pioneer Parkway
Peoria, IL
Saturn of Peoria
(309) 691-2500
2300 W. Pioneer Parkway
Peoria, IL
Walters Brothers Harley-Davidson
(309) 697-1917
615 S. Maxwell Rd.
Peoria, IL
O & D Auto Sales Inc
(773) 626-4876
625 S Cicero Ave
Chicago, IL

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2003 Porsche Boxster
(Continue to more photos from MyRide.com)

 

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

Uftring Auto Mall

3096940700
500 Fairlane Dr.
Peoria, IL
Read more about Leasing 101

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