Leasing 101 Las Cruces NM

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

Local Companies

Jack Key
(505) 524-7741
1840 N Main St
Las Cruces, NM
Interstate Auto Sales Inc
(505) 647-9465
1412 Portland Dr
Las Cruces, NM
Bravo Chevrolet Cadillac
(505) 527-3880
1601 S Main St
Las Cruces, NM
Tower Auto Sales
(505) 524-4227
855 S Valley Dr
Las Cruces, NM
E & G Auto Sales
(505) 527-1330
1600 W Picacho Ave
Las Cruces, NM
Saturn of Las Cruces
(505) 521-1900
860 N Telshor Blvd
Las Cruces, NM
Wayne's Auto Sales
(505) 373-0417
6235 N Main
Las Cruces, NM
Borman Autoplex
(505) 525-4500
470 W Boutz Rd
Las Cruces, NM
Jack Key Motor Co of Alamogordo
(505) 524-7741
1840 N Main St
Las Cruces, NM
Sandoval Dodge
(505) 882-2442
955 S Valley Dr
Las Cruces, NM

provided by:
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
Related Articles
- Financing A New Acura Purchase Las Cruces NM
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.
- Car Shopping Decisions Las Cruces NM
- Auto Leasing Pros and Cons Las Cruces NM
- Basic Rules On Leasing Las Cruces NM
- Car Leasing Or Car Buying Las Cruces NM
- Buying vs. Leasing Las Cruces NM
- New Car Leases Las Cruces NM
- Issues On Car Leasing Las Cruces NM
- Vehicle Leases Las Cruces NM
- Auto Leasing Basics Las Cruces NM
Related Articles
- Financing A New Acura Purchase Las Cruces NM
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.
- Car Shopping Decisions Las Cruces NM
- Auto Leasing Pros and Cons Las Cruces NM
- Basic Rules On Leasing Las Cruces NM
- Car Leasing Or Car Buying Las Cruces NM
- Buying vs. Leasing Las Cruces NM
- New Car Leases Las Cruces NM
- Issues On Car Leasing Las Cruces NM
- Vehicle Leases Las Cruces NM
- Auto Leasing Basics Las Cruces NM

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
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