Leasing 101 Lawrence KS

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

Local Companies

Ellena Honda
(816) 221-6912
2957 Four Wheel Dr
Lawrence, KS
Jim Clark Motors Inc
(785) 843-3094
2121 W 29th Ter
Lawrence, KS
Noller Companies the
(785) 331-3110
647 Massachusetts St
Lawrence, KS
Laird Noller Ford-Lincoln-Mercury-Mazda-Mitsubishi-Hyundai
(785) 843-3500
935 W 23rd St
Lawrence, KS
Ellena Honda
(785) 843-0550
2957 Four Wheel Dr
Lawrence, KS
Mullen Ralph E
(913) 268-0303
11805 W 62nd St
Overland Park, KS
Olathe Chrysler Jeep
(913) 390-1191
1551 S Hamilton Cir
Olathe, KS
Lang Chevrolet Pontiac Buick Inc
(913) 557-1227
32575 Old Kc Rd
Paola, KS
Rockhill Transport
(316) 684-0331
8100 E 22nd St N Bldg 1900
Wichita, KS
Approved Auto of Olathe
(913) 782-6000
700 N Rogers Rd
Olathe, KS

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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

Enterprise Rent-A-Car

9133831515
5359 Merriam Dr
Kansas City, MO

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Related Articles
- Issues On Car Leasing Lawrence KS
Keeping your vehicle looking great is a concern for car owners and car leasers alike. Car owners want to protect the value of their car and leasers want to keep from paying fees at the end of their lease term, and both want to be reflected in a great way by their cars appearance.
- Basic Rules On Leasing Lawrence KS
- Car Shopping Decisions Lawrence KS
- Car Leasing Or Car Buying Lawrence KS
- Auto Leasing Basics Lawrence KS
- Vehicle Leases Lawrence KS
- Buying vs. Leasing Lawrence KS
- Financing A New Acura Purchase Lawrence KS
- New Car Leases Lawrence KS
- Auto Leasing Pros and Cons Lawrence KS

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