Leasing 101 Matthews NC

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

Local Companies

City Chevrolet Company
(704) 536-1410
5101 East Independence Boulevard
Charlotte, NC
Folger Automotive
(704) 536-9635
5701 East Independence Boulevard
Charlotte, NC
foreign cars italia
(704) 535-7100
5216 East Independence Boulevard
Charlotte, NC
Infiniti of Charlotte
(704) 847-9010
9103 E Independence Blvd
Matthews, NC
Liberty Pontiac
(704) 708-8000
9028 E Independence Blvd
Matthews, NC
Harris Cars Inc
(704) 684-0063
3460 Gribble Rd
Matthews, NC
Flynt's Truck and Auto Sales
(336) 226-8222
2319 N Church St
Burlington, NC
Two Rivers Auto Sales
(252) 398-5511
739 US Highway 13 S
Ahoskie, NC
Hunter Chevrolet-Volvo-Subaru-Hyundai Co Inc
(828) 693-8661
2520 Asheville Hwy
Hendersonville, NC
Salisbury Motor Co
(704) 636-1341
700 W Innes St
Salisbury, NC

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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

City Chevrolet Company

(704) 536-1410
5101 East Independence Boulevard
Charlotte, NC

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Related Articles
- Issues On Car Leasing Matthews NC
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 Matthews NC
- Car Leasing Or Car Buying Matthews NC
- Buying vs. Leasing Matthews NC
- Vehicle Leases Matthews NC
- Financing A New Acura Purchase Matthews NC
- Auto Leasing Pros and Cons Matthews NC
- Car Shopping Decisions Matthews NC
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