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Leasing 101 New Jersey

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

Local Companies

Goodyear Motors Inc
(973) 777-0978
US Highway 46 N
Lodi, NJ

Warnock Automotive
(973) 644-3200
170 Ridgedale Ave
Morristown, NJ

Hetrich Family of Auto Dealers
(732) 671-6200
1255 State Route 35
Middletown, NJ

Towne Hyundai
(973) 366-7777
3170 State Route 10
Denville, NJ

Avis Volkswagen Inc
(856) 358-2128
Harding Hwy
Elmer, NJ

Bentley Truck Service Inc
(856) 467-4446
300 Fow Ave
Swedesboro, NJ

Woodbridge Dodge Inc
(732) 826-1222
450 King Georges Rd
Woodbridge, NJ

Clinton Ford
(908) 735-7117
1705 State Route 31
Clinton, NJ

Sea Coast Chevrolet & Olds Inc
(732) 681-2727
800 Main St
Belmar, NJ

Highland Cars Inc
(973) 574-8668
971 Main Ave
Passaic, NJ

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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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Read more about Leasing 101

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For those who cannot afford to buy a new car, leasing a car is a great option. In the following article, you'll learn how to get the best lease for your driving needs.

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Regional Articles

- Leasing 101 Absecon NJ
- Leasing 101 Asbury Park NJ
- Leasing 101 Atlantic City NJ
- Leasing 101 Barnegat NJ
- Leasing 101 Basking Ridge NJ
- Leasing 101 Bayonne NJ
- Leasing 101 Bayville NJ
- Leasing 101 Belle Mead NJ
- Leasing 101 Belleville NJ
- Leasing 101 Belmar NJ
- Leasing 101 Bergenfield NJ
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- Leasing 101 Bordentown NJ
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- Leasing 101 Caldwell NJ
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- Buying vs. Leasing New Jersey

More than 30% of consumers opt to lease a car instead of purchase it.

- Car Leasing Or Car Buying New Jersey
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- Auto Leasing Pros and Cons New Jersey
- Vehicle Leases New Jersey
- Auto Leasing Basics New Jersey
- Car Shopping Decisions New Jersey
- New Car Leases New Jersey
- Issues On Car Leasing New Jersey

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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