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Leasing 101 New Jersey

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

Local Companies

Fine Cars Inc
(856) 451-2810
1007 N Pearl St
Bridgeton, NJ

Saturn of Denville
(973) 361-0400
3103 State Route 10
Denville, NJ

Bob Ciasulli Jeep
(973) 237-6030
1485 US Highway 46
Little Falls, NJ

East Coast Toyota Scion Sales & Service
(201) 939-9400
85 State Rt 17
Wood Ridge, NJ

Ed Van Ness Motors Inc
(973) 694-1000
State Highway 23 N
Wayne, NJ

Meadowlands Freightliner
(201) 939-7708
325 Orient Way
Lyndhurst, NJ

Prestige Internet Sales
(201) 529-1300
161 Franklin Tpke
Mahwah, NJ

Cambria Mack Trucks Inc
(908) 354-2100
565 Dowd Ave
Elizabeth, NJ

Honda Authorized Sales & Service
(973) 705-9300
1477 N Broad St
Hillside, NJ

Sea Gate Logistics
(973) 522-0555
61 Lincoln Hwy
Kearny, 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

- Financing A New Acura Purchase New Jersey

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.

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- Basic Rules On Leasing New Jersey

Deciding to lease a car is big decision. It is not an option for some as they prefer to own their vehicle.

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- Auto Leasing Basics New Jersey
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- Vehicle Leases New Jersey
- Auto Leasing Pros and Cons New Jersey
- Buying vs. Leasing New Jersey
- New Car Leases New Jersey

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