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Leasing 101 Ohio

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

Local Companies

Ryder Transportation Services
(513) 771-1133
2575 Commodity Circle
Cincinnati, OH

Mike Albert Fleet Management
(513) 563-1400
10340 Evendale Drive
Cincinnati, OH

AbsoluteAUTO Solutions,LLC
937-723-8767
2037 Needmore Rd.
Dayton, OH

Automobile Consumer Services Inc.
(513) 527-7700
6249 Stewart Road
Cincinnati, OH

Jake Sweeney Auto Leasing Inc. dba Jake Sweeney Auto Center Subaru
(513) 489-5253
8755 Fields-Ertel Road
Cincinnati, OH

Caldwell Leasing
419.564.1256
1888 Morse Road
Columbus, OH

Reichard Buick Pontiac Inc
(937) 224-8541
161 Salem Ave
Dayton, OH

Hermanon Auto Sales
(937) 277-7274
1930 Salem Ave
Dayton, OH

Elyria Hyundai
(440) 324-7700
845 Leona St
Elyria, OH

Rockys Truck and Trailer
(419) 683-0929
4732 Lincoln Hwy
Crestline, OH

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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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Featured Local Company

Ryder Transportation Services

(513) 771-1133
2575 Commodity Circle
Cincinnati, OH

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