Leasing 101 Portland OR

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

Local Companies

Wentworth Chevrolet Subaru
(503)232-2000
107 S.E. Grand Avenue
Portland, OR
Scooter Street
503-232-0885
534 Belmont Avenue
Portland, OR
Freeman Motor Company
503-310-5555
7524 SW Macadam Avenue
Portland, OR
Jim Fisher Volvo
(503)295-5571
2108 W. Burnside
Portland, OR
Sunset Imports
(503)641-8600
4050 S.W. 139th Way
Beaverton, OR
ShrewdLease.com
503 969 3544
4332 harvey way
lake oswego, OR
Kuni Automotive - Corporate Office
503-372-7457
203 SE Park Plaza Drive
Portland, OR
Syd Dorn's Vehicle Buyer's Service
(503)643-4585
15422 SW Gibraltar Court
Portland, OR
Monte Shelton Motor Company
(503) 224-3232
1638 W Burnside St
Portland, OR
Brattain International Trucks
(503) 285-9300
61 NE Columbia Blvd
Portland, OR

provided by:
2003 Porsche Boxster
(Continue to more photos from MyRide.com)

 

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

Wentworth Chevrolet Subaru

(503)232-2000
107 S.E. Grand Avenue
Portland, OR

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- Financing A New Acura Purchase Portland OR
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.
- Auto Leasing Basics Portland OR
- Vehicle Leases Portland OR
- Car Shopping Decisions Portland OR
- Auto Leasing Pros and Cons Portland OR
- Basic Rules On Leasing Portland OR
- Buying vs. Leasing Portland OR
- New Car Leases Portland OR
- Car Leasing Or Car Buying Portland OR
- Issues On Car Leasing Portland OR

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