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Leasing 101 Texas

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

Local Companies

TRANSWORLD LEASING
972-465-3273
5601 N MacArthur Blvd
Irving, TX

Manuel Isuzu
(817) 788-2994
8075 Boulevard 26
North Richland Hills, TX

A & V Auto Sales
(210) 923-2448
3441 SW Military Dr
San Antonio, TX

Rose Ralph
(361) 289-2298
1732 Hunter Rd
Corpus Christi, TX

Circle D Truck Sales the
(325) 677-0474
4502 E Overland Trl
Abilene, TX

Ford Rental System
(903) 729-2171
2929 S Loop 256
Palestine, TX

Tyro Auto Sales
(979) 245-0392
1401 7th St
Bay City, TX

Alegria Auto Sales
(713) 928-6500
3131 Telephone Rd
Houston, TX

B & B Auto Sales
(409) 286-5143
987 Bryan Wolf Ln
Gilchrist, TX

Loop 12 Truck-N-Equipment Sales
(214) 631-2122
2014 McDaniel Dr
Dallas, TX

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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

TRANSWORLD LEASING

972-465-3273
5601 N MacArthur Blvd
Irving, TX

Read more about Leasing 101

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- Vehicle Leases Texas

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Business Services	Fashion	Industrial Goods & Services	Retail & Consumer Services
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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