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Leasing 101 Virginia

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

Local Companies

Lane & Sons Truck Sales & Service
(804) 231-4643
1829 Commerce Rd
Richmond, VA

Enterprise Rent-A-Car
(703) 684-6660
3100 Jefferson Davis Hwy
Arlington, VA

Barkhouser Ford Inc
(434) 793-1112
3604 Riverside Dr
Danville, VA

Atkisson Truck & Equipment Sales
(540) 582-5581
5921 Mallard Rd
Fredericksburg, VA

Mack Truck Inc
(703) 683-7010
Alexandria, VA

Compton Auto Sales
(276) 597-8732
Prater
Virgilina, VA

Passport Health
(703) 823-9000
Alexandria, VA

Goodpasture Motor Co Inc
(276) 669-0311
3415 Lee Hy
Bristol, VA

Atc Onlane
(540) 338-5400
17562 Deavers Ct
Hamilton, VA

Virginia L P Trucks Inc
(434) 246-8257
Stony Creek, VA

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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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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