Vehicle Leases New York

Before leasing a vehicle, consumers should be aware of how leasing works plus the advantages and disadvantages of leasing compared to buying. To learn about these differences, read the following article.

Local Companies

Enterprise Rent A Car
(718) 227-8126
6381 Amboy Rd
Staten Island, NY
U-Haul Company
(718) 424-3380
9111 Roosevelt Ave
Jackson Heights, NY
Penske Truck Rental
(718) 932-0404
2401 Brooklyn Queens Expy
Woodside, NY
U-Haul Company
(951) 736-7811
314 E 6th St
Corona, NY
Joey's of New Paltz
(845) 255-5666
87 North Chestnut Street
New Paltz, NY
Bicycle Depot
(845) 255-3859
15 Main Street
New Paltz, NY
Enterprise Rent A Car
(718) 726-9000
3233 62nd St
Woodside, NY
Van City
(718) 779-0707
5705 Broadway
Woodside, NY
Rebate Rent A Car
(718) 544-3838
11045 Queens Blvd
Forest Hills, NY
Allstar Rent A Car
(212) 563-8282
325 W 34th St
New York, NY

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Before leasing a vehicle, consumers should be aware of how leasing works plus the advantages and disadvantages of leasing compared to buying.

Leasing a vehicle is similar to renting a car or truck; you pay for the time that you drive it. Leasing also involves paying for the depreciation a vehicle incurs during the lease period. The depreciation value is based on industry and economy trends, normal wear and tear and the vehicle manufacturers’ reputation for quality.

Leasing companies are subsidiaries of car manufacturers and financial institutions such as banks and credit unions. Auto dealerships act as intermediaries between the leasing customer and the leasing company. The dealership sells the car to the leasing company and sets up the lease agreement with the customer on behalf of the leasing company. After the lease agreement is final, the auto dealership is on longer involved. The customer makes monthly payments to the leasing company.

Generally, leases last for 24 to 48 months and the monthly payments are much lower than car loan payments. However, at the end of the lease, the customer does not own equity in the vehicle. The leasing company actually owns the vehicle, so it is in the company’'s best interest only to lease for the duration of the manufacturers’ warranty. It is also in the customers’ best interest to have full warranty coverage because any mechanical problems will be their responsibility.

To qualify for a lease, customers must have a high credit rating. Leasing companies need to be confident that a leasing customer is financially responsible, since the vehicle is essentially ”loaned” to the customer for a specific period of time.

Some salespeople may claim that leasing a car makes the price non-negotiable; this is not true. In addition to the commission from the car sale, the salesperson also receives a percentage from the leasing company. The auto dealership sets the final price, not the leasing company, so customers should negotiate the price the same way they would to buy.

After the lease has expired, customers can choose the option to buy the vehicle by paying the remaining value plus fees or they can lease a new vehicle. However, if the vehicle’s condition does not meet industry standards for normal wear and tear, the customer may end up paying extra at the end of their lease.

The attractions for consumers to lease a vehicle are low monthly payments and they get a new car or truck every few years. On the other hand, the monthly payments do not result in any equity and some consumers like the idea of eventually owning their vehicle.

References

How Leasing Works. Retrieved October 3, 2006, from LeaseGuide.com Web site:
http://www.leaseguide.com/lease07.htm

Lease vs. Buy. Retrieved October 3, 2006, from LeaseGuide.com Web site:
http://www.leaseguide.com/lease03.htm

What is Leasing?. Retrieved October 3, 2006, from LeaseGuide.com Web site:
http://www.leaseguide.com/lease02.htm

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Featured Local Company

Enterprise Rent A Car

(718) 227-8126
6381 Amboy Rd
Staten Island, NY
http://www.enterprise.com

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