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Eric Larson
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You’ve come to the end of your lease and you like you car enough you want to keep it in the driveway. Just like buying a used car, there is some research to be done to nail a good deal.
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In order to get a good leasing deal, you need to understand leasing jargon. Read through this leasing glossary to get an overview of the basics:
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Your credit score is part of the leasing decision. When you apply for a lease, your lease company will typically look at your credit score to decide whether you to approve the application.
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Ever wanted to terminate your lease early, comfortable with the thought you weren’t going to be hit with hefty fees? You can if you transfer your lease to someone else.
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Leasing has been lauded as your cheapest ticket to keep up with the industry’s hottest vehicles and trends. The jury, however, is still out on leasing: with the industry long on hype and short on detail, it is difficult to distinguish between a genuinely good deal and a downright up-selling exercise.
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Too often when it comes to auto-leasing, people get so dazzled by the myriad terms and the jargon thrown their way that they end-up paying through the nose, relying on a dealer’s “help” than their own informed decision.
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For auto-consumers, crunching the numbers is one of the most difficult and confusing aspects of leasing. Take the finance charge on a lease for instance. Most people just don’t understand how this is calculated on capitalised cost AND residual value instead of just the capitalised cost. For most, it seems plainly obvious, just as is the case when purchasing, that a charge should be levied on the capitalised cost of the vehicle.
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Mention auto-leasing and most people will automatically assume a low- monthly payment. There is actually more than what meets the eye, and a number of fees are involved at various stages of the lease process.
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Despite aggressive low-interest financing, cash-back offers and other purchasing incentives offered by leading auto-makers to buyers, leasing numbers keep increasing steadily over the years. Leasing is not only an attractive financial proposition to most auto-consumers, but also a lifestyle and preference choice.
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A prepaid lease is a new type of lease which has made its foray into the market in recent times. In this lease, consumers forego the cycle of lease payments if they make a large payment at the beginning of the lease. There are two amounts in a conventional lease that incur charges and determine your monthly lease payments.
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142 free articles by Eric Larson
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