What is the Best Car Lease Deal?
Knowing the basics of car leasing will save you money, stress and time. The below is a concise overview of what you need to find the best car lease deal!Vehicle Selection
- Compare multiple vehicles before making a choice.
- Look for brands and models with high residual or resale value.
- Learn current manufacturer and dealer leasing specials.
- Start by learning the MSRP and factory invoice prices of the vehicles you’re interested in.
- Negotiate the purchase price of the vehicle with the dealer.
- Start with the invoice price, aiming to pay less than MSRP.
- In most cases the dealership is not the car leasing company.
- Dealerships usually receive a commission from the leasing company.
- Many leasing companies are subsidiaries of the auto maker.
- Dealers can also offer leases from banks or private institutons.
- Check with a few banks and credit unions and compare their offers.
- Often independent leasing companies can offer better deals than you’ll find through a dealership.
- Leasing through a independent leasing company can be more time consuming, but the savings could make it worthwhile.
- Carefully read the lease contract before signing.
- Review your finances and confirm you can afford all leasing payments for the length of the term.
- Check the mileage limit and make sure it meets your needs. If you exceed the limit, you could pay up to $0.25 each additional mile.
- Compare different payment plans, for example making a larger down payment will lessen the amount of interest paid.
- Find out the exact amount you will need at signing.
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