Car leasing companies are slightly different than car buying companies. Many lenders will offer both lease and purchase options. Many people don't fully understand how leases work and end up paying more than they should. Here are some things you need to know when it comes to your auto leasing company choice.
See the latest car lease deals >>
Does It Cost to . Many companies will work with the dealers and in some cases even with private sellers, to lease a vehicle to you. While this isn't a common practice, it can be done. It's typically seen more often with higher end used cars and luxury models. If you are looking for an affordable way to drive a high end model, this may be the option for you.
Will All Companies Tack on Extra Charges at the End of the Lease?
The answer to this one is yes and no. All lease companies will have stipulations that you must agree to in the lease contract. The most common relate to mileage limitations, body work, tires and other things that most people consider to be normal wear and tear. Unfortunately, most contracts will want the vehicles back in almost the same condition as it left the lot. The difference comes with the amount of money the contract stipulates for these things. If you run over your miles you can pay anywhere from 20 cents to 50 cents a mile for each mile over the allowed allotment. 20 cents a mile isn't too bad, but 50 cents a mile can add up to extra expensive fees. If you have chips in the windshield you will need to have these fixed before you turn the car in. A lot of the normal "wear and tear" type damage can be covered under your comprehensive insurance policy and may not cost you anything. Definitely have all of these things done before you turn the car in to ensure the fees are kept to a minimum.
Will All Lease Companies Require Full Coverage Insurance?
Most definitely. In fact, not only will you need full coverage insurance on your vehicle, many lease companies will require you carry full comprehensive coverage too. Even more, some companies will require that you carry policies with $0 deductibles. This can make your insurance premiums skyrocket. When you look for lease companies ask them what their policies are on insurance coverage.
