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Leasing a car - questions and some answers
Leasing a car - making financial decision. Car Lease is a Contract.
- How it works?
- Car Lease Pitfalls
- Simplified Car Lease Checker
- Close-End Vehicle Lease
- Open-End Vehicle Lease
Car Lease "DOs" and "DON'Ts" to consider in short!
Make sure you know as many aspects of your lease. Study before going to a local dealer. Know all the terms of the lease and do not take anybody's word for it -- especially the dealer's word!
|Do NOT lease a car if you can NOT afford it!
If your income is not stable and/or you can not cover lease and car insurance for the next four months think twice before getting into car lease.
|Consider your options
Go visit as many dealers in your and nearby area as you can. Check online and off-line information on a car you want to lease.
When visiting dealers - do NOT give away your financial information and Social Security number until you're ready for a lease!
Some dealers are quick to use your SSN to run a credit application which will slightly lower your Credit Score.
If you won't sigh a lease with this dealer - credit report will be run again by other dealer and your Credit Score will be lower which may increase your lease APR.
|Never enter a Balloon Lease!
Balloon payments didn't work for mortgages and they don't work for leases either. With a balloon lease, your payments are artificially low at the beginning, but payment will incrrease at some future date.
|Always "sleep on" a lease proposal
If you could - do not sign your lease the same day you have found a lease deal. Take as much information from the dealer, go home and do your research again. Let your relatives and/or friends take a look at your lease numbers and terms.
Never afraid to "call it off" before signing a lease - Car Lease is a contract!
|Don't lease a car for a term longer than the manufacturer's warranty!
If anything goes wrong during the lease after the warranty expires, it comes out of your pocket. If your engine dies two months before the end of your lease -- you'll pay for the engine repair.
You are responsible for all damages, repairs, brakes, tires, and maintenance on the car during the lease.