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Do's & Dont's of Car Leasing

Do's & Don'ts of CAR LEASING Most consumers are confused when it comes to car leasing. Here are a few things to help you figure out what you should and shouldn't do if you're thinking about getting into a lease. DO Negotiate the Purchase Price DONT Terminate Your Lease Early Special lease deals from the manufacturer typically offer the lowest lease payments, but you should still negotiate further. Think of a leasing contract like a rental contract. If you rent a house, you usually sign a long term contract and agree to pay penalties if you don't hold up your end of the bargain - same thing with car leasing - only worse! These subsidized lease deals offer inflated residual values and/or lower money factors which result in a lower lease payment. Every leasing company charges an early termination penalty that can be in the thousands of dollars. There are less expensive ways to get out of your lease early, but none of them are really attractive. Dealers have no control over the residual value or money factors, but they can negotiate the suggested selling price that goes along with the lease deal. Always negotiate the price (referred to as the capitalized cost) of the vehicle - even if you're getting a stellar lease deal. If you're going to lease a car, make sure you can commit to the length of the lease and follow through. DO DONT Accessorise a Read the Fine Print Leased Vehicle Extras • COOLRIMS • FANCY SEATS As much as you may want those fancy wheels or premium sound system, getting these kinds of accessories will hurt you financially when leasing a When you're shopping for a lease, you'll come across some ads that seem too good to be true. That's because they are. car. When you read the fine print, you'll notice the ad only applies to certain undesirable trim levels, has a driving limit of 10,000 miles per year, and/or has a large down payment and security deposit. When you factor in all these additional costs, it's really not as great of a deal as you first thought. Leasing companies have a limit on the retail value they assign for each model. If you over-accessorize the vehicle, you're going to be paying for equipment that you'll only use for 3 or 4 years. You're essentially buying this stuff for the next person that owns the vehicle, so be careful which options you add to the vehicle. Although, leasing your car is perhaps a better alternative. You don't want to be ripped off. That's why we let you choose everything you want for your new car. Check our website and see for yourself! Benchmark 01753 867430 I. Lease-a-car Reference: EX Small Print

Do's & Dont's of Car Leasing

shared by GeorgiaT on Aug 13
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