VEHICLE LEASES
It May Sound Basic, But You Are Not Buying the Vehicle
Also, if you do buy at the end of the lease, you will pay thousands more than if you purchased it outright. May be worth it to you, but be smart and you will shine before you sign!
Ask Questions
- What is the residual? (What you pay at the end if you want to buy)
- What is the early termination fee?
- What is the termination fee even if I carry the lease to the end?
- What is my mileage limitation (per month) and how much do I owe if I am over?
Don’t Get Caught In the Monthly Payment Game
The salesperson will ask you, What monthly payment are you looking for? Be careful, as you may be able to get it cheaper by asking a few questions first.
- What is the sticker price?
- Do I qualify to purchase it? (for a 5 year note. If he says, no, and you believe you could, leave and/or call your own bank.
- At what price is the bank buying the vehicle from you? (Higher than sticker?)
- What is the total I will pay if I purchase it at the end?
