Discover the joy of driving the newest models without the hefty price tag! Leasing offers you flexibility, lower monthly payments, and the thrill of a fresh ride every few years.
Car leasing is essentially a long-term rental agreement where you pay to use a vehicle for a particular time period—typically 2-4 years. Unlike buying, you do not own the car at the end of the lease, although you often have the option to purchase it.
Initial Payment: You generally start with an initial payment, which can be higher if you choose to reduce the monthly payments.
Monthly Payments: You pay a fixed monthly fee for the duration of the lease. This fee is determined by the expected depreciation of the vehicle over the lease term, plus interest.
Mileage Limits: Leases have mileage caps, typically ranging from 10,000 to 20,000 miles per year. Exceeding these limits can result in hefty fees.
Maintenance and Repairs: You may be responsible for maintaining the vehicle according to the manufacturer's schedule, and any damage beyond "normal wear and tear" might incur charges.
Lower Monthly Payments: Leasing a car is often cheaper per month than financing a purchase due to only paying for the vehicle’s depreciation during the lease.
Access to Latest Models: Leasing makes it easier to drive a new car every few years.
Warranty Coverage: Leased vehicles are often under factory warranty for most or all of the lease term, reducing repair costs.
Tax Benefits: For business use, lease payments can often be deducted as business expenses.
No Ownership: At the end of the lease, you don't own the car unless you opt to buy it.
Mileage Restrictions: You must manage how much you drive or face extra charges.
Potential for Extra Costs: Fees for excessive wear and tear or for breaking the lease early can add up.
Less Flexibility: Changing your vehicle before the lease ends can be expensive.
When your lease ends, you typically have a few options:
Return the Vehicle: You can simply return the vehicle to the dealer and walk away (subject to any end-of-lease fees).
Buy the Vehicle: Often you can buy the car for a pre-agreed price.
Lease Another Vehicle: Many choose to lease another new car, continuing the cycle.
Extend the Lease: Some dealers may offer the option to extend your current lease.
Credit Impact: Leasing a car usually requires good credit, and the lease will appear on your credit report as a debt.
Insurance Costs: Lease agreements may require higher levels of insurance coverage, which can increase your insurance premiums.
Honda Leadership Leasing
Flexibility: Offers options for term lengths and mileage limits to fit different driving needs.
GAP Coverage: Includes Guaranteed Asset Protection which can cover the difference between insurance payments and the lease amount due if the car is totaled or stolen.
End-of-Lease Flexibility: Honda allows for easy lease-end transitions, with options to purchase the vehicle, return it, or lease another model.
Toyota Lease Programs
Multiple Options: Toyota provides various lease programs through Toyota Financial Services, including options for adjustable mileage limits based on customer needs.
Wear and Use Waivers: Toyota leases often include waivers for minor damages and wear at the end of the lease, reducing potential extra charges.
Loyalty Offers: Repeat customers might receive offers such as reduced costs on new leases or favorable terms on lease renewals.
BMW Financial Services
Option to Customize: BMW leases allow for extensive customization of the vehicle, letting lessees select from a range of packages and options.
Lease Protection Plans: These plans can cover excess wear and tear at the end of the lease, making the return process smoother and potentially cost-saving.
High Residual Values: BMW vehicles tend to have high residual values, often resulting in lower monthly lease payments.
GM Financial
Variety of Vehicles: Leases are available across a broad range of models from Chevrolet, GMC, Buick, and Cadillac.
Competitive Terms: Offers competitive lease terms, including favorable monthly payments and terms on new and current model year vehicles.
Lease Loyalty Programs: GM Financial often provides incentives for current lessees to lease another GM vehicle, such as waiving certain fees or remaining payments.
Hyundai Motor Finance
America's Best Warranty: Hyundai leases come with the brand’s renowned comprehensive warranty, which can provide peace of mind over the lease term.
Flexible End-of-Term Options: Like others, Hyundai offers various options at the end of the lease term, including extending the lease, returning the vehicle, or buying it.
Early Lease Termination Options: For customers wanting to upgrade or change vehicles, Hyundai offers options for early lease termination under certain conditions.
Leasing a car through these programs often means lower monthly payments compared to financing a purchase, the enjoyment of driving a new car every few years, and having fewer concerns about the vehicle's long-term maintenance.
Leasing a car can be a great option if you enjoy driving newer models and prefer lower monthly payments, but it's important to consider your long-term needs and financial situation before entering a lease agreement.
