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I have never leased an automobile before. How does a lease work?

Answers from the Automotive Experts

Cherie Watters, President of Sales and Marketing at AskPatty.com Hi Janet, Leasing usually applies to a new car. The nice thing about leasing is you have the option to check the car out before buying. The upfront cost and monthly payment are usually lower then if you purchase. If at the end of the lease term you do not like the car just give it back. Important things about a lease short term 24/36 months. You want to make sure little to no money upfront and No more then the first month’s payment. Ask the finance manager at the dealership to explain the leasing program to you in detail. Please let us know if you have additional questions. Good Luck

Georgia Brown, Director of Education at National Independent Automobile Dealers Association (NIADA) Each company has its own guidelines and rules. I suggest you go talk to several dealerships that offer lease option and see if any work for you.

Patricia Algier , Owner at Valley Dealer Exchange Inc Dear Janet, A lease is renting a vehicle long term. You usually put a small down payment and the monthly payments are lower than a purchase. You are limited to a certain mileage based on the contract, usually 10k or 15K per year. You can Drive a new car for 2 or 3 years much cheaper than buying. However, at the end of the lease you do not own anything. You have to turn the car back to the Dealer and start over. If you go over on the miles you will get charged and you will also get charged for any damages. A Lease may or may not be for everyone. Patti Patti

Patricia J Roberts, Director Business Development  at AskPatty.com, Inc. Leasing is very similar to renting a vehicle. The lease payments are for the use of the vehicle plus any finance charges for the period of time stated in the lease agreement. The mileage is agreed upon up front and if you go over that mileage, it is factored in at the end with a certain price per mile over that mileage stated in the lease agreement. You do not own the car but rather rent it for a period of time then turn it back to the dealership upon conclusion.

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