Whether this is your first time leasing a vehicle or you are a seasoned veteran, we are willing to bet that you might not be aware of all of the secrets out there to getting the best deal possible.
Even though we are sitting on the other side of the desk, we still believe that you would be doing yourself a disservice if you didn't find the best financial option available to you.
Keep reading below to discover five little known secrets to leasing that some retailers out there wouldn't want you to know. We want you to be armed with all the information you need to feel great about your next lease deal.
1. Double or triple the amount of the security deposit to lower your monthly payment
While not all leases are cut from the same exact cloth, one trend you tend to see is the lessee paying one security deposit that is equal to roughly a single month's payment.
What leasing companies don't tell you is that you have the option to double or even triple the amount of that payment to lower your overall interest rate which will lead to a more affordable monthly payment.
It's important to note, however, that not every dealership and leasing company presents this option. Always ask if you can and whether or not there is a limit to how much you can pay. The result can end up saving you big money on your lease.
2. Try one-pay leasing to save hundreds or even thousands
One-pay leasing means that you pay the entire amount of the lease deal in one lump sum, which can save you a huge amount of money.
For example, if you are leasing a car for three years at a total cost of $11,500, you will save on the interest component of the payment if you made out a check ahead of time that might cost you $10,000 for a total savings of $1,500 back in your pocket.
This option is ideal for people who have enough cash to cover the cost of the lease upfront. While many of us don't have this much money on hand sitting in a checking account, it is something to consider if you can plan ahead or can benefit those who are liquid but have a less than perfect credit score.
3. Continue your lease on a month-to-month basis after the term has expired
Most leasing companies will allow you to keep your current lease on a month-to-month basis. Rather than panicking about what to do when you enter the final month of your existing contract, explore this option to give you some flexibility.
It's never good to make a hasty financial decision and it's never a good idea to give a salesman the impression that you are desperate. Communicate with your leasing company and see if they offer this option.
4. Transfer your existing lease to someone else
While leases are a shorter commitment compared to traditional financing, there are still factors that make you reconsider your lease. If you are in a position where you need to get out of the lease, it's easier than you might think to transfer to someone who is willing to take it on.
The two most popular services out there right now are SwapLease and LeaseTrader. All you have to do is list your lease on one of these websites and the company will do the rest.
5. Leasing is an option for high-mileage drivers
One thing that turns off a lot of people about leasing is the mileage limitations that come along with it. Sure, it's great to have a lower payment with a lease but a lot of drivers aren't comfortable with the idea of being restricted to how much you can drive.
Fear no more, long haul adventurers! The number of miles you drive is something that you can negotiate before you even sign the lease.
Furthermore, leasing companies are willing to cover the cost so long as you are transparent in the beginning. If all else fails and you go over the mileage limit, there are certain manufacturers out there that have usage forgiveness so that's always a factor to keep in your back pocket.
Have Questions? Call (855) 264-9170 to Speak with One of Our Experienced Leased Specialist and Drive a new Car or Truck for Less
Contact
Napleton's Ellwood Chrysler Dodge Jeep Ram
1000 Lawrence Ave
Ellwood City, PA 16117-1852
- Sales: 8552649170
- Service: 8552651752
- Parts: 8004641332
Sales Hours
- Monday 09:00AM - 08:00PM
- Tuesday 09:00AM - 08:00PM
- Wednesday 09:00AM - 08:00PM
- Thursday 09:00AM - 08:00PM
- Friday 09:00AM - 06:00PM
- Saturday 09:00AM - 04:00PM
- Sunday Closed
Related Articles: