Primarily, vehicle price should be the focus of your negotiation. This is the only element of the deal that is directly controlled by the dealer. All other elements such as residual, money factor, down payment, mileage allowance, security deposit, and acquisition fee are all controlled by the leasing company, for which the dealer is only acting as an agent. Sometimes, the leasing company gives the dealer authorization to negotiate some of these factors.
You don’t have to use the dealer’s or car manufacturer’s leasing companies. This is where Regency Leasing comes in. Some banks and credit unions do leases, and independent leasing companies. Often, a dealer will be able to offer deals from leasing companies or banks that they work with independently of the car manufacturer. We will find you the best lease deal (almost always lower than dealer prices).
The best time to lease is when the car manufacturer is sponsoring promotional deals. These deals usually have a short time period in which they are available. You’ll see the deals advertised on TV and in local newspapers.
Unless your car dealer included these services in your Lease Agreement, you will be 100% responsible for the vehicle’s scheduled maintenance. Make sure you understand the warranty agreement for the vehicle. Once this warranty expires, the responsibility of the vehicle maintenance cost is on the consumer. Many manufacturers outline a recommended maintenance schedule to help ensure your vehicle is in top performance.
Most, if not all lease agreements, will have stated your maximum mileage allowed. Upon returning the vehicle at lease end, the miles / kilometers will be reviewed and any excess mileage over and above the stated maximum mileage in your lease contact will be subject to excess charges as per the contract.
If you end your lease early by transferring the lease agreement to another consumer (link this to Lease Swap Page), then you rid yourself of any liabilities of additional charges incurred on exceeding the maximum mileage allowed since the new person taking over the car lease will take over full responsibility of the lease contract and vehicle.
All vehicles are required by law in their appropriate state or province to hold vehicle insurance. The insurance costs are subject to the drivers records and the vehicle. Check your leasing agreement for exact insurance coverage requirements.
If your current car is paid for, you can certainly use it as a trade-in. Just be sure you know its fair trade-in value and that the dealer gives you full credit when your lease payments are calculated. If you still owe on your car, you will want to get the “payoff” from your finance company and compare that amount to the trade-in value of the car. If the trade-in value is higher, you have “trade equity.” If not, you’re “upside down” and you may want to reconsider.
The lease inception amount (same as “due at signing” costs) include all the charges that require up-front payment, such as taxes, fees, deposits, first month’s payment, and down payment. Notice that “down payment” is only part of the total “lease inception” amount. The down payment amount is the only part that reduces the capitalized cost (amount financed) of the lease, which reduces the monthly payment amount.
New Customers may be required to pay a deposit and application fees. The application fee is based upon the type of car being applied for. Our application fees start at $495 for base models and makes of economy vehicles up to $695 for luxury vehicles. The application/deposit fees is non-refundable, but in most cases is deducted at time of signing. For more details please ask your Regency sales agent.
Making a down payment can substantially reduce your monthly payment amount. If you think you might ever want to end your lease early, an initial down payment can also reduce or eliminate the cost of early termination. A disadvantage of a down payment is that, should your vehicle get stolen or totaled in an accident, you probably won’t get any of the down-payment returned to you.
Sell the vehicle / Get out of your lease (link this to Lease Swap Page)
Trade the vehicle in for another lease or towards the purchase of another car
Arrange a lease assumption, or transfer your lease (link this to Lease Swap Page). Seek out other consumers seeking to take over a car lease for the remainder of your lease agreement – short-term auto lease.
No. Most lender umbrella insurance will now allow individuals to take their leased vehicle out of the country. Some leasing companies in different states (and provinces) may have rules and regulations in their policies that allow you to take the vehicle out of the country.
What happens if I move while I’m in a vehicle lease contact?
If you decide to move outside the province or state where you’ve leased your vehicle, you should contact your dealer with ample time to help take the proper steps to assure your vehicle is properly registered when moving. Some states and provinces require additional fees and taxes to be paid when registering in that state or province.
Contact your insurance and leasing company, or dealership, immediately. They will help with the process of getting your vehicle fixed, and in some cases, help with determining if the vehicle is actually a write-off.
Yes. All vehicle lease packages can be paid out prior to the expiry date. In order to determine how much it would cost to buy-out an existing lease, simply call the original lessee and request they call the leasing company for the pre-tax current buy-out of the lease. Upon receipt of the buy-out, you can start the negotiation process with the original lessee.
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