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CAR LEASE KIT
About the Car Lease Kit – 2021 Edition The Car Lease Kit extends our Lease Guide and contains over a dozen different essential online tools, special calculators, tables, sample lease contract, and much more that are needed to prepare, evaluate, and transact an actual car leasing deal. The Lease Kit is clearly organized and explained so that it can be easily used by anyone who is considering LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED How Car Lease Payments are Calculated. We’ve already discussed the separate factors that contribute to the cost of car leasing: net cap cost, cap cost reductions, residual, money factor, and term (see How Leasing Works).). Now, let’s put it all together and see exactly how a monthly lease payment is calculated. UNDERSTAND HOW CAR LEASING WORKS HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. CAN I CANCEL MY CAR LEASE? There might be a much less expensive option available to you, which is called a lease transfer.For more details, read our article How to Get Out of a Car Lease.. 4. I want to change my car lease to a loan. It’s a bit hard to understand why, but occasionally people who are leasing a car want to get out of the lease and convert to a conventional auto loan. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. THE 2021 CONSUMER CAR LEASE GUIDE The Lease Kit is a supplement to our free Lease Guide and provides a set of over a dozen tools, calculators, tables, charts, and guides to help automotive consumers who are seriously considering a lease, or who have already leased. Included in the Lease Kit: Lease Evaluator Calculator. Lease Inspector Calculator. Lease Payment Tables. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front)CAR LEASE KIT
About the Car Lease Kit – 2021 Edition The Car Lease Kit extends our Lease Guide and contains over a dozen different essential online tools, special calculators, tables, sample lease contract, and much more that are needed to prepare, evaluate, and transact an actual car leasing deal. The Lease Kit is clearly organized and explained so that it can be easily used by anyone who is considering LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED How Car Lease Payments are Calculated. We’ve already discussed the separate factors that contribute to the cost of car leasing: net cap cost, cap cost reductions, residual, money factor, and term (see How Leasing Works).). Now, let’s put it all together and see exactly how a monthly lease payment is calculated. UNDERSTAND HOW CAR LEASING WORKS HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. CAN I CANCEL MY CAR LEASE? There might be a much less expensive option available to you, which is called a lease transfer.For more details, read our article How to Get Out of a Car Lease.. 4. I want to change my car lease to a loan. It’s a bit hard to understand why, but occasionally people who are leasing a car want to get out of the lease and convert to a conventional auto loan. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. INTRODUCTION TO CAR LEASING Understand How Car Leasing Works. As with any business transaction, the key to successful and smart auto leasing is understanding how the process works, taking the time to properly prepare yourself before making decisions, and learning to use leasing to your benefit. It’s also about knowing when you should lease, and when you shouldn’t. CAR LEASE KIT BY LEASEGUIDE.COM The Lease Kit by LeaseGuide.com is an essential online kit of unique tools for anyone leasing a car who wants to make informed decisionsand avoid problems.
UNDERSTAND HOW CAR LEASING WORKS It Depends on the Car Make and Model. If you consider two different brand cars, both costing $30,000 when new, where one is worth $15,000 after three years and the other worth only $12,000, the first car will cost less to lease because of its smaller depreciation amount — and smaller difference between initial cost and lease-end value. HOW TO UNDERSTAND CAR LEASE CONTRACTS BEFORE YOU LEASE Required Auto Insurance. Most auto lease agreements require you to maintain insurance coverage: Bodily injury or death liability: $100,000 per person / $300,000 per occurrence, property damage liability: $50,000, comprehensive and collision for actual value with no more than $500 deductible. In Canada, $1,000,000 in liability coverage is required. CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
CAR LEASE BUYOUT
There are a number of different ways to look at the buyout purchase price and whether it’s a fair price to pay: 1) When leasing, you pay for the car’s depreciation. The remainder is the residual, which is the same as your lease-end purchase price. So, by buying the car for the residual value, you’re simply paying for the part of the car CHEAPEST CARS TO LEASE IN 2021 The type or brand of car doesn’t matter when you finance with a loan. Monthly payment will be the same as long as the cost is the same. However, leases are different.Given the same two cars as above (Ford and Honda), same price on each and same buyer, monthly leasepayments will be
DISTURBING TRENDS IN CAR BUYING COSTS An acquisition fee is normal when leasing but that fee is rapidly approaching $1000 even for non-luxury cars. Just a few years ago this fee rarely exceeded $300. Routine lease-end disposition fees remained at about $300 for a long time but now can be $400 or more. HOW TO KNOW IF YOU HAVE EQUITY IN A CAR LEASE What is Equity in Car Leasing and How to Know If You Have Any. Equity in a car lease (or loan) exists when the value of a vehicle exceeds the amount remaining on its lease or loan. The amount of the difference is called equity. It’s also possible to have negative equity — when a vehicle’s value is less than the amount remaining on its lease or loan. OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
CAR LEASING FEES CHARGES AND TAXES EXPLAINED All U.S. states (except New Hampshire, Alaska, and Oregon) and Canada impose a sales tax (often called a “use tax”) on motor vehicle purchases by consumers.In the case of leasing, the lease finance company passes the sales tax along to you, the lessee, even though the LEASE PAYMENT FORMULA EXPLAINED The finance fee portion of your monthly lease payment is like interest on a loan and pays the leasing company for the use of their money. It’s calculated as follows: Finance Fee = ( Net Cap Cost + Residual ) × Money Factor. Yes, you add Net Cap Cost and Residual — this isnot a mistake.
CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
END OF LEASE OPTIONS EXPLAINED Your Lease-End Options. At the normal end of a car lease, you may have the following options: Return your vehicle. Extend your lease. Purchase your vehicle. Trade your vehicle. Depending on the details of your particular lease situation, some of these options may be practical for you while others may not. WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x REAL CAR LEASING EXAMPLE EXPLAINED How Car Leasing Works – Example Lease Deal One of the best ways to learn about car leasing (and most anything else) is by example. A comprehensive easy-to-understand example illustrates how it works with explanations and numbers. Finally we describe, with example, how to determine if the deal is good, or not. Average Car Lease Example Lets’s assume we want to lease a new car for 36 OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
CAR LEASING FOR TEENS For teen drivers 18 years old or older, leasing might be a good choice — or not. Leasing has requirements and limits that often don’t work well for young drivers. For example, leasing is best for people who only drive a “normal” number of miles each year, usually 10,000 or 12,000 miles. Fees are charged for any extra miles. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED The finance fee portion of your monthly lease payment is like interest on a loan and pays the leasing company for the use of their money. It’s calculated as follows: Finance Fee = ( Net Cap Cost + Residual ) × Money Factor. Yes, you add Net Cap Cost and Residual — this isnot a mistake.
REAL CAR LEASING EXAMPLE EXPLAINED How Car Leasing Works – Example Lease Deal One of the best ways to learn about car leasing (and most anything else) is by example. A comprehensive easy-to-understand example illustrates how it works with explanations and numbers. Finally we describe, with example, how to determine if the deal is good, or not. Average Car Lease Example Lets’s assume we want to lease a new car for 36 CAR LEASING FEES CHARGES AND TAXES EXPLAINED All U.S. states (except New Hampshire, Alaska, and Oregon) and Canada impose a sales tax (often called a “use tax”) on motor vehicle purchases by consumers.In the case of leasing, the lease finance company passes the sales tax along to you, the lessee, even though the SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x END OF LEASE OPTIONS EXPLAINED Your Lease-End Options. At the normal end of a car lease, you may have the following options: Return your vehicle. Extend your lease. Purchase your vehicle. Trade your vehicle. Depending on the details of your particular lease situation, some of these options may be practical for you while others may not. CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASING FOR TEENS For teen drivers 18 years old or older, leasing might be a good choice — or not. Leasing has requirements and limits that often don’t work well for young drivers. For example, leasing is best for people who only drive a “normal” number of miles each year, usually 10,000 or 12,000 miles. Fees are charged for any extra miles. OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED The finance fee portion of your monthly lease payment is like interest on a loan and pays the leasing company for the use of their money. It’s calculated as follows: Finance Fee = ( Net Cap Cost + Residual ) × Money Factor. Yes, you add Net Cap Cost and Residual — this isnot a mistake.
REAL CAR LEASING EXAMPLE EXPLAINED How Car Leasing Works – Example Lease Deal One of the best ways to learn about car leasing (and most anything else) is by example. A comprehensive easy-to-understand example illustrates how it works with explanations and numbers. Finally we describe, with example, how to determine if the deal is good, or not. Average Car Lease Example Lets’s assume we want to lease a new car for 36 CAR LEASING FEES CHARGES AND TAXES EXPLAINED All U.S. states (except New Hampshire, Alaska, and Oregon) and Canada impose a sales tax (often called a “use tax”) on motor vehicle purchases by consumers.In the case of leasing, the lease finance company passes the sales tax along to you, the lessee, even though the SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
END OF LEASE OPTIONS EXPLAINED Your Lease-End Options. At the normal end of a car lease, you may have the following options: Return your vehicle. Extend your lease. Purchase your vehicle. Trade your vehicle. Depending on the details of your particular lease situation, some of these options may be practical for you while others may not. WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASING FOR TEENS For teen drivers 18 years old or older, leasing might be a good choice — or not. Leasing has requirements and limits that often don’t work well for young drivers. For example, leasing is best for people who only drive a “normal” number of miles each year, usually 10,000 or 12,000 miles. Fees are charged for any extra miles. OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED The finance fee portion of your monthly lease payment is like interest on a loan and pays the leasing company for the use of their money. It’s calculated as follows: Finance Fee = ( Net Cap Cost + Residual ) × Money Factor. Yes, you add Net Cap Cost and Residual — this isnot a mistake.
REAL CAR LEASING EXAMPLE EXPLAINED How Car Leasing Works – Example Lease Deal One of the best ways to learn about car leasing (and most anything else) is by example. A comprehensive easy-to-understand example illustrates how it works with explanations and numbers. Finally we describe, with example, how to determine if the deal is good, or not. Average Car Lease Example Lets’s assume we want to lease a new car for 36 CAR LEASING FEES CHARGES AND TAXES EXPLAINED All U.S. states (except New Hampshire, Alaska, and Oregon) and Canada impose a sales tax (often called a “use tax”) on motor vehicle purchases by consumers.In the case of leasing, the lease finance company passes the sales tax along to you, the lessee, even though the SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
END OF LEASE OPTIONS EXPLAINED Your Lease-End Options. At the normal end of a car lease, you may have the following options: Return your vehicle. Extend your lease. Purchase your vehicle. Trade your vehicle. Depending on the details of your particular lease situation, some of these options may be practical for you while others may not. WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASING FOR TEENS For teen drivers 18 years old or older, leasing might be a good choice — or not. Leasing has requirements and limits that often don’t work well for young drivers. For example, leasing is best for people who only drive a “normal” number of miles each year, usually 10,000 or 12,000 miles. Fees are charged for any extra miles. OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE PAYMENT CALCULATOR 2021 Lease Payment Calculator Guide. Use this easy car lease calculator to quickly find monthly payment amount and sales tax on each payment (in most states) by entering basic lease parameters. Cap Cost is the negotiated price of the vehicle, plus any other costs and fees that will be financed in the lease (not paid up front) UNDERSTAND HOW CAR LEASING WORKS LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
HOW TO PURCHASE YOUR LEASED CAR AT LEASE-END By purchasing, you may need a used car loan and you’ll have to pay taxes and fees the same as for any other used car purchase. Purchase the car and sell it to recover your equity. Again, you must pay taxes and fees prior to selling. The buyer then has to do the same. If you know you want to sell the car, ask your lease finance company if they CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASE INTEREST RATE EXPLAINED Interest Rate = 2400 x Rent Charge ÷ (Net Cap Cost + Residual) ÷ Term. where Rent Charge is the total of finance charges from the lease contract, Net Cap Cost is net price the lease is based on minus any down payment or trade-in credits, Residual is the lease-end residual value, and Term is the number of months in the lease. LEASING TO HIDE NEGATIVE EQUITY IN CAR LOAN Option 3. Lease the new car, with a lease price of $25,000, for 36 months with a residual value of $12,500 and 4.0% interest rate, and pay the negative equity of $2000 as a cash down payment. The monthly lease payment would be $410/month. Option 4. Same as Option 3, except we let dealer “roll” the $2000 negative equity into the new lease. ACCIDENT IN LEASED CAR What Happens If You Wreck a Leased Car? There are some very specific things that need to be done if a leased car is involved in an accident. First, call 911 and report the accident to the police, even if relatively minor — and even if you are at fault. A police report is important in resolving disputes and establishing facts and fault in an accident situation. LEASE DEAL CALCULATOR This Lease Deal Calculator is a unique kind of lease calculator that evaluates any car lease deal against industry-average leases. It compares total lease costs with a car’s MSRP, given the length of the lease and down payment, if any — and any rebate or allowance that can be combined with the lease. The result is a RLV ( Real LeaseValue
LEASE PAYMENT FORMULA EXPLAINED The finance fee portion of your monthly lease payment is like interest on a loan and pays the leasing company for the use of their money. It’s calculated as follows: Finance Fee = ( Net Cap Cost + Residual ) × Money Factor. Yes, you add Net Cap Cost and Residual — this isnot a mistake.
REAL CAR LEASING EXAMPLE EXPLAINED How Car Leasing Works – Example Lease Deal One of the best ways to learn about car leasing (and most anything else) is by example. A comprehensive easy-to-understand example illustrates how it works with explanations and numbers. Finally we describe, with example, how to determine if the deal is good, or not. Average Car Lease Example Lets’s assume we want to lease a new car for 36 CAR LEASING FEES CHARGES AND TAXES EXPLAINED All U.S. states (except New Hampshire, Alaska, and Oregon) and Canada impose a sales tax (often called a “use tax”) on motor vehicle purchases by consumers.In the case of leasing, the lease finance company passes the sales tax along to you, the lessee, even though the SINGLE PAYMENT CAR LEASE EXPLAINED The “depreciation value” on this car is $40,000 minus $21,000 = $19,000. As part of your single-pay lease, you pay the $19,000. You may also have to pay sales tax on that $19,000 depending on the state/county in which you live. If the rate is 6%, for example, the tax amount would be $19,000 x CAR DEALER LEASING TRICKS EXPOSED Here is a list of the top leasing tricks used by dealers: 1. “We will take your old car in trade, pay off your old loan balance — no matter how much you owe — and put you into a better car with lower payments.”. Not exactly. It’s true that the dealer will pay off your old loan, as promised. However, what will actually happen,assuming
END OF LEASE OPTIONS EXPLAINED Your Lease-End Options. At the normal end of a car lease, you may have the following options: Return your vehicle. Extend your lease. Purchase your vehicle. Trade your vehicle. Depending on the details of your particular lease situation, some of these options may be practical for you while others may not. WHAT IS THE ONE PERCENT RULE IN CAR LEASING? The One Percent Rule. The so-called “one-percent” method of sizing up a lease offer is based on the concept of dividing the monthly payment (not including sales tax, if any) by the MSRP sticker price of the car. If the result is very close to 1%, or less, the better the deal. This method is designed for standard leases of 36 months and CAR LEASING FOR TEENS For teen drivers 18 years old or older, leasing might be a good choice — or not. Leasing has requirements and limits that often don’t work well for young drivers. For example, leasing is best for people who only drive a “normal” number of miles each year, usually 10,000 or 12,000 miles. Fees are charged for any extra miles. OVER MILES CAR LEASE- WHAT TO DO? Over Miles on Car Lease – What to Do If you are exceeding the mileage allowance on your car lease, you have options. Many people who lease cars, find themselves exceeding their mileage limit — or maybe don’t discover it until lease-end when they return the car to thelease company.
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Auto leasing has become very popular in the last few years as consumers are challenged to find affordable automobile financing alternatives in the current economy. Car leasing has grown to record levels never before seen. Many people who could benefit from leasing a car have misconceptions, don’t know how it works, or how to determine if it’s right for them. Some people now leasing are paying too much because they didn’t know a good lease deal from a bad one. LEASEGUIDE.COM helps you understand auto leasing, how to lease a car the smart way, who should lease (and who should not), how to find monthly lease payments, calculate lease vs buy, and how to get the best lease deals. We do not sell or leasecars.
> _“Your site is fantastic. Thank you for the comprehensive and > logical explanation of leasing. I feel prepared to step into the > dealers domain and get a fair and good deal for myself. Your site is > the absolute best site on the web for leasing information.” > _Nancy – Yahoo.com The LEASE GUIDE is an easy-to-read, easy-to-understand guide to smart car leasing. Everything is explained in just the right amount ofdetail.
* INTRODUCTION TO LEASING* WHAT IS LEASING?
* LEASE VS BUY?
* CAR LEASING BENEFITS* WHO SHOULD LEASE?
* TYPES OF LEASES
* HOW CAR LEASING WORKS * LEASE PAYMENT FORMULA * LEASE TAXES AND FEES* LEASE CONTRACTS
* PREPARE TO LEASE
* FINDING CAR LEASE DEALS * NEGOTIATING A LEASE* AFTER THE DEAL
* LEASE-END OPTIONS
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The LEASE KIT is a supplement to our free Lease Guide and provides a set of over a dozen tools, calculators, tables, charts, and guides to help automotive consumers who are seriously considering a lease, or who have already leased. Included in the Lease Kit: * LEASE EVALUATOR CALCULATOR * LEASE INSPECTOR CALCULATOR * LEASE PAYMENT TABLES * LEASE RESIDUALS CALCULATOR * AFFORDABILITY CALCULATOR * VEHICLE LEASE RATINGS* LEASE WORKSHEET
* SAMPLE LEASE CONTRACT * CONTRACT CHECKLIST * DEALER PROFIT MARGINS* LEASE-END ADVISOR
* MAX LEASE TERMS
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A set of unique ONLINE CALCULATORS that help calculate car lease payments and costs, compare financial differences between leasing and buying, evaluate lease deals for any vehicle, and determine excessmileage costs.
> _“Your LEASE KIT saved me over $1,200 over a 3 year lease through > BMW financial services. The dealer tried to use a higher money > factor then they quoted me in writing and the result was a payment > that was $38.00 more each month than it should have been.” _ G. > Nevius – gmail.comBEST LEASE DEALS
Whether you lease or buy, PRICE IS THE MOST IMPORTANT FACTOR IN GETTING A GREAT DEAL. The lower the price, the lower the payment. You can haggle long and hard with a dealer to get a good price, or do it the easy way — get free price quotes online from a car pricing service such as our new CAR DEAL FINDERtool.
For best results, get multiple dealers’ prices, compare, and go withthe best deal.
LEASE OR BUY? THAT IS THE QUESTION It’s natural for anyone considering car leasing to wonder if it’s better to lease, or to buy. The fact is that ONE WAY WILL NEARLY ALWAYS BE BETTER in any given situation. Therefore, it’s important to understand how each method works and get an objective comparison for making a correct decision. See LEASE VS BUY? WHICH IS BETTER ? and our LEASE VS BUY CALCULATOR . ZERO $0 DOWN CAR LEASES – REALLY? Yes, in fact MOST CAR LEASES CAN BE STRUCTURED WITH ZERO DOWN PAYMENT, except for possibly some special promotional lease deals being offered by car manufacturers where a down payment might be required to get the special deal. But there’s a difference between “zero down payment” and “zero cash due at lease signing.” Learn the difference in our article, LEASE A CAR WITH NO DOWN PAYMENT.
WHY ARE NEW CARS GETTING MORE EXPENSIVE TO BUY, FINANCE, AND LEASE? If you think that new cars have been becoming less affordable every year, you would be right. But you might not know all the reasons, and there are many, some that you might not be aware of. Read our article, DISTURBING TRENDS FOR NEW CAR BUYERS,
for more details.
FIND CHEAP USED CARS FOR SALE Leasing offers the lowest monthly payments for brand new cars, but good used cars can provide even lower payments. Look for the best used car deals in your area with our unique CAR DEAL FINDERtool.
CAR LEASE BUYOUT – SHOULD YOU PURCHASE YOUR LEASED CAR? Does it make sense to buy your leased car either at normal lease-end, or before the end? What are the benefits? Should you do an early buyout? What does it really accomplish? And what are the potential problems? We explain it all and provide the answers in our easy-to-read article, CAR LEASE BUYOUT – GOOD IDEA OR NOT? NOT SURE WHICH LEASE CALCULATOR YOU NEED? We provide a convenient GUIDE TO LEASE CALCULATORS that lists and explains each of almost a dozen different car lease calculators that we offer on this web site. Each has a special purpose and we tell you which is the best for your particular purpose. Most are unique and not found anywhere else on the Internet. __ DID YOU KNOW … ? DID YOU KNOW THAT _VEHICLE PRICE_ IS THE MOST IMPORTANT PART OF NEGOTIATING A CAR LEASE DEAL? In fact, it is the _only_ part of a lease that a dealer can negotiate. All other factors such as money factor, residual value, and acquisition fee are already set by the lease finance company. Therefore, it’s important to know that you should always get the best price possible on a vehicle before you agree to lease. One way to do that is by using an ONLINE CAR PRICING SERVICE such as EDMUNDS , where you’ll not only find prices, but LOW PRICE DEALS that will be honored by dealers in your area.ABOUT US
LeaseGuide.com was created and launched in 1995 by Al Hearn when car leasing was new to most consumers. Although the car leasing industry has matured and leasing has become an accepted method of car financing, it is still not well understood. LeaseGuide.com has grown and improved over the years to address this need to become one of the most respected sources of expert advice and information about automobile leasing. THE PURPOSE OF THIS WEB SITE IS _ONLY_ TO PROVIDE CONSUMER ADVICE AND INFORMATION. WE DO NOT SELL OR LEASE CARS. LEASING INFO AND ADVICE * Maserati Lease-Buy Comparison * Lease a Car – Need Good Credit? * Car Dealer Leasing Tricks Exposed * Car Financing – Car Loans and Leases Explained * BMW Lease Deals Examined * Lease or Rebate or Zero APR? Which is Best? * Car Lease Rate – Best Rates? * Can’t Afford Car – What To Do? Options * Car Financing for Teens – How It Works * Auto Insurance CompaniesSee More
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