Car Leasing Out the Window?
Posted July 31st, 2008 by admin
in
You want to be impressive with that fine looking automobile that you cannot afford, but with so many auto financing companies getting out of the leasing business is there still hope for you?
Leasing is a great idea if you are looking for a suitable business car and cannot afford that Lexus or Beamer, at least not yet. Leasing was a great idea because it afforded you the opportunity to complement that business suit you look so debonaire in. But if you want to hold on to a particular car for awhile, it may make more sense to buy one with traditional financing and trading it in later for a possible upgrade.
For starters, it makes sense because the cost of purchasing a vehicle after you have leased it will certainly be higher. Furthermore, lease rates are likely to rise, especially on large trucks and SUVs. It was fair to assume that a car company's financing would provide you with the best lease deal possible. But Chrysler Credit has recently said it was altogether moving away from the leasing business. Of course, if you still want to lease that Jeep Grand Cherokee or Chrysler 300 you can, but just through another financing company. Ford, who also deals with General Motors, has said that they are becoming more stringent on their leasing policies. Wells Fargo stated that it will not be financing auto leases after this month.
By leasing a car, the finance company actually buys the vehicle and then sells it when the lease is done. The buyer is responsible for the monthly payments that are then calculated to recover the value of the car that is lost during the lease, and typically at some profit for the company. And as you may have guessed, increased gas prices have played a roll in all of this.
But if you still want to lease there are some things to consider. Before ever going to the dealership check with your local bank or credit union to see how they can help you. Make sure of all the costs involved in the lease as well. Along with checking the monthly payments, see if the dealership is hitting you up with any up front or closing costs. Check to see how many miles you are allowed to drive the car during the term of the lease and be certain it is more than what you are driving now. Like high gas prices, this most likely will not last forever, but in the meantime always be a smart shopper.
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