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Is Leasing For Me?
Leasing is not for everyone. The least expensive way to obtain a vehicle is always to pay cash. If you cannot pay cash then the shortest borrowing term available to you will result in the lowest interest cost or "carrying cost". The faster you repay what you have borrowed, the lower your carrying costs. Carrying costs for a lease are higher than with a loan of the same term because you are only paying off the depreciation, and not repaying the entire value of the vehicle. |
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Things I Should Know
Whether you lease or buy, you need to insure your vehicle. In addition to insuring the vehicle, you must make sure that you have the amount of coverage required by your lease. This may be more than if you buy your vehicle. Ask your New Car Dealer what the insurance requirements are, (eg; collision deductible and liability minimum requirement)
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Types of Leases
There are different types of leases:
Closed-End Leases:
Open-End Leases:
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Did You Know...
Most leases require you to pay a security deposit. The Security deposit will be refunded at the end of your lease, unless it is used to pay for any remaining amounts that you owe. |
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Lease Terminology
Acquisition Fee:
This fee covers the cost of preparing and servicing your lease. If charged, this fee increases the carrying costs and must be included in the Total Lease Charges. |
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