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Mistakes to avoid when leasing a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive financial calculators and tools as well as publishing high-quality and impartial content, by enabling users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this site, including such things as the order in which they may appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products that lend money to homeowners. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not include the universe of companies or financial deals that might be accessible to you. Thomas Barwick/Getty Images

8 minutes read. Published on January 11, 2023.

Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan was a writer for Bankrate who covered loans, home equity , and managing debts in his work. Written by Chelsea Wing Edited by student loans editor Chelsea has been working at Bankrate since early 2020. She’s committed to helping students to navigate the steep costs of college , and dissecting the complexity in student loans. The Bankrate guarantee

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You have money questions. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools required to make it through life’s financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our content is honest and reliable. Our award-winning editors and journalists produce honest and reliable content to help you make the right financial decisions. The content we create by our editorial staff is objective, factual, and not influenced through our sponsors. We’re honest about how we are capable of bringing high-quality information, competitive rates and helpful tools to you , by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and, services, or by you clicking on specific links on our site. So, this compensation can influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law for our mortgage, home equity and other products for home loans. Other factors, such as our own rules for our website and whether a product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this website. Although we try to provide the most diverse selection of products, Bankrate does not include specific information on each credit or financial item or product. You can get a car that you can drive around for a fixed number of miles and months. It’s like renting an apartment rather than purchasing a home. There is less long-term commitment to make, however, you must make payments for. A monthly lease cost for a vehicle is typically lower than purchasing it through an . Drivers can save on average $138 per month in monthly payments as per the fourth quarter of 2022. However, there are downsides to consider. 7 mistakes to avoid when leasing a car Leasing may lower your costs however, it can also be extremely costly if don’t read the details. Avoid these common mistakes if you decide to lease your next car. 1. In the beginning, you’re paying too much. Dealers advertise low monthly lease rates on brand new vehicles, but you may have to pay several thousand dollars upfront in order to secure an affordable rate. This money will cover a part of the lease upfront. If the vehicle is damaged or stolen in the first few months, your will reimburse the leasing company for the cost of the vehicle, however the leasing company will likely not refund your down amount. You’d be out of a car, and that upfront amount you gave towards the company leasing it would essentially disappear. It’s suggested that you do not spend more than about $2,000 upfront when you lease a car. In certain situations it’s possible to pay nothing upfront and include all of your cost into the monthly installment. In the event that something goes wrong with your vehicle prior to the expiration of the lease, at least the leasing company won’t be able to take an enormous amount of money. 2. Not negotiating the lease agreement The lease agreement has several elements that are often , including the Buyout price: The amount you’ll have to pay the dealer if you choose to buy the car when the lease ends. Disposition fee: This charge covers the dealer’s costs to prepare the vehicle for sale once it’s turned in. Gross capitalized cost: Also known as the price of sale for the vehicle and it affects the monthly installment and the buyout price. Allowance for miles: Leases include a preset amount of miles you’re permitted to drive each year, and in violation of this limit means that you’ll be charged additional charges unless you purchase the car when the lease is over. Money factor: The cost you’ll pay to lease the vehicle — in essence, your interest. In the event that you do not negotiate these figures, it could mean you’re leaving several hundreds or thousands of dollars in savings on the table. 3. Do not purchase gap insurance if you are driving a car that you lease and you want to take out . The “gap” refers to the gap between the amount you have to pay on your lease and the value of the car. If your contract says that at the end of your lease, you can buy this car with a price of $13,000. If you wreck and damage the vehicle before the lease ends, your insurance company will calculate the value of the vehicle’s current market value and then pay the amount to the dealership that owns the vehicle. If the insurance company claims that the market value is only $9,000. In that case, you’ll probably be required to pay $4,000 of pocket to cover the difference between the lease contract’s residual value and the true market value – in the event that you don’t already have gap coverage. The gap coverage will take care of the difference. Many leases include gap insurance. The seller may be able to sell you gap insurance however, you might choose a lower-cost policy with a traditional insurance company. Regardless, the coverage is well worth the cost. 4. Do not underestimate the miles you’ll travel in an automobile. To avoid any additional costs, be aware of your driving habits prior to renting the vehicle. Take note of your commute each day and how often you take long trips. You can request a higher mileage limit if you know you’ll probably be driving more miles than your agreement allows. But it’s likely to increase your monthly payment due to the fact that more miles cause a greater amount of depreciation. It’s typical for leasing contracts to stipulate annual mileage limit of 10,000, 12,000 and 15,000 miles. If you exceed those mileage limit, you could be charged 30 cents per additional mile when you reach the end of the lease. For instance, if you exceed the limit by more than 5,000 miles, then you may end paying an additional $1500 — at the rate of 30 cents per mile — when you turn the vehicle in at the end period. 5. Insufficient maintenance on the vehicle In the event that your vehicle is damaged that is more than normal wear and wear, you could be in the position of paying extra charges when it’s time to take it back to the seller. If a car has an injury but the damage is less than the length on the outside of a driver’s license or business card, most businesses will consider it to be normal usage and will likely not be liable for a penalty. If the leasing company believes any damage excessive, it can charge additional fees. The definition of normal use will differ from dealer dealership. Your lender will check the car before you turn it in , and will look for scratches and dents on the body and wheels, damage to the windshield and windows as well as an excessive amount of wear and tear on tires, and scratches or stains on the upholstery. Don’t assume that your inspector is lenient. 6. Leasing a car for too long? Make sure that the lease duration coincides with or is less than the car’s warranty period. Warranties differ from manufacturer manufacturer, but they typically last for 3,600 miles for three years whichever occurs first. If you keep the car for more than the warranty duration then you might need to think about an extended warranty. In the event that you don’t, you may be responsible for maintenance and repair costs for a vehicle that you do not have while making monthly lease payments. It’s probably better to buy the vehicle if you plan to lease it for an extended time frame, suggests Barbara Terry, a Texas-based automobile writer and expert. “If the driver owns the car, he’d have to buy the vehicle and pay for maintenance, but then he could remain driving the car for a number of years without having to worry about a monthly rental fee,” Terry says. Utilize an app to determine whether buying or leasing the car you want can save you in the long run. 7. Not considering leasing-specific insurance requirements previously financed a car and you’re aware that all lenders require that you be covered for collision and comprehensive. If you’re the first to do so however, you may not realize that you may also have to raise your liability limits. The liability coverage portion of your auto policy pays for damages to property and medical expenses when you’re the cause of an accident. In addition to collision and comprehensive the majority of leasing companies will require you to have liability limits of at least $100,000 per person and $300,000 for each accident for , along with $50,000 for . This may be noted as 100/300/50 on your insurance document. Depending on your current liability insurance the limits could increase your insurance premiums, which could already be higher than you’re used to prior to adding your newly leased vehicle. To avoid any surprises, you may want to obtain an insurance quote for the car you’re considering before signing on the dotted line. How to lease a car A car lease is a method to “borrow” an automobile instead of purchasing a brand used or brand new car. It typically comes with an agreement for three or four years as well as a thorough explanation, which means there are many factors to consider prior to signing this long-term commitment. The option of leasing instead of buying a car can be a great way to own a car with the latest technologies and features at a lower amount of money each month. If you’re considering leasing a car, you should follow these steps: Perform your research You can lease just about every kind of vehicle that has been made in recent years. You will want decide on the kind and brand you are looking at first before taking into consideration how the cost is within your budget. To , pay close attention to your lifestyle and how the vehicle can fit into your daily routine. Bankrate tip

If you are budgeting, plan to pay a small sum prior to leaving the lot in order to pay taxes and charges. If you’d like to lock in lower monthly installments throughout the lease, you can look into putting a larger amount down.

Visit dealers Next, visit several dealers and do the opportunity to test drive. It will help find what exactly you’re looking for. It may be beneficial to call ahead to find out what is available and whether tests are allowed at the moment. Bankrate tip

When you go to dealer showrooms, remember that you may encounter higher costs. You haven’t left the leasing market undisturbed and while it still tends to be cheaper than buying, prepare for the possibility of competition.

You can negotiate the terms of your lease It is pretty much all available during the leasing process. And the negotiation phase is the only chance you’ll have to obtain the benefits you’d like to see in writing. For the top negotiation expert, take a look at the current price on sites like Kelley Blue Book and remember to go beyond price. Bankrate tip

A great lease deal is one that will leave you paying as little over the lifetime of the loan as is possible, with the an initial down payment is included. If you are afraid of negotiation consider bringing a trusted partner to guide you through the tough conversation. Be aware that could make securing the best lease terms more difficult.

Compare deals Take advantage of online resources and look at the deals that you can get to find the best deal. Check out a few dealerships before making a decision on the purchase of your car. Be aware of the monthly price and mileage cap, the buyout price, the capitalized cost of your vehicle. Also, take a look at the costs the leasing company is charging, which includes the purchase fee, disposition fee and early termination fee, to gauge if it’s similar to similar offerings. Don’t forget to ask about the payment due when you sign the contract. Bankrate tip

When comparing lease options be sure to read the fine print as well as the car itself. When test driving, pay attention to the way the car drives and whether it fits with your lifestyle.

Maintain the car during your lease Remember that you have to return your vehicle at the conclusion of the lease term. If it’s in poor condition, you might need to pay additional fees. Before leasing a car be sure to inquire about the guidelines on the lease’s end-of-lease conditions. These guidelines specify the types of damage you would have to pay for before you return the vehicle. Tips for Bankrate

If the vehicle is seriously damaged, drivers can expect to be charged at market-rate prices for repairs. In the event of a collision, you’ll be offered two options. You could either return your car to the dealer, or purchase the car , or lease a brand new car.

A car that you lease vs. buying a car . Consider your primary considerations when deciding on whether to . Consider the number of miles you drive annually; if you drive a lot the cost of leasing could become prohibitive. Think about the pros and cons of each approach. Pros of leasing

Pros and cons of leasing

Because you’re not paying for the full value of the car, you’ll typically have a lower monthly payment.

When the term ends on leasing, your vehicle will no longer be yours anymore. You will have to find a new car or buy out your leased vehicle.

If driving a newer or more expensive car is essential to you, your monthly lease payment will be less expensive than making a big down purchase.

Additionally, you may be required to pay a car turn-in fee at the end of your lease if don’t lease another car from the dealer.

With a car lease generally, you get an entirely new vehicle. That can help save on the ongoing costs of maintenance.

Most leases come with the option of a mileage allowance. when you exceed the allotted amount, you’ll be charged huge per-mile fees.

The next step If leasing is the right choice for you, you must do your research, compare and ensure you find a lease that is compatible with your driving style and budget. Pay attention to your monthly expenses and clauses. To determine your monthly installment amount and the amount of your monthly payment, the dealer will evaluate the value of your new vehicle versus the residual worth. As with all transactions involving financing, the better your credit score is, the lower the interest rate.

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan covered loans, home equity and managing debt in his work. Edited by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She’s dedicated to helping students to navigate the daunting costs of college and dissecting the complexity in student loans.

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