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Car-lease incentives: what you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and evaluate information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make 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 appear on this website, for example for instance, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be accessible to you. Westend61/Getty Images

4 min read. Published October 27, 2022

Anna Baluch Anna Baluch Written by Contributing writer Anna Baluch is a former Bankrate contributing writer. She is a freelance personal finance journalist from Cleveland who enjoys writing about mortgages, debts, student loans and auto loans along with auto loans. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances through providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. The Bankrate promises

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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four decades. We continually strive to give our customers the right advice and tools required to be successful throughout their financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and journalists create honest and accurate information to assist you in making the right financial decisions. The content we create by our editorial staff is factual, objective and is not influenced from our advertising. We’re open about the ways we’re capable of bringing high-quality content, competitive rates and useful tools to our customers by explaining how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or by you clicking on specific links on our website. Therefore, this compensation may affect the way, location and in what order products appear within listing categories and categories, unless it is prohibited by law. This is the case for our mortgage, home equity and other products for home loans. Other elements, such as our own rules for our website and whether a product is offered in your area or at your self-selected credit score range could also affect the way and place products are listed on this website. Although we try to offer a wide range offers, Bankrate does not include specific information on each credit or financial item or product. If you are considering leasing a car, there are a few important factors to know about incentives you may receive. Car lease incentives are not exactly the same as incentives offered when you buy a brand new vehicle. It is essential to know the specifics of these benefits to ensure that you get the best deal when you lease a car. What are car-lease incentives? Car-lease incentives are benefits provided by automakers to convince buyers to lease vehicles. Car-lease incentives are frequently advertised by automakers and can advertise these on their websites in commercials, radio and direct-mail ads. The goal of car-lease incentives are to help make the leasing of a particular car less expensive and more appealing. 3 types of car-lease incentives prior to visiting the dealership, there are three common types of car-lease incentives to be aware of. 1. Cash-back rebates for leasing cars are similar to those provided when purchasing a car. It is an undetermined amount and is decided by the manufacturer and applied to the overall cost associated with leasing the vehicle — thus lowering your expenses. The total value of a rebate may differ based on the lease period you choose. The rebate’s restrictions are clearly stated on the site of the automaker typically within the small print under the section on offers. 2. The subsidized interest rate involves the auto manufacturer offering a lower interest rate to people with good credit ratings that use its lending arm, such as Ford Credit or Toyota Financial Services. This is often described as an “lease deal” for a specific . It is important to compare this interest rate with loans you can obtain by yourself through a different lender to see which is more beneficial. Examine all the specifics of the lease conditions for a precise comparison. 3. Subsidized residual values Residual value — as well as subsidized residual values — are important elements of the price you pay to lease a car. A vehicle’s residual value, which is set by the leasing company is a rough estimation of the value of the car will be worth once the lease expires. This figure is key because the amount you pay for the lease is the difference between the price of the car at outset in the lease as well as its value when it is the expiration of the lease. If a car’s value is $25,000 at the start of a lease, for example, and its residual value is $10,000, your cost to lease the car is $15,000which is a cost that’s split into monthly lease payments. In order to encourage customers, automakers or leasing companies might offer subsidized leases to lower your payments. They will typically offer the benefit of a lower interest rate or a subsidized residual value for a car, but not both. These details aren’t obvious however, and you’ll need to inquire. Benefits of car lease incentives If you can make a commitment to a car lease incentive, you can reap in a variety of ways. Reduced payments You can enjoy lower monthly payments, which could free up your cash flow and help you pay to own the vehicle you want. Lower payments are possible by taking advantage of the “lease deal” which the automaker may offer which can help keep your interest rates down or even by using the cash rebate to make down payment. Cash in hand receive an automaker’s check or use the cash towards the total amount of the lease. The bank’s extra cash is always a plus when it comes to car financing. However, be aware of any limitations that could apply. For instance, you could require the finance company for your car manufacturer to take advantage of this offer. A more expensive car at a lower price You may go home in a car with all the bells and whistles, but at the price you can afford. You’ve wanted to drive a particular car, but aren’t able to buy it, a reward could let you test take it on for couple of years. The key to leaving with a top car and lower costs is the subsidized residual value offered. It helps keep your monthly payments lower, while also keeping the value of your car high. What to watch out for Even though car lease incentives provide many benefits, but there are two major disadvantages that could arise when you sign on a substantial cash refund. Additional mileage charges It is essential to study the small print when it comes to the amount of cash you receive. In many cases you could be charged hefty fees for exceeding mileage limits. Every dealership is different and this could cost between 15 and 25 cents a mile. Consider the number of miles you drive in a daily basis- and whether you have any planned trips when deciding to sign off on a cash rebate. Balloon payment Your automaker might also require a balloon installment, which is a more substantial one-time installment at the conclusion of the lease. If your budget doesn’t permit you to pay for this it could put you in a bind. Keep in mind that if you find an incentive for car lease that seems too appealing to be real, . Check with your state. Although car lease incentives offer a number of advantages but they also have a major drawback: Some states tax car incentives as well as rebates. If you live in a state where this is the case tax incentives, you could be required to pay tax on the total cost of the car prior to the incentive is used. There’s no need to fret about this if you live in one of these states that don’t offer tax incentives : Alaska

Louisiana

Nebraska

Rhode Island

Arizona

Massachusetts

New Hampshire

Texas

Delaware

Minnesota

Oklahoma

Utah

Iowa

Missouri

Oregon

Vermont

Kentucky

Montana

Pennsylvania

Wyoming

The most important thing to remember is that before you jump at any car-lease incentive, read the fine print. You must be aware of how lease cash rebates or interest rates that are subsidized and residual values affect the cost of your expenses. Also note the drawbacks of incentives such as fines for exceeding mileage limits and the hefty, one-time balloon payments. Be sure to consider the lease’s terms in detail and whether it is a good fit for your budget before you sign the contract. Find out more

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Written by Contributing writer Anna Baluch is a former Bankrate contributor. She is a personal finance freelance writer from Cleveland who loves writing about mortgages, debts and student loans and personal loans as well as auto finance. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances by providing concise, well-researched and well-documented information that breaks down complicated subjects into bite-sized pieces.

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