Some of the commonly asked questions in the leasing of the vehicle
Q: Can I lease a car with no money down?A: Yes, You can
Q: If leasing companies need a down payment, how much would it be?A: Yes and No, Usually the first month payment as a security deposit, in addition to taxes and fees will have to be paid in advance . However, you could negotiate for zero money down leasing.
Q: How long can one lease a vehicle?A: From twelve to seventy two months. The terms how –ever may vary. The popular term are 24 months, 36 months or 48 months.
Q: Who is responsible for the maintenance?A: You are. Along with all the manufacturers recommended servicing and oil change.
Q: What will I do with my car after the lease expires?A: Return the vehicle to the lessor and walk away, or you may purchase the vehicle at a predetermined price,if such option is offered to you in the lease agreement.
Q: If I am only leasing a vehicle for 24 months, why should I pay full sales taxes?A: You may have to find out about it from the lessor.
Q: What is the difference between a closed-end and an open- end lease?A: In a “closed-end” leaser the lessor bears the market valuation risk. In an “open-end” lease the lessee shares in the responsibility for the vehicle’s worth at lease end. However, most manufacturers prefer a close-end lease.
Q: Who is the lessee?A: You, the person who leases the vehicle.
Q: Who is the lessor?A: The dealer or the leasing company who leases the vehicle to you, the lessee.
Q: What is “lease end residual value,” “lease end value”, or guaranteed future value”?A: They are the same. The value is set by the lessor at the start of the lease. It varies according to the lease term, mileage allowance and the make /model of the vehicle. This value is estimated at the fair market value of the leased at the scheduled end of the lease.
Q: What is the “purchase option”?A: This gives you the option to buy the vehicle at the lease end for a predetermined price. The purchase option is always negotiable.
What is certificated Pre-Owned Car
Q: What is used and certified Pre-Owned Car?A: It depends on the coverage once original new car warranty expired (run out).
Q: Who certifies Pre-Owned vehicles?A: A Pre-Owned, vehicle can be certified by the Car Dealer or the Manufacturers.
Q: What include in the certification inspection?A: The Vehicle details included in a certification Inspection may vary from provider to another.
Q: What ius covered by a certified Pre-Owned warranty?A: The extent of Pre-Owned Car Warranty coverage various;
Some Car Manufacture offer Certificated Pre-Owned Car with comprehensive limited Warranty, and Free Towing.
One has to check the appropriate Car Dear/Manufacturers before purchasing a Certified Pre-_owned, Vehicle ask all these question and see where can be serviced.
Then compare with a used car or Demo, or New Car or Leasing.