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9 common car leasing traps that you should stay clear of in Part Of the process of leasing a Vehicle In this series Leasing a Vehicle







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6 minutes read. Published May 05, 2022
Written by Jackie Lam Written by Contributing writer

Jackie Lam is a contributing writer for Bankrate. Jackie write about car loans.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain confidence to manage their finances with precise, well-researched and well-researched content that breaks down otherwise complex subjects into digestible chunks.









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The idea of leasing a car might seem an ideal option at first glance however, often leases are accompanied by a myriad of caveats and drawbacks that the negatives outweigh any benefits associated with the deal. If you're thinking of leasing a car instead having one, you must be vigilant about what you are getting into. In contrast to owning a car which you could trade in if you'd like the opportunity to do so, leasing comes with a legally binding agreement -- and you'd need to keep the vehicle until your lease expires. Here are nine traps you could fall into while leasing the car. 1. Limitations on mileage that could be costly Most car leases come with a cap on the number of miles you can drive on the car each year. To give you an example, U.S. drivers average around 13,500 miles per year, as per the Federal Highway Administration. Some car leases, especially ones that offer low monthly payments and annual mileage limits of less than 10,000 miles as per Matt DeLorenzo, a senior managing editor at Kelley Blue Book. The type of car you're driving, you can expect to be charged a penalty ranging between 10 cents and $25 cents per mile in the event that you go over your annual cap. The more expensive the cost of the vehicle is, the greater the penalty. If your penalty is 25 cents per mile, and you exceed the cap by 3,000 miles in a year, you'll be looking at an astronomical $750 in additional costs. Takeaway: If you are thinking of going down the lease route, estimate how many miles you average per year to be sure you are aware of how much leasing will be costing you if you go over the limit on mileage. 2. Costs for early termination if you wish to end your lease earlier it could be necessary to pay a fair amount to end the agreement. It is contingent on the terms of your lease, but you might be required to pay the difference between the amount that the vehicle has depreciated in comparison to the amount you paid for it. In some cases the amount could be thousands of dollars. Let's say you're leasing the car for $40,000. After three years, you've paid $18,000. The car, however, has depreciated by $21,000. If that's an issue, then you could have to pay for the difference between what you've paid for, $18,000 and the amount that the car depreciated $21,000. So, you'll be on the hook for $3,000. The early termination fees can include taxes as well as a fee , which helps offset the cost for the lender to let the vehicle go. Additionally, you will be accountable for paying off any late fees, parking tickets and any unpaid monthly installments. Takeaway: Read the fine print of early termination clauses that DeLorenzo suggests. "Find out exactly how much you'll need to pay if your lease doesn't run to the end of its term," he says. 3. Low residual value. The residual value is how much the car is worth at the end of your lease term. Let's suppose that the lender thinks that the $30,000 car you're leasing right now is worth $15, 000 within three years. Your monthly payments will be calculated to cover the loss of $15,000 and so a lease for 36 months equates in monthly payment of $416.67 without fees or taxes. charges. The residual value is the agreed-upon value of the car at the time the lease expires. The residual value is inclusive of depreciation. 4. A price advertised that demands the payment of a large down-payment. If you see a monthly lease payment advertised as being less than $200, make sure to do your homework and be aware of what you're being enticed by, says DeLorenzo. In most cases, these prices equate to massive down payments. It is important to know how much you are being required to pay to be eligible for low monthly payment. "A $5,000 upfront fee on a four-year lease increases by more than $100 the advertised monthly payment," DeLorenzo says. The lesson: There's usually a catch if a lease has low monthly payments, namely a hefty down payment. 5. The monthly payments for buying as opposed to. leasing Other dealers could be trying to lure you into a lease by comparing the monthly payment for the two, and how much less your payments will be if you choose the leasing option. Rememberthat when you purchase the car, you will be able to own it at the conclusion of your . When you lease, you must to return the vehicle. Don't fall for it by dealers who try to contrast apples with oranges and tell you how much more profitable it is to lease the car. 6. Not paying attention to the price of the vehicle Just that you lease does not mean you don't have to worry about the cost of the car. It's still a matter of concern, as what you are paying to lease it largely depends on the price of the car and the rate of depreciation. What you should take away is that the price and value of your car are important when leasing. 7. Fees at the beginning and end of the lease. Prior to signing a lease make sure to be aware of charges. This could include: Acquisition fee: Also known as an administrative or bank charge it is a one-time fee charged by lenders to tie the lease together. The amount could range from $400-$900. Taxes on sales and licenses: This might not be included in your monthly installment depending on the state you reside in and your particular contract you signed, so make sure to read the specifics. Cost to buy-out when your lease is over you'll be able to purchase the vehicle instead of returning it to the lender. End-of-lease charges: If you decide to sell the vehicle to the lender, you'll be accountable for the payment of end-of-lease costs or the disposition fee. This might include vehicle inspection cleaning and reconditioning storage, transportation , and administrative fees. Wear and tear fees: You could be charged for equipment that was lost or if the vehicle suffers wear and tear that isn't covered by the agreement to lease. "Check for the specifics on what constitutes 'normal wear and tear' at lease end, and the responsibility you have for any repairs or maintenance at lease termination," DeLorenzo says. It is important to note that the expense of leasing a car is far beyond the monthly payments. Check out all charges before you sign on the dotted line, which includes the possibility of breaching the terms of the lease. 8. A longer-term lease that gives you a lower monthly payment Let's say you contact the lender to negotiate your monthly installments reduced. They call back, letting that they have discovered that they were able to get your payments down by prolonging the lease. The truth is you aren't making any savings. While a lease with a longer term can mean you will pay less per month, you'll pay more interest during the lease. Beware: Don't get fooled by a smaller monthly payment that comes with a longer lease period. If the lender proposes to extend the lease, you'll pay more interest over the long run. 9. The money factor While there's no APR when it comes to leasing a car, there are financing charges. They are referred to as the "money factor." The money factor functions similar to an interest rate and is the determining factor for how much you will pay in finance charges. It is as you'd expect: the higher the money factor, the more you will be charged. Unlike interest rates that are based on the money factor, it is expressed as a decimal. To determine the amount of your financial charges in percentage, multiply the money factor by 2,400. So, if your money factor is .0025 6.5%, that's 6 percent. Consider this: when you are looking for a lease on a car, ask what the cost factor is. Next steps Protect yourself from falling into one of these car leasing traps with these steps: Be aware of your requirements: When deciding if a lease on a car is the right choice for you, take into consideration the number of miles you drive each year, how much you can reasonably afford and how leasing a car would fit with your preferences, lifestyle and financial goals. Check your credit: Looking at your credit report prior to receiving offers could give you more leverage when negotiating the terms you prefer. Compare rates: To find the best rates, talk with different lenders about their terms that are based on your credit. Negotiate as much as you can do: Although there are items that you aren't able to bargain over, like the acquisition fee or residual value, you can potentially negotiate the disposition fee or buyout price. Be sure to read the fine print There may be hidden charges and lease limitations that might not be revealed when you're looking around. Before signing the dotted line, make sure to study the details. It is crucial to understand how leasing a car works and knowing the cost, you will be able to avoid the common lease traps, and also save yourself money. While also being attentive to leasing pitfalls to steer away from, it's wise to take the time to plan ahead so you can enter the leasing office with confidence and understanding. Find out more


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Written by Contributing writer

Jackie Lam is a contributing writer for Bankrate. Jackie is a writer on auto loans.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied information that breaks down otherwise complicated topics into bite-sized pieces.






Auto loans editor




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