Entering a new car lease offers the chance to possess a brand new car, offers low payments, and the ability to prove creditworthiness to the car manufacturer. Some consumers choose to purchase the car after the life of the car lease term is over, with the assurance they are the only person who drove that vehicle. Some restrictions do apply when considering entering a lease agreement. It is suggested that all aspects of the agreement be reviewed prior to signing the initial documentation.
Drivers have the opportunity to speak with retailers regarding the terms of their new car lease after choosing a new model vehicle. The terms of the lease may require the driver adhere to maintenance checks, mileage restrictions or other options such as special financing charges. The driver will have the information for the restrictions for their particular lease restrictions at the time of signing.
Entering a new car lease offers the opportunity to secure financing with the manufacturer or directly through the dealer. The special financing may include lower payments than securing a standard traditional car loan. There are also new car lease specials offered by the manufacturer that offer fixed low rates for specific new models.
A lease special may be the deal breaker for most consumers because of the flexibility of use. The manufacturer may offer a fixed rate, lower wholesale price, or additional funds returned at the end of the lease term to excite the consumer. The price breaks offered depend on the model, most manufacturers enjoy offering lease specials at the launch of a new vehicle.
The mileage restriction is set based upon the manufacturers’ regulations. The dealer is given the criteria and guidelines for a specific mileage package and is able to tailor this package to each driver. The car may have regular use for long trips yet this option may require additional fees when the driver goes beyond the agreed upon mileage limit.
Maintenance restrictions are set in place to ensure the car is applicable for resell at its highest worth. Cars that are leased are considered used cars, yet to ensure they are in the condition by the manufacturers’ standards they are required to have maintenance. The driver will be given information one the scheduled regular maintenance for their leased vehicle.
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