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How To Spot a Good Lease

Some may feel like a lease contract is just too complicated because of the the list of topics, numbers and fees but with some training, any car buyer will be able to spot a good deal right away.

Experts say that consumers must learn how to X-ray the deal and ensure they are doing the right thing by following a simple check-list.

The first thing the potential customer must look into is the vehicle’s residual value. To get to that amount, you will have to predict what the vehicle you may be leasing will be worth at the end of the lease term you choose. Either the bank that pens the contract will set this value or the leasing-information provider ALG Inc., according to specialists.

Consumers who manage to lease a vehicle that has a high residual value will end up paying less every month. In most cases, you can sometimes lease a Lexus for much cheaper monthly payments than a Toyota, for an instance.

Another important thing to look into when looking for the perfect lease deal is a competitive interest rate. Salespeople will use different terms for this, according to experts. Interest rate for leasing cars is known as ‘lease factor’. Instead of simply accepting what the salesperson offers as a perfect interest rate, shoppers are urged to call different dealerships to find better interest rates. Settling for the first deal offered is seldom the best way to go about saving money in the long run.

Potential consumers must also keep in mind that asking for the removal or reduction of certain fees from the lease contracts can end up paying off. To request such service can help potential shoppers to improve their lease contracts and save some money while they’re at it. According to experts, fees change from leasing company to leasing company. In some cases, experts say that consumers are able to have their security deposit relinquished but asking never hurt anyone.

Drivers are also encouraged to go for brands that have high lease retention rates. Drivers who keep returning to the same dealerships for new leases are happy with the service, which will demonstrate to new consumers that that particular dealership is worth their time.

By staying on top of these few details you will be able to spot the perfect deal and in no time, you will be driving your newly leased vehicle with ease.

For more tips concerning the best lease deals, click here.

About the Author
The Vachon Law Firm is based in Southern California and focuses exclusively on consumer protection litigation.