Valley First

Leasing Tips

Figuring out whether to lease or buy can be a tricky decision. We've put together some helpful tips for you so that you fully understand the various aspects of leasing— that way, your decision is based on what's best for your unique situation.


10 Tips for Leasing

  1. Before you sign a lease ensure that you understand what options are available at the end. Some leases allow you to return the vehicle (closed-ended), and some don’t (open-ended) .
  2. Ask about fees for your lease; those charged up-front and those charged at lease end.
  3. Avoid excess kilometer charges by telling your Lessor honestly how much you expect to drive the vehicle. Different usage can be built into the lease structure.
  4. Whether you lease or buy, you are responsible for maintaining the vehicle according to the manufacturer’s guidelines. It’s a good idea to keep all service records for the term of your lease and return them with the vehicle.
  5. Protect yourself from excess wear and tear charges at the end of your lease by obtaining an independent inspection of your vehicle before turning it in.
  6. Most leases require a security deposit. This is refundable at the end of the lease, without interest, unless it is used to pay for any remaining amounts you owe.
  7. You will not be allowed to end your lease early unless it is stated on the contract. If your lease contains this right, it should also contain the formula for calculation that early termination amount.
  8. Some Lessors will allow you to transfer your lease to someone else. If you would like this option ask before you sign.
  9. If you keep your vehicle on the road for a long time, leasing may not be your best option.
  10. The least expensive way to obtain a vehicle is always to pay cash but remember, using a line of credit is not cash and that option carries its own financing costs.

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