What to Do When You Want to Lease a Car

Review Leasing Offers

Lease offers and vehicles differ by manufacturer. Review offers for any vehicles that interest you. Go to manufacturer websites and take note of the following lease information: lease term, down payment requirement, monthly payment and mileage allowance. Navigate the manufacturer’s website to find local dealers. Visit individual dealer websites to find out if additional offers or discounts exist. Because of the variations of down payment requirements, leasing offers may seem difficult to compare. Every $1,000 put toward a lease results in roughly $30 off of your monthly payment. If you deduct $1,000 from the advertised down payment, add $30 to your monthly payment.

Compare Vehicles

Review the vehicle used for the leasing advertisement. This vehicle may not be the one you want. Usually, a base model is used for advertising purposes, but you can choose to lease different levels with more features if you’d like. Once you determine which vehicle is used for advertisements, use the manufacturer’s shopping portion of the website to review the car’s specifications and available or standard features. Call a dealer to find out price differences if you choose a different model than the one advertised.

Test Drive the Vehicle and Choose Terms

Once you’ve narrowed down your options, test drive any vehicles you want to compare. If you want a specific exterior color, interior color or features, let your salesperson know once you arrive. This way, you can test drive the actual vehicle you want to lease if you decide to do so. Once you’ve found the right vehicle, discuss leasing terms with your salesperson. Ensure that the advertised mileage allowance is manageable; if not, change the allowance. Adjust your down payment amount if needed; you don’t have to put down as much money as the lease advertisement suggests.

Finalize the Lease

You can negotiate your monthly payment amount, as pricing is assumed on sticker price without any discounts. Negotiate the price of the leased vehicle the same as you would if purchasing. Fill out a credit application with your salesperson to verify approval. Once you’re approved for your lease, you must provide proof of full-coverage insurance from your insurance provider. You may want to check your policy price ahead of time; the price of a collision policy, which is a requirement of leasing, is more expensive than a state required liability policy. Once you’re happy with the lease terms and have insurance, you’ll sign your leasing contract with the dealer.

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