How to Lease a Car

Leasing requires a smaller down payment - usually much smaller - than buying a car. Therefore, you can get a nicer car if you lease, but may have to pay more over time.

Difficulty: Moderately challenging

Instructions

1. Shop for and settle on a car.

2. Discuss lease terms with the sales representative.

3. Ask for a complete explanation of your liability in case of an accident or total loss of the vehicle.

4. Check the depreciation on that model of car.

5. Compare your costs, including the depreciation, to your costs if you were to simply buy the car and make payments.

6. If you still decide to lease, review and sign the lease agreement and write a check.

7. Get insurance.

Tips & Warnings

• Your credit will be reviewed more closely and requirements will be higher for a lease than for a purchase.
• Total loss of the car usually works out worse for you than it does for the car dealership.

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on 11/22/2005 When you turn in your car after the lease expires it is a good idea to photograph the car to prevent getting unjustly billed for any damages. Get all views and angles of the car, date the photos or take the photos in front of the dealership.

on 11/22/2005 Don't get a lease for longer than the car's warranty period. This protects you from expensive repairs when you return the car.

on 11/22/2005 The trick is to never tell the salesperson you want to lease, at least not at first. Lease payments are based on the full price you'd pay for the car if buying instead of leasing. Negotiate the lowest purchase price you can, and negotiate from there.