How to Lease a Passenger Van
If you have a short- or long-term need to transport more than eight passengers, leasing a purpose-built passenger van can be the right solution. Passenger vans offer up to four rows of seating, a range of interior amenities and easy access to all seating positions. However, not all traditional leasing companies lease passenger vans, so you need to do some research before visiting a dealership. Knowing your needs in a vehicle and on a lease can save you time and help you prioritize offers as you search for a van.
Other People Are Reading
Instructions
-
-
1
Find the right van. Use a website such as Edmunds or Cars Direct to get information on different types of passenger vans available. In your research, you may find that a certain make and model of van fits your needs best. Based on how many miles the vehicle will be driven, determine if you can justify making a larger investment by leasing a diesel van.
-
2
Determine if a short- or long-term lease is best. If you have only a temporary need for a passenger van, look into short-term leases. A shorter lease provides flexibility, as you may extend the term if needed or return the vehicle after a few weeks or months when the lease is up. If you are looking for a vehicle to be used for employee or church transport, a long-term passenger van lease is the best choice, as a long-term monthly lease costs less over time.
-
-
3
Determine your mileage requirements. Major leasing companies offer annual mileage allowances ranging from 7,500 to 50,000 miles per year. If you purchase less miles per year, you will have lower monthly payments. If you purchase more miles per year, your monthly payment will be higher. If you choose a low mileage allowance but exceed it, you will be forced to pay excess mileage charges for each extra mile driven.
-
4
Contact leasing companies. You will find short-term van leases are closed-ended, meaning you pay the company a negotiated amount over a particular term for use of the vehicle. A long term lease may be closed- or open-ended. In a closed-ended lease, the leasing company sets a residual value for the van. If, at the end of your lease, the van is sold for less than the residual value at an auction, the leasing company is responsible for the difference. In an open-ended lease, you are responsible for any difference between the residual value and the auction price of the vehicle. As passenger vans depreciate quickly, this amount could be substantial.
-
5
Contact dealership fleet departments. If you are shopping for a long-term lease, a dealership fleet department is a good choice. The dealership will have access to a large inventory of passenger vans, and larger dealerships may even offer an internal leasing company that can finance your lease.
-
1
