When it comes to leasing new cars, there's a surprising amount of confusion--we're here to clear some things up.
When you lease, you're essentially renting your vehicle from the leasing company; they pay the dealership for the cost of the vehicle and keep the title. They own the car--you don't. This means that while you'll enjoy much lower monthly payments than buying, you're somewhat limited in what you can do, and you're not building equity.
Except in some cases.
If the pre-set buyout price for the vehicle (based on the expected residual value) is $15,000 at the end of your lease term, but the car's market value is $18,000, that should be $3,000 of equity that either goes into your pocket, or helps lower payments for a future lease or loan.
But, if you're looking to get out of your lease now, we encourage you to contact us. Another common misconception is that you must return the leased car to the dealership where you signed the paperwork, and you must pay termination fees.
Not true; you can bring that vehicle anywhere; and either you or another dealership can choose to buy the car.
At Pellegrino Auto Sales, we're looking for the best used cars in Batavia, and if you've taken good care of your leased vehicle, we may be interested. We could help you get free of your commitment and get into a pre-owned vehicle from Ford, Honda, Subaru, or even a used luxury car quickly and easily.
Contact us today to talk about your lease-end options and see if we can make a deal for you.
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