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Mistakes to avoid when leasing a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools as well as publishing high-quality and impartial content, by enabling you to conduct your own research and compare information for free — so that you can make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that are advertised on this website come from companies who pay us. This compensation can affect the way and where products are displayed on the site, such as for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. Our mortgage home equity, mortgage and other products that lend money to homeowners. This compensation, however, does have no impact on the content we publish or the reviews appear on this website. We do not include the entire universe of businesses or financial offerings that could be accessible to you. Thomas Barwick/Getty Images

8 min read published January 11, 2023

Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former writer who contributed to Bankrate. Dan covered loans, home equity and managing debts in his writing. The article was edited by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities in student loans. The Bankrate guarantee

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If you have questions about money. Bankrate can help. Our experts have helped you understand your finances for more than four years. We continually strive to provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and journalists provide honest and trustworthy content to help you make the best financial decisions. The content created by our editorial team is factual, objective and is not influenced from our advertising. We’re transparent regarding how we’re capable of bringing high-quality content, competitive rates, and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or by you clicking on specific links on our website. So, this compensation can affect the way, location and when products are displayed within the categories of listing, except where prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other factors, such as our own rules for our website and whether or not a product is available in the area you reside in or is within your personal credit score can also impact how and when products are featured on this site. We strive to offer the most diverse selection of products, Bankrate does not include specific information on each credit or financial product or service. You can get a car to drive for a fixed number of miles and months. It’s similar to renting an apartment instead of buying a home. There is less long-term commitment involved, but you still must be responsible for the cost. Leasing a car is often lower than buying it with an . Drivers save an average of $138 per monthly payment, according to for 4th quarter 2022. There are some downsides to consider. 7 mistakes to avoid when leasing a car Leasing could lower your monthly payments however, it can also be very costly if you do not pay attention to the small print. Avoid these five common mistakes when you are considering leasing your next car. 1. Don’t pay too much upfront Dealers advertise low monthly lease payment on brand new vehicles, but you may have to pay several thousand dollars upfront in order to secure an affordable rate. That money covers a portion of the lease in advance. If the car is destroyed or stolen within the first few months, your issuing company will be reimbursed for the value of the vehicle, however the leasing company will likely not reimburse your down amount. You’d be out of a vehicle, and the initial money you handed over to the leasing company would essentially disappear. It is recommended that you pay no more than $2,000 in the beginning when you lease a car. In certain situations it’s possible to put nothing down and include all of your cost into the monthly lease payment. Should something happen to your vehicle before the end of the lease term, at least the leasing company doesn’t own the funds to pay for a large portion of your cash. 2. Do not negotiate the lease agreement. The lease agreement has several elements that are often , including the buyout price. The amount you’ll be paying the dealer in case you decide to buy the vehicle after the lease expires. Disposition cost: This fee is used to pay the costs of the dealer in preparing the car for sale after it’s returned. Gross capitalized cost: Also known as the car’s sale price which affects the monthly payment and the purchase price. Mileage allowance: Leases include a preset number of miles that you are allowed to drive each year, and in violation of this cap means you’ll incur additional charges unless you purchase the vehicle after the lease is over. Money factor: The cost you’ll pay to lease the vehicle — in essence it’s the rate of interest. Failing to negotiate these figures could result in you leaving thousands or hundreds of dollars in cost savings on the table. 3. Do not purchase gap insurance if you own a car leased, you should be able to pay for . The «gap» is the gap between the amount you owe on your lease and the car’s value. For instance, suppose your lease states that at the end of your lease, you can buy your car at $13,000. If you are involved in a crash and destroy the car prior to when the lease is up, your insurance company will decide the car’s current market value and pay that amount to the dealership which has the car. If the insurance company claims that the market value is $9,000. In that case you’ll likely have to pay $4,000 out of pocket to pay for the difference between the lease’s residual value and the true market value — unless you have gap insurance. The gap coverage will take care of the difference. A lot of leases offer gap insurance. The seller may be able to offer you gap insurance, however, you could choose a lower-cost policy by contacting a traditional insurance firm. Whatever the case, the insurance coverage is well worth the small investment. 4. Underestimating how many miles you’ll put on an automobile. To avoid any additional costs, be aware of your driving habits prior to renting the car. Take note of your commute each day and how often you make long drives. You could ask for a higher mileage limit in case you are certain that you’ll travel more than your contract allows. But it’s likely to increase your monthly payment because additional miles will cause a greater amount of depreciation. It is common for lease contracts to have annual mileage limit of 10,000, 12,000 and 15,000 miles. If you exceed these mileage limit, you could be charged as much as 30 cents per additional mile at the end period. For instance, if you go over the mileage limit by 5 miles, then you may wind with a debt of $1,500 — at thirty cents for each mile -after you have turned the car in at the close term. 5. The car is not maintained properly If your car has damage that goes beyond normal wear and tear, you could be on the hook for additional fees when it’s time to take it back to the dealer. If the car has scratches but the scratch is smaller than the size on the outside of the driver’s license or business cards, many companies may consider it normal use and won’t issue a fine. If the leasing company considers the damage to be excessive, they can charge additional fees. The definition of normal use can vary from dealer to dealership. Your lender will check the vehicle before turning it in , and will look for scrapes and dents on the body and wheels as well as damage to the windshield and windows and an excessive amount of wear and tear on tires and tears or stains in the interior upholstery. Don’t think that the inspector will be gentle. 6. A car you are leasing for too long? Make sure that the lease duration exceeds or is less than the warranty period of the vehicle. Warranties differ from manufacturer producer, but typically last up to 3,600 miles for three years depending on what comes first. If you plan to keep the car for more than the warranty duration it may be necessary to consider the possibility of an extended warranty. Otherwise, you could be liable for maintenance and repair costs for a vehicle that you do not have while making monthly lease payments. It’s best to purchase the car if you’re planning to lease it for a long period, says Barbara Terry, a Texas-based automotive writer and expert. «If the driver owns the vehicle then he’d need to purchase the car and pay for maintenance however, he can continue to drive it for many years without worrying about a mandatory monthly lease payment,» Terry says. Utilize an app to determine whether leasing or buying an automobile will save you more money over the long haul. 7. Do not think about the lease-specific insurance requirements. If you’ve previously financed a car, you may already know that most lenders require you to be covered for collision and comprehensive. If you’re the first to do so however, you may not realize that you could also be required to increase your liability limits. The liability coverage section of your insurance policy covers for the other party’s injuries and medical costs if you’re at fault in an accident. In addition to collision and comprehensive the majority of leasing companies will require you to carry liability limits of at least $100,000 per person and $300,000 per accident, and $50,000 for . You may see this denoted as 100/300/50 on your insurance documents. Based on your current liability coverage, these limits may increase your insurance premiums, which could already be higher than you’re used to after having leased your vehicle. To avoid unexpected costs it’s a good idea to obtain an insurance quote for the car you’re interested in before signing on the»dotted line. How do you lease a car A car lease is a method to «borrow» a car instead of purchasing a brand new or used vehicle. It usually comes with an agreement for three or four years and a comprehensive contract, therefore there are numerous factors to consider prior to signing this long-term commitment. The option of leasing instead of purchasing a car could be a great option to own a car with the latest technologies and features at a lower money per month. If you’re ready to lease a car, make sure you follow these steps: Do your research You can lease every kind of vehicle that has been made in recent years. It is important decide on the type and the brand you’re most interested in before taking into consideration how the cost can be incorporated into your budget. To , pay close attention to your lifestyle and how the car can fit into your daily routine. Bankrate tip

When budgeting, prepare to pay a small sum before you drive off the parking lot to cover tax and charges. More than that, if you’d like to secure lower monthly payments throughout the lease, you can look into putting a larger amount down.

Visit dealers next, stop by a few dealers and take the opportunity to test drive. That will help you narrow down what exactly you’re searching for. It may be beneficial to call ahead to get an idea of what’s available and if test drives are currently allowed. Bankrate tip

If you go to dealer locations be aware that you could encounter higher costs. Have you not been able to remain in the leasing market unaffected and while it still tends to be more affordable than purchasing, prepare for competition.

You can negotiate the lease terms It is pretty much all available during the leasing process. The negotiation stage is the only opportunity you will have to get the perks you want in writing. If you want to be the most effective negotiator check current pricing on sites like Kelley Blue Book and remember to bargain more than just price. Tips for negotiating bank rates

A good lease deal is one that will leave you with as low a cost over the life of the loan as is possible, with the beginning with a down payment. If negotiation intimidates you take a trusted person to guide you through the tough discussion. Also, be mindful that could make securing a better lease deal more difficult.

Compare offers Take advantage of online resources and look at the deals you have to get the most value. Visit some dealerships prior to you sign off on your car. Be aware of the monthly costs of the mileage cap, purchase price, the money factor and the capitalized cost of your vehicle. Be sure to look over the costs the leasing company is charging, which includes the acquisition fee, the disposition fee and early termination fee, to gauge if it’s comparable to other similar options. Don’t forget to ask about the due amount when you sign the contract. Bankrate tip

When comparing lease offers be sure to read the fine print and the vehicle itself. While driving for a test drive, pay attention to the way the car drives and see if it is a good fit to your needs.

Keep the car in good condition throughout your lease Remember that you must turn in the car at the end of the lease term. If it’s not in great condition, you could have to pay additional charges. Before you lease a car inquire about the rules regarding the lease-end conditions. These guidelines specify the types of damage you would have to cover prior to return the car. Bankrate tip

If the vehicle is seriously damaged, drivers are likely to be charged the full market price for repairs. At the , you’ll have several choices. You can choose to either sell your vehicle at the dealership, purchase the car or lease a brand new car.

Leasing a car or. buying a car . Consider your needs when deciding if to . Consider the amount of miles you travel annually; if you travel a lot it could be costly to lease. Be aware of the advantages and disadvantages of each method. Pros of leasing

Cons of leasing

Because you’re not paying for the full cost of the vehicle, you will usually have smaller monthly payments.

When the term ends on the lease, the vehicle is no longer yours anymore. You will have to find a new car or buy out your leased vehicle.

If owning a brand new or more expensive car is important to you, then your monthly lease payment will be less expensive than making a big down payment to buy it.

There is also the possibility of having to pay a car turn-in fee at the end of the lease , if you don’t purchase a new car from the dealer.

When you lease a car, you are usually getting a new car. That can help save on maintenance expenses.

Most leases come with the option of a mileage allowance. in the event that you exceed the allotted amount, you’ll be charged hefty per-mile charges.

The next step If leasing is the right choice for you, make sure to do your research, compare and ensure you lease is compatible with your driving style and budget. Pay attention to your monthly fees and clauses. In order to calculate your monthly payment amount and the amount of your monthly payment, the dealer will evaluate the value of the new car in comparison to its residual value. As with all transactions involving financing, the higher your credit score and the lower your interest rate.

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan covered loans home equity, loans and managing debt in his writing. Written by Chelsea Wing Edited by Student loans editor Chelsea has been with Bankrate since early 2020. She’s committed to helping students to navigate the daunting costs of college and simplifying the complex world that are associated with student loans.

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