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How to negotiate a car lease 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 financial calculators and interactive tools as well as publishing unique and impartial content, by enabling users to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the order in which they appear in the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other products for home loans. This compensation, however, does have no impact on the information we publish, or the reviews you read on this site. We do not cover the vast array of companies or financial offers that may be accessible to you.

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5 min read Published on August 9, 2022.

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years prior to that as a digital content strategist. She’s been featured in a variety of top financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.

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Are you considering taking a vehicle lease to drive around in style for only a fraction of the cost you would pay to purchase a new vehicle? Knowing about the process of leasing a car, including getting familiar with the industry terminology and the ins and outs of lease agreements, is essential to finding a bargain. The process of looking around and researching specials and offers from multiple dealers is another valuable step to help you negotiate a car lease confidence, ensuring that you get the most suitable lease contract for your needs. When you walk into a dealership to buy a brand new car, the car salesperson expects you to negotiate a price that is lower than the price they are asking for. It’s not often the case with leases, but it is possible to follow this step-bystep procedure to negotiate a lease. 1. Learn the jargon It is easy to become overwhelmed by the , especially if you don’t work in the automotive business. But, you can give yourself an advantage by understanding the terms used by dealers prior to when you are sitting down for signing a lease contract. Here are some commonly used lease terms that dealers use. Acquisition fee This fee which is sometimes also referred to as the assignment fee or the origination fee, is assessed by the dealer in order to establish the lease. This cost can range between a few dollars , in accordance with Edmunds. If you don’t have enough cash to pay the initial acquisition costs when you sign the lease contract you can roll it into your monthly lease payment. Buyout cost A lease buyout usually involves purchasing a leased vehicle at the end of the contract, or in some cases before the deadline for ending. The price for buying out is the price the dealer would charge, should you choose to make this purchase. Cap cost reduction Cap cost reductionor capital cost reduction — are all upfront payments that lower the amount you can finance. It could be a result of trade-in credits or incentives, rebates, or even a bigger down payment. Disposition fee Disposition fees pay for the expenses associated with cleaning the vehicle and getting it in good condition to be sold to someone else after you return it. Gross capitalized cost The car’s cost of sale, also referred to as the market value is the gross capitalized cost. «This can be described as a fancy name for the cost of the car, plus any other fees such as balances, taxes, and other charges,» says David Undercoffler the editor-in-chief of Autolist. Residual value The Residual value represents a projection of what the vehicle is worth at the expiration of the lease. This figure is determined by depreciation and data from the industry. «With the residual figure, the seller estimates what the car will be worth when you turn it over,» says Mike Quincy who is an auto tester and writer of Consumer Reports. «It’s set at the beginning of the lease and is used in calculating your monthly payment.» 2. Research deals A quick Google search of «special lease offers» will not get you the best price. Make sure to go further by making a list of all the specials you find and then consider expanding your search to other areas of your area. When you’ve compiled a list of lease deals on your favorite makes and models, make sure to call every dealership to verify the specifics. You should also ask about any other deals that aren’t advertised online. 3. Begin the negotiations once you pare down your list, plan an appointment at the dealership. Take a test drive of the cars you are considering and start the negotiations. Some of the things the dealer could be willing to negotiate include the price of the buyout Do you plan to at the end of the lease? If yes, the dealer could be willing to give you an offer on the purchase price. «This is a good cost to negotiate at the beginning of the lease if you think there’s a good chance that you’ll want to buy the car at the end period,» says Undercoffler. Negotiating the price of the buyout up front is particularly important as it’s typically impossible to negotiate this expense once the lease is over, according to Undercoffler. Disposition fee You can get a break on the disposition fee when you don’t plan to sell the car or trade it in for another lease when the lease agreement ends. Be sure to negotiate this in the beginning instead of trying to negotiate it after the expiration or the end of your lease. Gross capitalized cost is often the reason that dealerships will use the low monthly payments as a selling point to draw customers. But, it is important to consider negotiating the vehicle’s selling price as well as its capitalized gross price. If you negotiate, you might be able to negotiate an affordable monthly cost without the need to consider extending the lease term. «The gross capitalized cost will impact the monthly installment and the final buyout figure of the vehicle. The cost is 100% to be negotiated,» says Nathan McAlpine the owner of CarMate which is an auto broker firm. In some instances, however, such as when dealers are offering an exclusive monthly lease deal the cost could be harder to negotiate. In these instances the lease conditions are generally predetermined, according to Undercoffler. Mileage allowance Most leases restrict the number of miles you are allowed to drive — usually between 10,000 to 12,000 miles per year. If you go over the limit each year it will result in the possibility of paying a fine. Do not be enticed into accepting the lowest mileage allowance when you drive a lot. Instead, request a higher allowance at a discounted rate at the time of establishing the lease to save cash when you hand the vehicle in. «If you’re certain you’ll be using more than the allowance of mileage is a great idea to negotiate a greater limit on mileage for a one-time fee, or no fee whatsoever, as opposed to paying the fee per mile after the lease expires,» says Undercoffler. «Just be aware that if bargain for a higher cap on mileage will decrease the value of the vehicle as well as the buyout amount since it will theoretically put more miles.» If you’re negotiating your mileage allowance, it’s essential to be aware of the number of miles per year you typically travel. «If you pay for extra miles in advance but you can’t claim the money back if you don’t use the miles,» says Quincy. Money factor The money factor is the rate of interest you pay to lease the vehicle. If you have very good credit, which is typically 740 or higher -you should not have difficulty securing the lowest interest rate the dealership can offer. 4. Sign the contract You’ll need to review the entire lease agreement prior to signing the deal. Lease agreements typically contain the following details The down payment that is required If there is one. The lease’s cost, also known as the rent factor or money cost. The value of the vehicle at the time of the beginning and the at the end of the lease. The annual mileage limit. A comprehensive fee schedule that includes the cost for wear and tear extreme damage and other charges that you may incur at the end of the lease. Costs to terminate the lease earlier. What cannot be negotiated? Although you may negotiate various charges, there are limitations. You won’t be able to negotiate the following fees: Acquisition fee: Dealerships generally do not waive the administrative fee but will allow you to add it to your lease payment if needed. Residual value: This figure isn’t negotiable because it is a way to account for depreciation as well as industry statistics. Also, lowering the value of residuals too significantly means that the dealer could be unable to recover the cost if you decide to buy the vehicle instead of turning it in. The bottom line is it is possible to negotiate a favorable deal on a car lease however, you should do your research prior to visiting the dealership. It’s not only essential to know the terms dealers use, but you should also compare offers from multiple dealerships, understand what is negotiable and study the fine print of the lease agreement prior to signing the deal. Learn more

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Written by

Allison Martin’s work began over 10 years ago as a digital content strategist. She’s been published in several leading financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.

Auto loans editor

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