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Mistakes to avoid when leasing a car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering you interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information at no cost to help you make sound 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 Make Money The offers that appear on this website come from companies who pay us. This compensation could affect how and where products are displayed on this website, for example such things as the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other products that lend money to homeowners. This compensation, however, does have no impact on the content we publish or the reviews you read on this site. We do not include the universe of companies or financial offers that may be open to you. Thomas Barwick/Getty Images

8 min read Published 11 January 2023

Authored by Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan was a writer for Bankrate who covered loans as well as home equity and managing debts in his writing. The article was edited by Chelsea Wing Edited by Student loans editor Chelsea has been working at Bankrate since the beginning of 2020. She is invested in helping students navigate the daunting costs of college , and dissecting the complexity in student loans. The Bankrate guarantee

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We receive compensation for placement of sponsored products and, services, or through you clicking certain links posted on our site. So, this compensation can influence the manner, place and in what order items appear within listing categories in the event that they are not permitted by law for our mortgage home equity, mortgage and other home lending products. Other factors, like our own website rules and whether or not a product is offered in your area or at your self-selected credit score range could also affect how and when products are featured on this site. We strive to offer a wide range offers, Bankrate does not include details about every financial or credit product or service. It gives you a car to drive for a fixed number of months and miles. It’s similar to leasing an apartment in lieu of buying a home. There’s no long-term commitment to make, however, you have to be responsible for the cost. Leasing a car is often lower than buying it on an . Drivers can save on average $138 per month in monthly payments, according to for the fourth quarter of 2022. However, there are downsides to consider. Seven mistakes to avoid while leasing a vehicle. Leases can lower your payments however, it can also be costly if you don’t pay attention to the details. Avoid these common mistakes if you decide to lease your next vehicle. 1. In the beginning, you’re paying too much. Car dealers offer low monthly lease payments for new cars, however you could have to pay several thousand dollars upfront in order to secure an affordable rate. That money covers a portion of the lease upfront. If the vehicle is damaged or stolen in the first few months, your can reimburse the leasing company for the value of the car, but the leasing company would likely not reimburse your down payment. You’d be out of a vehicle, and the initial money you handed over to the leasing company would essentially disappear. It’s recommended you spend no more than $2,000 in the beginning when leasing a car. In certain situations, it may make sense to make no deposit and then roll the entire fee costs into the monthly lease payment. If something happens to the vehicle prior to the expiration of the lease term then at the very least, the leasing company doesn’t own the funds to pay for a large portion of your cash. 2. Not negotiating the lease agreement Certain elements of lease agreements are usually included, such as the: Buyout price: The amount you’ll pay the dealer if you opt to buy the vehicle after the lease is over. Disposition fee: This charge will cover the cost of the dealer in preparing the car to be sold once it’s been returned. Gross capitalized cost is also referred to as the vehicle’s sales price, this figure impacts the monthly payment and the buyout price. Allowance for miles: Leases include an established number of miles you’re allowed to drive each year, and not adhering to this limit means that you’ll be charged additional charges unless you purchase the vehicle when the lease ends. Money factor: The cost you’ll have to pay for leasing the vehicle — essentially, it’s the rate of interest. Failing to negotiate these figures could leave hundreds or thousands of dollars in cost savings off the table. 3. Don’t buy gap insurance if you are driving a car that you lease and you want to take out . The «gap» is the difference between what you still owe on your lease and the worth of the vehicle. For instance, suppose your lease states that at the end of your lease, you are able to purchase your car at $13,000. If you wreck and damage the car before the lease is up, your insurance company will calculate the value of the vehicle’s current market value and transfer that value to the dealership that has the car. If the insurance company claims that the market value is only $9,000. In that case you’ll likely be required to pay $4,000 of pocket to pay for the difference between the lease contract’s residual value and its actual market value — unless you have gap insurance. The gap insurance will pay the difference. A lot of leases offer gap insurance. The dealer may offer to sell you gap insurance, but you may find a cheaper policy option with a traditional insurance company. However, the protection is well worth the investment. 4. Underestimating how many miles you’ll put on an automobile. To avoid any additional fees, consider your driving habits prior to leasing a vehicle. Take note of your commute each day and the frequency of your long drives. It is possible to request a higher mileage limit if you know you’ll probably be driving more miles than your agreement permits. But it’s likely to increase your monthly payment since additional miles could result in greater depreciation. It’s common for leasing contracts to stipulate annual mileage limits of 10,000, 12,000 or 15,000 mile. If you exceed these mileage limit, you could be charged as much as 30 cents per additional mile after the expiration period. For example, if you exceed the mileage limit by 5,000 miles you might end up owing an extra $1,500 — or 30 cents per mileafter you have turned the vehicle in at the close period. 5. Not maintaining the car If your car has damage that goes beyond normal wear and wear and tear, you could end up in the position of paying additional fees when it’s time to return it at the dealership. If a car has scratches but the scratch is smaller than the length that is the border of a driver’s license or business credit card many businesses will consider it to be normal use and won’t be liable for a penalty. If the leasing company considers any damage excessive, it can charge additional fees. The term «normal use» can vary from dealer to dealer. The lessor will examine the car before you turn it in , and will look for scrapes and dents on the wheels and body, damage to the windshield and windows and excessive wear on the tires, and scratches or stains on the upholstery. Don’t think that the inspector is lenient. 6. If you lease a car for too long Make sure that the lease term coincides with or is less than the car’s warranty period. Warranties differ from manufacturer manufacturer, but they typically last for three years or 36,000 miles, depending on what is first. If you plan to keep the car for longer than the warranty time, you may have to consider the possibility of an extended warranty. In the event that you don’t, you may be responsible for maintenance and repair costs on a vehicle you don’t own , while also paying monthly lease payments. It’s likely to be better off buying the car if you’re planning to lease it for a long time, according to Barbara Terry, a Texas-based auto specialist and columnist. «If the driver owns the car it would be his responsibility to pay for the car as well as maintain it, but then he could continue to drive it for several years without worrying about a monthly rental cost,» Terry says. Make use of an calculator to determine whether buying or leasing the car you want will save you more cash over the long term. 7. Don’t think about lease-specific insurance requirements If you’ve previously financed a car, you may already know that all lenders require that you have collision and comprehensive insurance. If you’re making your first attempt however, you may not realize that you might also need to increase the limits of your liability. The liability coverage portion of your auto policy pays for medical expenses and property damage when you’re responsible for an accident. In addition to collision and comprehensive leasing, the majority of leasing companies require that you have the liability limit of $100,000 per person, and $300,000 per accident for , along with $50,000 for . You may see this denoted as 100/300/50 in your policy documents. Depending on your current liability insurance, these limits may increase your coverage, which could already be greater than what you’re used to prior to having leased your vehicle. To avoid surprises, you may want to request an insurance estimate for the car you’re considering before signing on the»dotted line. How to lease a car A car lease is a way to «borrow» a car instead of buying a used or brand new car. The typical contract is an agreement for three or four years and an in-depth , so there are a lot of things to think about before signing off on this long-term commitment. The option of leasing instead of buying a vehicle could be a great option to drive a newer car with the latest technologies and features at a lower than the cost of a monthly. If you’re looking to lease a car, make sure you follow these steps: Conduct your research . You can lease every type of car that was released in recent model years. You’ll need be able to pinpoint the kind and model you’re interested in first while taking into consideration how the cost can be incorporated into your budget. Be sure to pay attention to your driving habits and how the vehicle is a good fit for your lifestyle. Bankrate tip

When budgeting, prepare to pay a small sum prior to leaving the lot to cover tax and charges. In addition, if you’d like to secure lower monthly payments throughout the lease, think about putting down additional cash.

Visit dealers Next, visit some dealers and take the opportunity to test drive. It will help find what exactly you’re searching for. You may want to call ahead to find out what’s available and if testing is currently permitted. Bankrate tip

When you go to dealer showrooms, remember that you may be met with higher prices. have not let the leasing market go unnoticed and, even though it is still believed to be less expensive than buying, prepare for competition.

Negotiate the lease terms It is pretty much all up for during the leasing process. The negotiation stage is the sole chance 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 such as Kelley Blue Book and remember to go beyond price. Tips for negotiating bank rates

A good lease agreement is one that will leave you with as low a cost throughout the term of the loan as possible — initial down payment included. If negotiations are a challenge for you consider bringing a trusted partner to guide you through the tough discussion. Also, keep in mind that it could make getting an improved lease more challenging.

Compare offers Make use of the internet and look at the deals you have to get the most value. Check out several dealerships before signing off on your vehicle. Be aware of the monthly cost, mileage cap, buyout price, capitalized vehicle cost. Also, take a look at the fees the lessor is charging, including the acquisition fee, disposition fee, and early termination fee, to gauge if it’s similar to similar options. Don’t forget to ask about the amount due at signing. Bankrate tip

When you compare lease deals take a look at the fine print and the car itself. While driving for a test drive be sure to observe how the car handles and see if it is a good fit into your lifestyle.

Keep the car in good condition throughout your lease Remember that you must turn in the car at the end of the lease. If it’s not in great condition, you may be required to pay for additional fees. When you lease a vehicle, ask about the guidelines on the lease-end condition. These guidelines define the kinds of damage you would have to pay for before you return the vehicle. Bankrate tip

If the vehicle is seriously damaged, motorists can expect to be charged full market prices for repairs. If you’re in this situation , you’ll have several choices. You can either turn in your vehicle for sale, or purchase the vehicle or lease a brand new car.

Leasing a car vs. buying a car Consider your priorities when deciding whether to . Consider the amount of miles you travel annually; if you travel a lot it could be costly to lease. Think about the pros and cons of each option. Benefits of leasing

Cons of leasing

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

After the expiration of leasing, your vehicle is no longer yours anymore. You’ll need to find a new car or buy the vehicle you leased.

If owning a more modern or more expensive car is essential to you, your monthly lease payments will be more affordable than having a huge down amount to purchase it.

Additionally, you may be required to pay a vehicle turn-in fee at the conclusion of the lease , if you don’t lease another car from the dealer.

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

The majority of leases include an allowance for mileage — in the event that you exceed your allotment, you’ll pay huge per-mile fees.

The next step If leasing is right for you, do your research, compare and ensure you find a lease that fits your driving habits and budget. Pay close attention to your monthly expenses and specifics and terms. To determine your monthly installment amount, the dealer will analyze the worth of the new vehicle versus it’s residual value. As with all transactions involving financing, the higher your credit score, the lower your interest rate.

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributor for Bankrate. Dan covered loans, home equity as well as debt-management in his work. Edited by Chelsea Wing Edited by Student loans editor Chelsea is with Bankrate since early 2020. She’s dedicated to helping students manage the steep cost of college and breaking down the complexities in student loans.

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