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Car-lease incentives: what you need to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing honest and original content. This allows users to conduct research and evaluate information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the content we publish or the reviews you read on this site. We do not cover the entire universe of businesses or financial deals that might be available to you. Westend61/Getty Images

4 min read. Published October 27, 2022

Anna Baluch Anna Baluch Written by Contributing writer Anna Baluch is a former Bankrate contributing writer. She is a personal finance freelance writer from Cleveland who enjoys writing about debt, mortgages, student loans, auto loans along with auto loans. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances with precise, well-studied facts that break down complicated subjects into digestible pieces. The Bankrate promise

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There are money-related questions. Bankrate can help. Our experts have helped you understand your money for over four decades. We strive to continuously give our customers the right advice and tools needed to make it through life’s financial journey. Bankrate follows a strict , therefore you can be confident that our content is honest and accurate. Our award-winning editors and reporters provide honest and trustworthy information to assist you in making the right financial decisions. The content we create by our editorial team is objective, truthful and is not influenced through our sponsors. We’re honest about the ways we’re capable of bringing high-quality content, competitive rates, and useful tools for you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and services, or through you clicking specific links on our website. This compensation could affect the way, location and when products appear within listing categories, except where prohibited by law for our mortgage home equity, mortgage and other home loan products. Other factors, such as our own website rules and whether or not a product is available in the area you reside in or is within your own personal credit score may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. If you are considering leasing a car, there are a few key factors to know about incentives available. Incentives for auto leases are not exactly the same as incentives offered when you buy a new vehicle. It’s important to comprehend the ins and outs of these benefits to make sure you get the best deal when leasing a vehicle. What are car lease incentives? Car-lease incentives are perks offered by automakers to entice buyers to lease vehicles. Car-lease incentives are frequently advertised by automakers and also advertise incentives on their websites in advertisements, radio and direct mail ads. The goal of car-lease incentives is to make leasing a specific type of car less expensive and more appealing. Three types of car lease incentives Before heading to the dealership, you should be aware of three types of car lease incentives to keep in mind. 1. Cash-back rebates when leasing a car are similar to those provided when buying a car. This rebate is a flat amount, is set by the car manufacturer and is applied to the total cost for leasing the car which means you can cut down on cost. The total value of a rebate may vary based on the lease period you select. The restrictions for the rebate are clearly stated on the automaker’s website, usually under the «fine print» under the offers section. 2. Subsidized interest rates A subsidized interest rate involves the auto manufacturer providing a lower rate to those with good credit scores that use its lending arm, like Ford Credit or Toyota Financial Services. It’s sometimes referred to as a «lease deal» for a particular . It is important to compare the interest rate to the financing you can get by yourself through a different lender to determine which is the better deal. Review all the details of the lease conditions to make sure you have a fair comparison. 3. Subsidized residual values Residual values — and subsidized residual values are significant factors associated with the cost you pay to lease a vehicle. The residual value of a car as determined by the leasing firm, is a rough estimation of what the vehicle will be worth once the lease expires. This is important since the price to be paid for the lease will depend on the value of the car at beginning of the lease and its residual value at the expiration of the lease. If the price of a car of $25,000 is at time of the beginning of a lease, for example, and its residual value is $10,000, then your cost to lease the car is $15,000which is a cost that’s split into monthly lease installments. As an incentive the leasing company or automaker can offer leases with a subsidy in order to make your payments less. They will typically offer an interest rate that is subsidized or a subsidized residual value on a car or truck, but not both. These aren’t easy to understand however, so you may need to inquire. The benefits of car lease incentives If you’re able to make a commitment to a car lease incentive, you may benefit in a variety of ways. Lower payments You may have lower monthly payments which can free up your cash flow and help you pay to drive the car you’d like. Lower payments are possible by taking advantage of»lease deals «lease deal» which the automaker may offer which can keep your interest rates low, or by applying the cash rebate as an down payment. Cash in hand receive an automaker’s check or apply the money toward the total amount for the leasing. Additional cash in the bank is always a plus in the case of vehicle financing, but be aware of any limitations that could apply. For example, you may be required to use the financing company of your auto manufacturer to take advantage of this benefit. Better car for less You may go home in a car with every bell and whistle, but at an affordable price. You’ve wanted to drive a particular car, but don’t have the money to buy it, an incentive could let you test take it on for couple of years. The key to leaving with a fantastic car for less expense comes from the subsidized residual value offered. It helps keep your monthly payments lower, while also keeping the value of the car to be high. What to watch out for Although car-lease incentives come with quite a few perks however, there are two main potential drawbacks to signing off on a substantial cash refund. Additional mileage charges It is essential to study the small print in relation to a high cash rebate. In many cases, you may be charged hefty charges for exceeding the mileage limit. Each dealer is different however, it can be anywhere from 15 to 25 cents a mile. Think about the miles you travel in a daily basis- and whether you have any upcoming trips — before deciding on a cash rebate. Balloon payments The automaker could also require a balloon installment, which is a bigger one-time payment that is due at the end of the lease. If your budget isn’t able to allow you to pay for this it could put you in a bad position. Keep in mind that if you find incentives for leasing cars that sound too attractive to be authentic, . Know your state While car-lease incentives offer a number of advantages, they do have one major disadvantage: Some states tax car incentives as well as rebates. If you reside in a state that has tax incentives, you could be required to be taxed on the entire price of the vehicle before the incentive is applied. There’s no need to fret about this issue if you reside in one of the states that don’t offer tax incentives : Alaska

Louisiana

Nebraska

Rhode Island

Arizona

Massachusetts

New Hampshire

Texas

Delaware

Minnesota

Oklahoma

Utah

Iowa

Missouri

Oregon

Vermont

Kentucky

Montana

Pennsylvania

Wyoming

The bottom line Before you jump at any car-lease incentive, read the small print. Be sure to understand the way lease cash rebates, subsidized interest rates and residual value affect your costs out of pocket. Be aware of the negatives of incentives, like penalties for exceeding mileage limits and the hefty one-time balloon payments. Most importantly, consider the lease’s terms in detail and whether it is appropriate for your financial situation before signing on the to sign the dotted line. Find out more

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Written by a contributing writer Anna Baluch is a former Bankrate contributing writer. She is a personal finance freelance writer from Cleveland who enjoys writing about mortgages, debts as well as student loans, auto loans as well as auto finance. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to take control of their finances by providing precise, well-studied details that cut complicated subjects into bite-sized pieces.

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