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How to negotiate a car lease Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing unique and impartial content, by enabling users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this website, for example, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not contain the vast array of companies or financial offers that may be open to you.
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5 min read Published on August 9, 2022.
Written by Allison Martin Written by
Allison Martin’s work began over 10 years ago as a digital content strategist, and she’s since been published in several leading 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 the end of 2021. They are dedicated to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down complicated subjects into bite-sized pieces.
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Are you considering a vehicle lease to drive around with style at only a fraction of the cost you would pay to purchase the new car you want? Learning about the process of leasing cars and getting familiar with the business terminology, as well as the details of lease agreements is essential to finding a bargain. Shopping around and exploring the offers and discounts offered by multiple dealers is another valuable step to help you negotiate a car lease confidence to ensure you get the best lease deal for your requirements. If you visit a dealership to buy a brand new car the salesperson will expect you to negotiate a price that is lower than the asking price. It’s not often the case with lease agreements, however there is a step-by-step approach to negotiate a car lease. 1. Learn the jargon It is easy to become overwhelmed by the language, especially if do not work in the automotive business. However you could gain some advantage by knowing the terms dealers use prior to you go for signing a lease contract. Here are some commonly used lease terms that dealers use. Fee for acquisition The acquisition cost, which is sometimes called the assignment fee, or the origination charge is a charge imposed by the dealer to create the lease. This fee can range between a few dollars , in accordance with Edmunds. If you don’t have the money to pay the acquisition fees up front when initiating the lease the fee can be rolled into your monthly lease payments. Buyout price A lease buyout usually requires the purchase of a leased car at the conclusion of the contract, or in some cases prior to the deadline for ending. The purchase price is the amount that the dealer will charge if you choose to make this purchase. Cost reduction cap Cap reduction- or capital cost reduction — are any up-front charges that decrease the amount you can finance. This can include trade-in credit as well as rebates, incentives and even making a larger down payment. Disposition fee Disposition fees pay for the costs associated with cleaning the vehicle and getting it in good condition for someone else to purchase following the return. Gross capitalized cost The vehicle’s cost of sale, also referred to in the form of the market price, is the capitalized gross cost. «This may be a fancy name for the cost of the vehicle plus any other fees, balances, and taxes,» says David Undercoffler, editor in chief of Autolist. Residual value The Residual value represents an estimate of the value of the vehicle that it is worth at the time of lease’s expiration. This figure is determined by depreciation and data from the industry. «With the residual value, the seller will estimate the value of the vehicle worth when you hand it in,» says Mike Quincy, auto writer and tester for Consumer Reports. «It’s placed at the beginning of the lease and is used in calculating your base monthly payment.» 2. Find deals Google search for «special lease offers» isn’t enough to find the most value. Take your search a step further by making an inventory of the deals you come across and think about expanding your search to other areas of your area. After you have the list of lease offers for your preferred makes and models, call every dealership to verify the details. It is also advisable to ask about any other deals that aren’t advertised on the internet. 3. Begin negotiations when you have narrowed down your list, plan a visit to the dealership. Take a test drive of the cars you’re considering and begin the discussions. Some of the things the dealer could be willing to discuss include: Buyout price Do you intend to purchase the vehicle take the lease out at the end of the lease? If yes, the dealer may be willing to cut you an arrangement on the buyout price. «This is a good cost to negotiate at the beginning of the lease when you believe there’s a chance you’ll be looking to purchase the vehicle at the end term,» says Undercoffler. Negotiating the buyout price up front is particularly important since it’s usually not possible to negotiate this cost after the lease is over, according to Undercoffler. Disposition fee You can be able to get a discount on the fee for disposition in the event that you do not intend to sell the car or swap it out to another lease once the lease agreement ends. Make sure to negotiate it prior to the start of the lease instead of trying to negotiate it after the expiration period. Gross capitalized cost Often dealerships will use a low monthly payment as a marketing tool to entice buyers. However, you should always try to negotiate the vehicle’s selling price, which is also its capitalized gross price. If you negotiate, you might be able to secure an affordable monthly payment without the need to consider prolonging the lease. «The gross capitalized cost can affect the monthly payments and the final buyout figure of the vehicle. The cost is 100% negociable,» says Nathan McAlpine the owner of CarMate which is an auto broker business. In certain circumstances, however like when the dealer offers an exclusive monthly lease deal the cost could be harder to bargain. In such cases the lease terms are typically pre-determined, according to Undercoffler. The mileage allowance of most leases restrict the amount of miles you may drive — often to 10,000 to 12,000 miles per year. If you exceed the annual limit, there will be a penalty to pay. Beware of being enticed by a low mileage allowance if you drive a lot. Instead, ask for a greater allowance at a reduced rate at the time of establishing the lease in order to save yourself cash when you hand the vehicle in. «If you’re certain you’ll exceed the allowance of mileage and you’re not sure, it’s a good idea to negotiate a greater cap on your mileage in exchange for an upfront fee, or no fee at all, rather than paying the fee per mile after the lease is over,» says Undercoffler. «Just know that if you agree to a higher mileage limit, it’s going to decrease the residual value of the car and the buyout amount since the vehicle will theoretically have more miles on it.» When you negotiate your mileage allowance, it’s essential to know about how many miles you travel. «If you purchase extra miles up front, you won’t get the amount back if do not use them,» says Quincy. Money factor The money factor acts as the interest rate you pay for leasing the vehicle. If you have very good to excellent credit — generally 740 or moreit shouldn’t be a problem securing the lowest interest rate the dealership can offer. 4. Close the deal It is important to review the entire lease agreement prior to sealing the deal. Lease agreements usually contain the following details the down payment required If there is one. The cost of the lease, also known as the money factor or rent cost. Value of the vehicle at the beginning and end of the lease. The annual mileage limit. A comprehensive fee schedule that includes the costs of wear and tear, excess damage and other charges that you might incur at the conclusion your lease. The cost to end the lease earlier. What isn’t negotiated? While you are able to negotiate a variety of fees, there are some limitations. However, you’re not likely to be able to negotiate the following fees: Acquisition fee: Dealerships generally will not waive this administrative charge but will allow you to incorporate it into the lease payment should you need to. Residual value is not negotiable since it accounts for depreciation and information from the industry. Additionally, reducing the value of residuals too significantly means that the dealer could lose money if you choose to purchase the vehicle instead of returning it. The bottom line is that it’s possible to find a great bargain on a lease for a car, but you’ll want to be sure to do your research prior to going to the dealership. Not only is it crucial to understand the terminology dealerships use, but you should also examine offers from various dealerships, understand what is negotiable and study the fine print of the lease agreement prior to signing the contract. Learn more
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Written by
Allison Martin’s career started over 10 years ago as a digital media strategist. Since then, she’s been published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
The edit was done by Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing concise, well-researched and well-researched content that breaks down otherwise complex topics into digestible chunks.
Auto loans editor
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