A vehicle lease is essentially a long-term rental agreement where you pay for the use of a vehicle over a specified period (usually 3-5 years). At the end of the lease term, you return the vehicle to the dealership, and you may have the option to buy it or lease another vehicle.
What is a vehicle lease?
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Leasing: You're essentially paying for the depreciation of the car during the lease period, plus interest and fees. At the end of the lease, you return the car to the dealership, and you don't own it.
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Buying: You pay for the full price of the car (or finance it via a loan). Once you've paid off the car, you own it outright and can keep it for as long as you want.
How does leasing differ from buying a car?
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Driving a Newer Car: Leasing allows you to drive a new car every few years without worrying about selling or trading it in.
Warranty Coverage: Most leased vehicles are under the manufacturer’s warranty throughout the lease term, meaning fewer out-of-pocket repair costs.
What are the benefits of leasing a car?
Leases usually last between 36 to 60 months, with 60 months being the most common term. Shorter leases may have higher monthly payments, while longer leases may have lower payments.
How long is a typical car lease?
When your leased vehicle needs maintenance, ABC Mobility provides a replacement car to keep you on the road without disruption. This ensures you can continue your daily activities with ease and peace of mind.
Do you offer replacement vehicles?
Yes, most leases include a buy-back option at the end of the lease term, allowing you to buy the vehicle for its residual value (the predetermined price in the lease contract). This can be a good option if you’ve taken good care of the car and want to keep it.
Can I buy the car at the end of the lease?
At the end of the lease, you have several options:
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Return the car and lease a new vehicle.
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Purchase the car for the agreed-upon residual value.
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Extend the lease if you want to keep the car for a few more months.
What happens at the end of the lease?
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