What You Should Know About Leasing!
By Michael Royce
Consumer advocate, former car salesman
When you are negotiating the price of your car or truck, the salesman may, at some point, suggest that you lease your new vehicle. More and more customers are leasing these days, largely because the salesman can make it sound so attractive. So let's take a closer look at what leasing is really all about.
In a lease, the dealership sells the car to a bank or finance company. Then, you rent that car from that bank for a specified period of time, usually two or three years. At the end of the lease, you have a choice: you can either return the vehicle to the bank and, after paying certain fees, walk away clean -- or you can buy the vehicle outright and own it. The salesman will tell you that the advantage to leasing is that your monthly payments will be much lower than if you bought the car, your down payment will be much lower, and best of all, you can drive a brand-new car every few years.
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