06/11/2018 0 Comments
7 Things To Know When Leasing Your Car - Leasing Guide Part 1
So you've looked around, done a bit of research and decided that you want to lease a car rather than buy one. As an independent garage offering car leasing in Greenford, customers come to us for advice to avoid the spiel of the dealerships. Here are 5 tips and things to consider to get you through to the next stage.
1. Deposit or Initial Payment
This is the amount due at signing. Registration/document fees may be listed on a spearate line. Paying a higher deposit can lower your monthly fees but this is not really advised for lease cars, and is more for
contract (finance) purchasing. Your lease is normally arranged as "x plus your lease term." This is fairly straight forward to understand, e.g a 5 + 35 package means a 36 month or 3 year lease with an initial payment /deposit of 5 x your monthly fee.
2. Monthly payments
The is simply amount you’ll pay each month including VAT (unless you're after a business lease).
3. Purchase Option
The purchase price for the vehicle plus related fees available at the end of your lease period.
4. Early Termination Fee
The fees you’ll be charged if you need cut your lease short. Try and avoid this as there can be high charges.
5. Excess Mileage Charge
Your leasing agreement will set out an annual mileage restriction, typically 10,000 miles.If you exceed this annual mileage you will be charged a set amount per mile.
You will be responsible for getting the car serviced at the very least. If you have a lease period of over 36 months you will probably be responsible for the MOT Test as well. There may be a maintenace pack on offer. Nevertheless, read the section of your agreement that explains your responsibility for covering these costs.
7. Excessive Wear
Typically the car must be returned the with no more than “normal” wear. It's important to understand this section so you know the condition the car has to go back in, and what charges may be due if you fail to do so. This could include things like damage to bodywork too. By the way, using an independent body shop like ours before returning the car is usually a lot cheaper.
If you want to see the vehicles we have on offer, you can visit our vehicle sales/leasing website at http://jandamotorscarsales.co.uk.
We always have other cars available so if you don't immediately see what you're looking for, send us a quick message using the Request A Quote or Contact Us pages.