Car Lease Questions

What is Car Leasing – Frequently Asked Auto Lease Questions

What is Vehicle Leasing? How Does Leasing a Car Work?

Do you want to know what is vehicle leasing? or how does leasing work, then you’re in good company. Not everyone is familiar with all the benefits of leasing a car. In fact, there are a good number of auto leasing options available.

Generally speaking, vehicle leasing is the rental of a car for a fixed period of time. Automotive dealerships offer vehicle leasing as an alternative to traditional auto financing or purchase. It is often utilized by businesses when acquiring business vehicles. In general, leasing a car costs less than buying a car, although there are several restrictions, such as mileage limits and non-customization agreements, that can determine whether it is better to buy or lease a car.

Today we are going to look at our ten most frequently asked questions regarding auto leasing.

  1. Leasing or Buying a Car – Which is Better?

  2. Deciding whether to lease or buy depends on many factors. If you drive a lot of miles annual and like to keep your vehicles for longer than three years, leasing won’t be very beneficial for you. However, if you like getting a new car every two to three years and have no interest in the trade-in/selling process of your current vehicle, you could be a prime candidate for an automotive lease. Essentially, the difference between auto leasing or buying really comes down to your financial, automotive, and personal priorities.

    Also, it is worth mentioning that some owners find high mileage leasing to be more beneficial in terms of financial safety and security than vehicle ownership. Statistically speaking, despite the overage fees you may pay when returning a high mileage leased vehicle, it is likely that you will come out ahead, compared to buying a car. High mileage causes a significant reduction at resale, but with leasing, it’s already taken in to consideration. Additionally, the more time you spend on the roads, the more susceptible to accidents you will be. Therefore, if or when that accident occurs on your own vehicle, you would receive wreck history on CarFax, as well as a resale/trade-in deduction for vehicle damage. With leasing, you are not responsible for the deduction in value from that accident.

  3. Is It A Good Idea to Lease a Car?

  4. The benefits of leasing a car are unique. You cannot get them with other auto financing offers. These benefits include not having to trade or sell an old car or truck, lower payments, and maintenance provisions. Foreven more details on the benefits of car leasing, our vehicle finance department is on hand to answer all of your questions.

  5. Can You Lease a Used Car?

  6. Yes, you can lease a used car. This type of ‘used car leasing’ is a little known ‘secret’ among car dealers but most do offer Certified Pre-Owned leasing specials on CPO vehicles less than four (4) years old and with fewer than 48,000 miles on the odometer.

  7. How Much Does It Cost to Lease a Car?

  8. Many manufacturers and dealerships offer zero-down lease offers. Of course, there are varying factors that qualify or disqualify individuals from these kinds of leases. Factors like credit scores, credit payment history, etc. Just keep in mind that paying nothing down typically means higher monthly payments. Auto leasing, like traditional auto financing, works like this: the more you put down, the less you pay monthly

  9. Can You Purchase The Car You Are Leasing?

  10. The majority of auto lease contracts have buy-out clauses in them in case you fall in love with your vehicle and would like to finance it. Keep in mind the purchase price of the car may vary. This depends on the vehicle’s residual value after the lease agreement has expired. There are also options to purchase your leased car prior to the completion of the contract. For this, however, you must speak with a leasing representative. Only they can provide this exact info and take care of any early termination fees that may apply.

  11. Can One Get a Deposit Back On Car Leasing?

  12. Generally a lease deposit is refundable at the end of the lease. This assumes that all the leasing contract requirements have been met. Keep in mind that a deposit (a.k.a. a security deposit) is not the same thing as a down payment. A down payment is not refundable but security deposits typically are. It is important to note some leases require non-refundable deposits. Therefore, read your lease agreement carefully and ask questions before you sign on the dotted line.

  13. Is It Possible to Lease a Car with Bad Credit & 0 Down?

  14. While it is not impossible, it is difficult to lease a vehicle if you have a poor credit rating and no money for a down payment. Most zero-down lease offers require a healthy credit rating. But don’t worry, there are plenty of options available for car shoppers with less-than-stellar credit scores. To explore your leasing options, simply contact our financing team.

  15. What Credit Score Do I Need To Lease a Car?

  16. Typically, a credit score lower than 619 is classified as “subprime”. While this type of credit isn’t automatically declined, a 619 or lower credit score means you will most likely have to pay a higher interest rate and/or down payment. There are many steps you can utilize to improve your credit score like employment history, multiple loan requests, and consistent on-time payments.

  17. May I Return My Lease Vehicle to a Different Dealership?

  18. Typically speaking, yes, you can trade in your leased vehicle at a different dealership. It must, however, be an authorized dealership for the vehicle manufacturer. It’s probably obvious, but you can’t turn a leased car into any other brand of dealership. You can, however, turn your leased BMW into any authorized BMW dealership across the nation. Again, assuming all your lease contract obligations have been fulfilled.

  19. Does A Car Lease Include Maintenance?

  20. Of all the benefits of leasing a car, maintenance benefits are typically the most popular. Specifics may vary within individual lease contracts, but almost all leases will cover your leased vehicle’s normal maintenance and service needs. These include fluid and filter changes, regular tune-ups, and regularly scheduled maintenance typically doesn’t cost anything out of pocket.

Ask About Our Auto Leasing Offers Today

Do you have more questions about our current promotions, vehicle lease offers, or related topics? Then contact us today. Our team of highly knowledgeable car leasing agents are waiting to respond to all your questions.

How to Get Approved for Car Leasing | BMW of Tulsa

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BMW of Tulsa
BMW of Tulsa
9702 S Memorial Dr
Tulsa, OK, 74133 US
918-233-3957
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BMW of Tulsa 36.0229352, -95.8874056.