Leasing a car without paying in advance
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You get the long-term agreement with a lease company for driving the new car at an agreed monthly payment. A car lease is an agreement between the company that owns or will buy the car and the person who will pay to rent the car. This agreement is normally signed in a form of a contract for a certain length of time. After this term ends there are options like returning the vehicle to the company or purchasing it at a predetermined amount, which is defined in the lease contract. Leasing a new car offers many benefits to enjoy. As of September 2021 - you can a get a discount when trading in your old lease. Read more about how does leasing a car work in our guide.
When you buy a car, you buy the whole thing. When you lease a car, you’re buying the difference between the negotiated sale price (including fees) and the predicted amount that it will be worth at the end of the lease term. This difference is named depreciation.
2. MSRP This abbreviation stands for “Manufacturer’s Suggested Retail Price” meaning the purchase price that a vehicle’s manufacturer recommends it be sold for at point of sale. It is also called a “sticker price” as it appears on the vehicle’s window sticker.
3. Residual Value The amount that the car is expected to be worth at the end of the lease is called its residual value. Your residual value is based on your parameters. First is the number of miles per year you agree to drive, which is typically from 10,000 to 15,000. Second is the term of the lease and it is up to you to choose while normally it may be 24 or 36 months and more.
4. Money Factor While traditional vehicle financing includes an interest rate, leases include a money factor, which is not quite the same as an interest rate. The money factor can be translated into the more common annual percentage rate (APR) by multiplying the money factor by 2,400.
If you choose to buy a car, you pay for the entire value of a vehicle and if you choose to lease a car you only make monthly payments for a portion of a vehicle’s total value, which is the portion that you use during the time you’re driving it. In other words, you’re paying for the vehicle’s depreciation throughout the lease term.
Leasing a car in 2021 is a good way to save money and make use of a nice new vehicle. You agree on 2 to 5 year leasing contract with some conditions. It gives you a chance to spend your finances wisely with relatively cheap monthly payments. Short-term commitment makes your life easier without the hassle of constant maintenance. There is no need to stress about the market change and depreciation as if you had to trade up your pre-owned auto. Leasing makes the idea of having a car easier, more affordable, and customer-friendly
It depends on the make and model you choose, the incentives, rebates and bank the financial proposal from the bank. The total cost is calculated upon signing a deal but you can get an approximate figure using our leasing calculator.
You need to have a good credit score to lease a vehicle at first place. It works pretty much the same as buying a car with a loan. Leasing can help to build your credit or cause the score to drop depending on the way you make your payments.
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