All lease payments are made directly to the financing bank that agreed to finance the lease. Most financing banks have an online interface where you can track payments and enter recurring payment information.
How Do I Make Payments?
Are There Any Hidden or Upfront Fees?
No. Unless otherwise stated, all quotes are “no money down” quotes. This means, that a “down payment” is not required–which, if you lease through a dealership, can often run into the thousands of dollars. This also means that you pay the same amount month after month until the end of the lease. Note, in your first month, you will be required to pay “one-time” titling, registration, and documentation fees. These fees typically amount to $200-300 dollars.
When Can I Review the Paperwork?
Typically, the paperwork is available for your review a day or two before delivery. Most customers, review and sign the paperwork at the time of taking delivery; however, we are more than happy to provide you with advanced copies for your review. Of course, you are not committed to take delivery of the vehicle unless and until you are completely satisfied with the paperwork.
How Do I Place an Order?
Simple. Once you receive a quote that is acceptable to you, you simply respond to your sales representative via email or by phone that you wish to proceed with the order. We will then procure the vehicle and schedule a date and time for delivery.
Do You Handle My Trade-in?
Part of the Grand Prix Motors advantage is that we can take our customers’ existing cars “in on trade” and apply any available positive equity towards their next lease. If you have a trade or off-lease vehicle, please be sure to tell your sales representative so that we can evaluate the vehicle and its impact on the price of the new leased vehicle.
How Do I Set-up a Test Drive?
Grand Prix Motors maintains partnerships with our dealer network inclusive of all makes and models. We encourage our customers to test drive vehicles prior to taking delivery and can assist in facilitating scheduled test drives with our dealer partners. Remember you are under no obligation to buy a car from the dealer where you test drive.
Am I Leasing the Car from Grand Prix Motors or the Dealer?
We facilitate transactions and act as a referral partner with our dealer network. Every new car is sourced through our network and comes directly from a dealership. The cars are leased or sold as new and carry the manufacturer’s warranty, and qualify for any and all rebates. The contracts you sign are written on dealer documents and are financed through the financing entity which offers the customer the best pricing (manufacturing financing company or through our network of private financing institutions). Grand Prix Motors inspects and facilitates the documentation process on your behalf and we work with you to answer all your questions.
Are You Able to Match Advertised Lease Specials?
Yes. Because we quote vehicles on a “no money down” basis, our pricing is always competitive. Most advertised lease rates through dealers require a down payment. We simply spread that down payment across the lease term creating a more attractive budgeting option for the customer. Additionally, we are able to leverage all available manufacturer incentives in addition to many private incentives available to consumers who are members of exclusive and affinity networks. We always work with our dealer partners to beat advertised lease specials for a given make/model. The advertised lease special is often confusing to buyers. We can walk you through the numbers and help you make a good decision on finding the properly equipped car for your needs, along with a lease program most advantageous to your specific situation. For many people, leasing makes great sense.
Are You Able to Match Advertised Lease Specials?Do You Lease Buses, Specialty Vehicles, and Custom Designed Vehicles?
Grand Prix Motors operates and specializes in fleet management and fleet analysis services. This constitutes a major focus, strength, and differentiator of our business. We are experts in custom bus and vehicle configurations and can advise on the best options to fit your specific needs. Whether those needs are ADA and wheelchair accessibility, mobile office configuration, or specialized bus assemblies. Our commercial vehicles are sourced in the same manner as our passenger vehicles, through our network of partner dealers.
They are financed in most cases using TRAC leases (Terminal Rental Adjustment Clause). TRAC Leasing is the most popular avenue to acquire commercial equipment. Over 80% of businesses take advantage of leasing to reduce the expensive upfront costs of purchasing equipment as well as creating a trade cycle to ensure they are acquiring the most technically advanced equipment on the market. A TRAC lease gives the purchaser the option to buy the vehicle at a predetermined value at the end of the lease or to trade up to new equipment.
What is a TRAC Lease (Terminal Rental Adjustment Clause)?
A TRAC value lease is a true lease for tax purposes, meaning the Lessor owns the equipment for tax purposes, depreciates the equipment, and passes a portion of the tax depreciation to the customer (Lessee) in the form of a lower payment. The lease contains a Terminal Rental Adjustment Clause (TRAC), in which the lessee takes on the residual risk/reward. At the end of a TRAC Lease the lessee has several options.
Pay the TRAC amount and the lessee owns the vehicle (the residual can often be financed).
Use the residual value as a trade in on a new vehicle.
Return the vehicle to the Lessor and the lessor will sell the vehicle.
If the sale price is more than the TRAC amount, the lessor will pay the difference to the lessee. If the sale price is less than the TRAC amount, the lessee will pay the difference to the lessor. A TRAC lease can be considered an operating lease or a capitalized lease on your financial statements so you can consider this as an off balance sheet financing.
TRAC lease payments can be completely expensed; an advantage that most companies realize with leasing as opposed to financing their equipment.
How Are You Compensated for Sourcing My Vehicle?
We typically receive a referral fee from dealers on new leases. Grand Prix Motors fee generally is based on the incentives available to the customer on the vehicle and always takes into consideration the best available financing in the market. Our negotiated pricing allow Grand Prix Motors to acquire vehicles on our customer’s behalf at less than the price at which they would otherwise be able to source new vehicles on their own. Additionally, because of our relationships, we have access to the most hard to find inventory. Dealers want to work with Grand Prix Motors because we deliver closed orders and we own the sales, marketing, and client servicing process. Dealers understand that the effort involved is substantial and our fee represents a small fraction of what their costs would otherwise be to close the same transaction volume and earn additional manufacturer bonuses. Our customers benefit by gaining access to hard to find inventory, better pricing, no haggling, and an ease of execution in taking delivery of their new vehicles.
What Fees Does Grand Prix Motors Charge for its Services?
We pride ourselves on delivering the best service in the industry. We are fundamentally focused on transforming the traditional vehicle sourcing model and working with our customers to address all their needs in a straight-forward, no-hassle manner. There is no additional service fee levied for the premium consultative process of delivering our customer’s specific requirements. We offer premium “white-glove” services including delivery of your new car to your home or office. We receive no compensation unless you close your transaction and take delivery of the vehicle you order.
Do You Work with Buyers Throughout the U.S.?
Grand Prix Motors works with commercial customers throughout the continental US. Consumer vehicles are presently available in Illinois and select markets in the upper Midwest but, can be shipped at the customer expense in specific cases. We will be expanding our consumer vehicle capabilities to additional cities and states in 2015.