More and more people are discovering the advantages of leasing. Whether it is the appeal of lower monthly payments or the opportunity to drive a new vehicle every few years — many drivers are exploring the possibility of leasing their next car, truck or SUV.
Leasing offers affordable payments with shorter terms. This lets you:
Review this helpful checklist to see if leasing your next vehicle is right for you.
Q. What are other benefits of leasing?
A. With a lease, payments may be lower than purchasing the same vehicle, since you only pay for the portion of the vehicle you use over the term of the lease. You can consider vehicles that have more options; trade in your vehicle for the latest model more frequently; and, align the lease term to the vehicle warranty period for greater peace of mind.
Q. Does leasing require less money up front?
A. The down payment amount for leasing a vehicle varies based on the lease transaction structure and monthly payment you desire, but generally, may be lower than buying.
Q. With a lease, am I protected from possible negative equity?
A. With a lease, you avoid the potential risk that your vehicle’s value has declined beyond its projected residual value at the end of your lease term.
Q. What happens at the end of a lease?
A. At the end of term, you have the option to purchase the vehicle or turn it in, subject to the terms outlined in your lease agreement.GM Financial will communicate with you prior to the end of your lease to guide you through the end of lease process.
Q. Is leasing right for me?
A. Leasing may not be for everyone,but for many it’s the right fit.
You only pay for the portion of the vehicle you use over the term of the lease.
Don’t pay sales tax on the entire value of a vehicle! Only on the portion that you use.
Down payments are lower depending on the contract and the monthly payment you want.
Many lease terms are the same length as the manufacturer’s warranty. Check with your dealer to see.
Monthly payments may be lower than purchasing the same vehicle.
Love your lease? At the end of your lease, you have the option to buy!
Drive a new vehicle every two to four years with all the new tech and design updates.
If your vehicle is a total loss or stolen,gap coverage helps, in most cases,pay off your vehicle when insurancedoesn’t cover the full loss.
For the same monthly payments as buying, you may be able to lease luxury.
Don’t know if you should lease or buy? Weigh your options and decide if buying or leasing works best for you.
Leasing offers affordable payments with shorter terms
This lets you...
Leasing offers options at the end of your lease
If the vehicle is worth more than the residual:
If the vehicle is worth less than the residual:
Conventional loans typically require longer terms to reach affordable payments
Conventional loans offer obligations when you trade