• Sales: (888) 890-6164
  • Service: (866) 938-1775
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1935 South Defiance Street Directions Archbold, OH 43502

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Buying a Vehicle vs Leasing

Terry Henricks Chrysler Dodge Jeep Ram Discusses the Benefits of Leasing a New Car, Truck or SUV

Have you been eyeing a specific new Chrysler, Dodge, Jeep or RAM model on our Archbold, OH lot? If so, it is our mission to ensure that this vehicle comes into your possession at a great price through one of our many available financing offers, such as a lease.

Auto Lease Vs Buying a Car

When it comes to buying or leasing a car the options can be confusing. To help you make an informed decision we have provided the information below. We hope you find it informative and useful.

When you buy the new or used car you pay for the entire cost of the vehicle. When you lease the new car, you pay for only a portion of the vehicle's cost, which is the part you use during the time you are driving it.

Buying

Who Owns It
Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.

Up-front Costs
If you're financing it, the bank could request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Future Value
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)

End of Payments
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.

Leasing

Who Owns It

You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

Up-front Costs
Leases often do not require any type of a down payment. Typically the lender requires only your first month's payment upfront. You can put money down to reduce a monthly payment just like a purchase contract.

Future Value
(Guaranteed Lease End Value)
The lender is guaranteeing the 'lease end value' (future value) of the vehicle at the end of the lease. This insulates the consumer from outside market risk such as bad publicity, technology and poor economy. All these factors can affect the resale value of an automobile and the lender assumes the market risk not the consumer when leasing.

End of Payments
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.

Best Cars to Lease
The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.



Contact a Finance Expert for more Information

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Hours

  • Monday 8:30am-8:00pm
  • Tuesday 8:30am-5:30pm
  • Wednesday 8:30am-5:30pm
  • Thursday 8:30am-8:00pm
  • Friday 8:30am-5:30pm
  • Saturday 8:30am-2:00pm
  • Sunday Closed

Contact

Terry Henricks Chrysler Dodge Jeep Ram

1935 South Defiance Street
Directions Archbold, OH 43502

  • Sales: (888) 890-6164
  • Service: (866) 938-1775
  • Parts: (888) 600-0174
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