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Car Lease This quick guide is for a closed-end lease, the most common type of auto lease. With a closed-end lease, you may return the vehicle at the end of the lease term, pay any end-of-lease costs, and walk away. At the beginning of the lease, you may have to pay your first monthly payment; a refundable security deposit or your last monthly payment; other fees for licenses, registration, and title; a capitalized cost reduction (like a down payment); an acquisition fee (also called a processing or assignment fee); freight or destination charges; and state or local taxes. During the car lease, you will have to pay your monthly payment, any additional taxes not included in the payment such as sales, use, and personal property taxes, insurance premiums, ongoing maintenance costs, and any fees for late payment. You'll also have to pay for safety and emissions inspections, and of course any traffic tickets. At the end of the lease, (if you don't buy the vehicle) you may be responsible for excess mileage charges and "excessive wear". Your lease agreement will tell you how many miles you can drive before you must pay for extra miles, how much the per-mile charge will be, and what is considered excessive wear.  Find help for personal loan bad credit.  Whether buying new or used; or selling a vehicle, first check a reliable car price guide such as KBB (Kelley Blue Book), Black Book, Red Book, or the NADA Used Vehicle Guide. For more on all things automotive, turn from car lease to the Lease Cars home page.  Car Lease. |