FAQ's
Below are some of the most frequently asked questions regarding auto leasing and our auto broker service. They may help familiarize you with a process that can be somewhat confusing. Feel free to consult this page before contacting us, as the answers to your questions may appear here. For all other inquiries please contact us at info@bestbuyleasing.com
What is the difference between a closed-end lease and an open-end lease?
In a closed-end lease you are responsible for making a specified number of lease payments over a period of time based on a fixed end of lease value (residual value) regardless of market conditions at the time of lease termination. If there is a loss of value from depreciation, other then from excess wear and tear or mileage, it is absorbed by the leasing company. In an open-end lease, you take the risk and are responsible for any difference from the estimated residual value once the vehicle is returned and resold. Best Buy Auto Leasing (bestbuyleasing.com) only provides closed-end leases to it's customers.
What are the advantages and disadvantages of leasing?
The advantages of leasing are lower monthly payments, more vehicle for less money, little or no cash outlay, preservation of capital, less sales tax based on the monthly payment not the purchase price, and possible tax benefits. The disadvantages are no equity or ownership in the vehicle, potential expense from early termination, and the possibility of lease end charges such as excess wear and tear or mileage.
-Buy or lease - Savings account or no savings account
Buying a car with a loan is essentially like putting money into a declining-value savings account — you never get out as much as you put in. A portion of every payment you make is lost to depreciation. What you have "to show" for your investment when your loan is paid off is only the part that is left over after depreciation. A terrible investment by any measure.
Auto leasing, then, is similar to buying, but without the "savings account." You only pay for what you use. It's true that you'll own nothing at the end of a lease; you have nothing "to show" for the money you've put into it. But... what you don't own is the same part of the car — the depreciated part — that a buyer too doesn't own at the end of his loan.
With auto leasing, you at least have the option of putting your monthly payment savings into more productive investments, such as mutual funds or stocks that have the possibility of increasing in value. In fact, many experts encourage this practice as one of the benefits of leasing, though most people will typically find other uses for the money they save by auto leasing — such as paying the rent or buying groceries.
Does Best Buy Auto Leasing (bestbuyleasing.com) only lease high-end luxury cars?
We can assist you with a lease on virtually any type of vehicle. Since there are exceptions, we encourage all who visit our site to request a complimentary lease quote showing the most competitive lease programs for their desired vehicle.
How long does the Best Buy Auto Leasing (bestbuyleasing.com) process usually take?
We can usually have you in your new car in as little as 24 hours from lease approval, providing your desired vehicle is readily available at a dealer in your area. If the car that you specify is located out of town or it must be ordered and delivery time will vary. Consult a Best Buy Leasing (bestbuyleasing.com) client advisor for availability of your specific vehicle at info@bestbuyleasing.com
Why wouldn't I choose the lease plan with the lowest monthly payment from your lease comparison?
Typically, the lease plan with the lowest monthly payment is the logical choice. However, if you plan to purchase your vehicle at lease end, a program with a lower residual value or buyout and a payment that is palatable could be the right choice for you. This might be a program that is ranked near the top of the list. A Best Buy Auto Leasing (bestbuyleasing.com) client advisor will be happy to assist you in choosing a lease plan that meets your specific needs. Contact us at info@bestbuyleasing.com or call 866-621-0646 Monday through Friday, 9AM to 5PM EST.
How does Best Buy Auto Leasing (bestbuyleasing.com) arrange for delivery of my new car?
Generally, delivery of your new car is arranged through a dealership in your area. We provide you with all the pertinent documentation prior to delivery to confirm your lease transaction and eliminate stress and surprises. If in order to fill your request we must obtain your desired vehicle from a dealer out of your area, your car may be delivered directly to your door. The cost for transportation will vary by geographic location and will be included in your lease.
What happens if I decide to terminate my lease early?
Terminating your lease before its expiration can be a costly proposition. Technically you are responsible for all remaining lease payments. In order for you to get out of your lease cleanly, you would need to find either a dealer or an individual willing to buy your vehicle for the payoff amount at your intended time of termination. In most cases, the residual value in your lease will produce a close out amount that is higher than market value and any negative equity would have to be absorbed by you. It is recommended that before you decide to enter into a vehicle lease, you make certain that you are comfortable with the lease term. You should pursue the shortest term within your budget.
What is the disposition fee and when is it collected?
Some leases contain a disposition fee charged by the financial institution to cover their cost of retrieving your vehicle at lease end. The amount, which varies by leasing institution, is fully disclosed in the lease contract. You will be billed for this charge after you turn in your vehicle.
What is considered excessive wear and tear?
Most leasing companies will allow for a few small door dings, scratches, stone chips, and interior wear that typically occurs over a three year period. However, a cracked windshield, bald tires, dents, and body damaged that is not professionally repaired will be charged back to you after you turn in your vehicle. It is recommended that you take care of such damage before turning in your vehicle. The cost of such repairs will most likely be less than what you will be charged by the leasing company.
Why Best Buy Auto Leasing (bestbuyleasing.com) ?
Best Buy Auto Leasing (bestbuyleasing.com) has established itself as an industry leader in the leasing business. We help thousands of consumers with quick and easy low prices and lease quotes on the exact new vehicle they are looking to buy or lease. We have Best Buy Auto Leasing (bestbuyleasing.com) networked Fleet Managers at the highest volume dealerships nationwide, allowing us to save our customers thousands of dollars on the worlds best Cars. Our staff constantly researches the market place for the most up-to-date and competitive pricing available and passes on the savings to our members. We offer Acura lease, Audi lease, Bentley lease, BMW lease, Buick lease, Cadillac lease, Chevrolet lease, Chrysler lease, Dodge lease, GMC lease, Honda lease, Hummer lease, Hyundai lease, Infiniti lease, Jaguar lease, Jeep lease, Kia lease, Land Rover lease, Lexus lease, Lincoln lease, Mazda lease, Maserati lease, Mercedes Benz lease, Mercury lease, Mini lease, Mitsubishi lease, Nissan lease, Pontiac lease, Porsche lease, Saab lease, Saturn lease, Scion lease, Subaru lease, Toyota lease, Volkswagen lease, Volvo lease, Ferrari, Rolls Royce, Exotics, SUV's. Be the next person to save big, and get the best price and best lease terms on your next Car via the Internet at Best Buy Auto Leasing (bestbuyleasing.com).
Is there any fee to apply for a lease and submit a new car request?
There is no charge or obligation to apply for a new vehicle with Best Buy Auto Leasing (bestbuyleasing.com)
How can Best Buy Auto Leasing (bestbuyleasing.com) offer vehicles with such a low monthly payment?
Since Best Buy Auto Leasing (bestbuyleasing.com) works with consumers who are ready to lease, we are not subject to the allocations of any one dealer nor do we have an extensive advertising budget or flooring charges to inventory new cars. A majority of our business stems from the referrals of our satisfied customers.
Very Important Note:
Those full page dealer ads in any major newspaper can cost upwards of $20,000. That can equal as much as $500 in advertising costs associated with the sale of each vehicle on the lot!
I have had some problems with my credit in the past, will this prevent me from leasing a new car?
We are here to help. Best Buy Auto Leasing (bestbuyleasing.com) takes your whole financial picture into account. Best Buy Auto Leasing (bestbuyleasing.com) has established many banking relationships and will help obtain a lease to suit your needs.
If my car needs service, where do I take it?
Your new car warranty is included just as if you bought it from a new car dealer. Take your vehicle to the dealer nearest you
Why don’t you charge a fee like other lease companies?
Other companies charge a fee or collect a deposit from you early in the process because their customer retention rate is low and they want to be paid whether they find you a car or not, or use your deposit for operating capital. Our experience is that when customers are treated professionally they are more likely to purchase a car from you and return to us for their next vehicle. Collecting unnecessary fees shows a lack of trust and does not build good relationships.
How can Best Buy Auto Leasing (bestbuyleasing.com) offer vehicles with such a low monthly payment?
We use our leverage with Fleet centers around the country to obtain vehicles at prices often below wholesale. We also have access to rebates and incentives not available directly to the public.
How do I get my car if I live in another state?
Best Buy Auto Leasing (bestbuyleasing.com) will often locate vehicles near the customer. If that’s not possible we call on our fleet of transport companies to deliver vehicles as quickly as possible to your front door.
Does the dealer warranty still apply if I get the car from you?
All car warranties are issued and honored by the factory not the dealer. Any vehicle acquired through us still has the full factory warranty and service just as if you had walked into the dealer and purchased it there
What are my options if I want to end my lease?
1. Purchase the vehicle
2. Sell the vehicle
3. Trade the vehicle
4. Arrange for an assumption (with bank approval)
All of these options are available to you by satisfying the payoff balance at that time, which may be more than the value of the vehicle.
What are my options when my lease matures?
1. Purchase the vehicle
2. Sell the vehicle
3. Trade the vehicle
4. Extend the lease
5. Turn your vehicle in to us
For complete details on these choices call us at 866-621-0646
What are my responsibilities for vehicle maintenance?
You are responsible for all maintenance and you should follow the recommended maintenance schedule as outlined by the manufacturer.
What are my responsibilities for vehicle insurance?
You are required to have insurance on your leased vehicle throughout the lease term. Refer to your contract for exact coverage.
Am I responsible for personal property tax on my leased vehicle?
Only in those states that assess personal property tax on leased vehicles, such as Texas, Missouri, North Carolina, Virginia, West Virginia, etc.
What happens when I drive more miles than is stated in my lease Agreement?
If you purchase, sell, or trade your vehicle no mileage charge will be assessed. If , however, you elect to turn your vehicle in at lease end, and you have exceeded the allowable mileage stated in your contract, you may incur excess mileage charges. Refer to the section of your contract titled "Standards for Wear and Tear". This section will help you calculate excess mileage charges.
How do I get license plates?
In most cases, when you take delivery of your vehicle, the dealer will handle the necessary steps in supplying you with your first set of license plates. In subsequent years you will be notified by Best Buy Auto Leasing (bestbuyleasing.com) or the Bureau of Motor Vehicles for renewal procedures.
Who pays for license plates?
You are responsible for the cost of license and registration fees throughout the lease term. You will receive a bill annually from the Bureau of Motor Vehicles for this cost.
Can I let someone else lease my car?
Your leased vehicle may be assumed by another individual if approved by the lending institution. There may be an assumption fee for this service.
Can I take my leased vehicle out of the continental United States?
No, most lenders umbrella insurance will not allow us to permit you to take your leased vehicle outside the continental U.S..
What happens if tax rates change?
If the tax change affects your lease, you will be notified of the new rate. Your monthly payment will then be changed to reflect any increase or decrease resulting from the tax change.
What happens if my vehicle is wrecked but not declared a total loss?
You should contact your insurance company and Best Buy Auto Leasing (bestbuyleasing.com) immediately. We will guide you through the steps for having your vehicle repaired.
If I decide to return my vehicle at the end of my lease, who do I contact?
Please call the institution that is responsible for your lease. If you do not know which steps to take, call Best Buy Auto Leasing (bestbuylesaing.com) at 866-621-0646. We will walk you through the process.
Is auto leasing just a trend or is it here to stay?
The average Automobile price tag or MSRP today is much higher than ever before. In 1989 any car over $12,500 was considered by the IRS to be a luxury automobile. A financed car at the selling price of $10,000 and an average interest rate of 10% , in that day and time, for a term of 48 mos. was $250 per month. With the ever growing price tag of new and pre-owned vehicles today, the average person financing a car at 7% interest can not afford to finance these high ticket items. And with inflation of the all mighty dollar surpassing the depreciation of these assets, they must and need to lease. The average price MSRP today is over $20,000++ with a 48mo term retail finance payment growing over $500 per month. It is stated throughout Industry and Economic articles, that over 50% of all cars today with a price tag of over $25,000 are leased and within the near future with the rising cost of technology to build bigger, better, faster and while trying to meet government and the economical need of motorist, the price of automobiles will soar beyond our imagination.
How many miles can I drive per year with my vehicle lease?
Generally car leases allow between 10,000 to 15,000 miles per year. If you need to drive more/less miles than this, you can get more/less miles, though it may add/subtract a few dollars to your monthly payment.
Who will I be financing my lease with when I lease at Best Buy Auto Leasing (bestbuyleasing.com)?
We work with a number of national lenders to get you the best lease deal possible. Since we produce such a high volume of car leases each and every month, we have even better rates and residual values than most dealer/manufacture sponsored programs. In essence this helps us to beat most other auto lease programs out there, giving us an edge on the competition.
How is my new vehicle's factory warranty affected by Best Buy Auto Leasing (bestbuyleasing.com) involvement in the vehicle transaction?
Simply put, it's not. Since your vehicle is supplied directly by an automobile dealer, the title transfers directly from the dealership to you.
Some of Best Buy Auto Leasing (bestbuyleasing.com) competitors actually purchase the car from the dealer, and then resell the vehicle to the consumer. They do this to conceal their profit in the transaction (since the consumer never knows how much the auto broker paid the dealer). The problem with this scenario (other than the obvious lack of disclosure) is that the broker becomes the original owner of the vehicle. Depending on the vehicle manufacturer, the factory warranty may limit the coverage of subsequent owners, such as yourself. With Best Buy Auto Leasing (bestbuyleasing.com), you never run this risk.
Can I take advantage of the cash rebates and low-interest rates being offered by the manufacturers if I buy or lease my new vehicle through Best Buy Auto Leasing (bestbuyleasing.com)?
Absolutely! In fact, in addition to the "consumer" incentives, which are advertised to the public, there are often "dealer" incentives that are not advertised. As "fleet" brokers, Best Buy Auto Leasing (bestbuyleasing.com) can secure these incentives for the benefit of our clients.
Our clients receive not only the incentives they know about, but often, the incentives they don't.
Can Best Buy Auto Leasing (bestbuyleasing.com) factory-order my new vehicle?
Yes. By utilizing our extensive dealer network, we can order most vehicles directly from the factory built to your exact specifications. Quite often, factory-ordering your vehicle is the least expensive method of acquisition.
