In order to get a good lease contract you need to understand the terminology of the lease.
Please read this lease glossary and understand the basic overview:
Acquisition Fee: Charge charge by leasing company to start leasing. Absent
Every leasing company charges an acquisition fee, but if it charges beginning with
About $ 300 is almost negotiable.
Capital cost: this is also the total selling price of leased vehicles
Gold money, title, license fee, booking fee and options
Insurance and warranty items you chose to pay to lease in collateral
It is not overtime but preceding.
Depreciation and amortization:
Form a part of monthly lease fee and account for loss
By the value of the car at the end of the lease. Price of vehicle
The residual value expected at the minus lease end is divided by the number of
Several months of lease to give depreciation. Let's say you decide
Lease the vehicle at a retail price of $ 23,500. leasing company
After three years lease, the car estimates that it will be worth 35%
That original retail price, or $ 8,225. The difference, divided by $ 15, 275,
Lease months, 36 months give us depreciation
($ 424)
Gap insurance pays balance lease in case the vehicle is shipwrecked, stolen
Or totalled.
Any fee which is due to the beginning of the Inception commission lease. these
Typically, deposit, acquisition fee, first month included
Payment, taxes, title fee.
Mileage allowance Maximum number of mileage leased vehicles
Drive yearly without incurring extra mileage penalty. Typical
Although this is, mileage allowance is 12,000 to 15,000 miles year
Negotiable with your leasing company.
Mileage is a penalty incurred if you cross miles
Lease vehicle allowance. Typical mileage fee is 10 - 20 cents
Every extra mile.
Money Factor A fraction like 0.00043 used for your calculation,
Monthly lease fee. You can get a rough estimate for the year
Percentage rate of your lease by multiplying money factors by 2,400. If
It is reasonable to obtain factor 3.4 such as dealer estimate
If you multiply 2.4, APR, 8.16.
Residual value residual value is the amount of the leasing company
"It is the prospect of the leased vehicle, but it ends the lease.
Residual value leads to lower monthly payment higher lease end
If you decide to keep the car, the purchase cost.
Prepayment deposit required by the leasing company
Beginning of lease to protect against non payment. this is
Generally refundable at the end of your lease contract.
Termination or disposal fee The amount you must pay the lease
Company at the end of your lease If you decide not to purchase a car.
Wear and tear will meet special charges that you have to pay at the end of your
Recruitment situation of rental cutting wear We are looking for the above-
Twitchy knick.
Lease and your credit score.
Your credit score is part of the lease decision. When you apply
Lease agreement, your rental agency usually see your credit score on
Decide whether to approve the application.
In the lease contract, it is stipulated that you pay regularly every month
To your lease agreement words. Leasing company's request for credit score
It shows the possibility of making such payment. It's simply a number
Calculated based on payment consideration model
History, credit amount you are using, currently in use.
Maintaining a good credit score is very important, usually to the above 700,
Qualify for lease or other financing decisions. Started by your order
Fair Isaac, credit report from the company that creates your credit
Incorrect data is being held in case of score, but the subsequent claim
Acquire information such as responsibility and correction.
The history of your payment is the single most important factor in the decision
Your credit score
Keep your credit card balance low.
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