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Atlanta GMC Lease Deals

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Things to consider when car leasing

If you find yourself on this page, it means you are on the hunt for a car lease. Before you proceed, however, it is critical to know the difference between buying and leasing. You need to understand if or why leasing is the right choice for you. Zooomr has a firm belief that before leasing, you should know what you are getting with that car lease.

Who Owns It?

Regardless of how you pay, when you buy a car, that car belongs to you and only you. If paying with a loan, you will still be required to make payments regarding your loan, but the car is in your possession. You own the title. When you lease a car, however, you dont own that car. You are paying, just like when renting a house, for the use of the vehicle. The lender from whom you have leased the vehicle from owns that car. This difference in ownership is why you pay less for a leased car than a purchased car.

Up-front Costs

Buying or financing a car requires a down payment, which can also be paid through equity of a traded car. The down payment cost will be based on the lenders requirement and your personal credit score. Leasing a car, however, does not require a down payment. There are a few fees to pay up front, though. These fees include the first months payment, acquisition fee, security deposit, and other taxes. To lower your monthly payments, simply pay more upfront when signing your lease.

Future Value

Buying a car can have potential future value. When you own the car, you can sell it later. The price you can get for the car all depends on the type of car and how it is maintained. When leasing a car, you dont have to consider the future value because you dont own that vehicle.

End Payments

With leasing a car, you have several options. You can choose to purchase the car by paying off the car. At this point, the lender will retain the title to you in the mail. This title is your proof of ownership. Most people return the leased car after the allotted lease time has ended. There are other people who choose to purchase the car during the time of the lease or even at the end of the lease. You can choose what you want to do.

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