Our mission is to make it so you never have to step foot into a car dealership again – nor ever have to negotiate with a car dealer either.
Are you thinking about leasing a new car? Zooomr might be able to help with that. At Zooomr, we simplify the car buying and leasing process for thousands of car owners each month. Our company was formed because we realized car leasing is a pain. Finding and negotiating a lease deal on the right car, is a total waste of time. That’s why we created Zooomr: to improve the vehicle leasing process. At Zooomr, we make dealers fight for your next car lease. Each of our car dealers competes, head to head, in order to get you the lowest price possible on your next car lease. Our clients enjoy the lowest prices possible on car leases from dealers all throughout the country.
Why Choose Zooomr for your next Car Lease
Zooomr is a tech startup that is neither a car dealer, or a broker. We’re a platform, with one goal in mind: improving the auto industry – for both dealers and clients alike. Our goal is to attract attention from all parties, in order to help consumers find the best prices – and to help car dealers find new clients. It’s a win win scenario.
We deliver: Zooomr insists that every single car dealer/broker on its platform provide high quality customer service. One component of that is guaranteeing they will deliver the car to you – at your office, your home, or anywhere else you’d like. You never have to step into the car dealership, or outside of your house. We come to you.
The exact car you want: It doesn’t matter how complicated the car you want is, we promise to get you the best possible deal on the exact car you want. In addition, we promise to get bids from as many dealers possible in order to ensure you’re getting the lowest possible price. We handle all of the negotiations on your behalf, so you’re always getting the lowest price possible.
What’s a car lease
Whats a Car Lease?
Contrary to popular belief, a car lease is not just a long-term car rental. This comparison is not very accurate. A car lease is the act of the lessee (you) paying money to the lessor to use the car for a certain period for a set number of miles. It is possible for you to adjust the number of miles during the time allotted, but you will be required to pay a higher monthly payment. Why is this required? Because, when you drive a car, the miles go up. The higher the miles go, the less the car is worth. The amount you pay each month for the lease is the amount of reduction of the cars value. You are paying for depreciation.
Why Do People Lease Cars?
Many people choose to lease cars for several different reasons. First, buying cars is much more expensive than leasing a car. With the retail price of cars increasing, leasing is the cheapest way to get that new dream car. Car leases also tend to have lower down payments and monthly payments than purchasing a car. The great thing about car leases is you get a new car for less money than buying it outright. Second, leased cars have fewer maintenance requirements than a bought car. The requirements are fewer because the lease usually ends before the car needs any major service or repairs. The leased vehicles are always under warranty, meaning the lessee doesnt have to bear the brunt of repair cost. Leasing a car also means that you have a new car every few years. For those who always want the best cars available, this is a great option especially with car leases lasting typically 2-3 years long. When buying a car, most people hold them for 6-7 years. It is easier for a lessee to exit a lease than it is to a car owner to sell a car.
What Do You Need to Know if Leasing a Car?
Sale price: The sale price of the car determines your monthly car lease payment. This price is great because of the lower the sale price, the lower your monthly payment. You can choose a car you can afford.
Residual percent and amount: The Residual value of a car is based on a percentage. The higher the residual percent, the lower depreciation you are required to pay. For you, this means that the higher the residual value, the lower your monthly payments will be.
Allotted miles: Signing a lease gives you a certain number of miles you can drive each year. You are charged a fee if you exceed the limit, and this fee is based on the number of miles you exceed the ones allotted. When leasing a car, it is important to know and understand the number of miles you are allowed to drive each month and the fee that comes with exceeding these allotted miles.
Disposition fee: This normally unavoidable fee is the amount charged by the company to cover the sometimes steep cost of cleaning and selling the car after you return it to the company. Most companies tend to charge a rate between $300 and $500.
Money factor: Also known as APR, this factor helps you. The lower that the money factor is, the better it is for you as a car lessee.
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.
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.
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.
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.
What if I am over my lease mileage limit?
There are many benefits to leasing a car, but there are also a few limitations to deal with, and one of them is the lease mileage limit. The following will explain everything you want to know about your mileage limit and what happens when you go over it.
Why is the Limit Vital?
The leasing company does not have ulterior motives when they set those mileage limits. What you should keep in mind is cars depreciate, and you are just paying for the estimated depreciation value during your lease. This estimation includes a specific range of miles, which is the reason you are limited.
Every mile driven takes away from the value of the car, which is the main reason leasing companies put these limits on you. The problem is leasing companies do not check on you to make sure you are honoring your contract. The company is going to just count the total miles at the end of the lease.
What Happens if you go Over the Limit?
It can be hard to keep tabs on the number of miles you drive in a month. This is not to say that it is impossible rather that it is a little difficult. A person’s life is filled with many distractions, from work to children, so many people just do not have time to pay attention to the amount of miles that are driven each month.
First off, it is important to remember that the charges for the extra miles you drove are not really penalties. You are paying the leasing company the unexpected depreciation that you inflicted on the car. You agreed to not exceed the limit, but you did.
The rate you end up paying per mile depends on the leasing company and the car itself. Of course, cars that do not cost much will have lower rates than mid-priced cars or even luxury cars. You have to remember that you agreed to how much you were going to pay per mile when you signed your contract, so there is no wiggle room there. Most economy vehicles charge about $0.15 per mile while mid-priced cars can be $0.20 or $0.25 per mile. Those who lease a luxury car will likely pay up to $0.30 for each mile they go over. You have to pay the total accumulated amount at the end of your lease, too.
There is a lot you can do if you know you are over your mileage limit. For one, you can stop driving and start using other modes of transportation like public transportation, carpooling, or ride-sharing apps. Doing this should definitely save you money at the end of your lease.
Some people decide to just buy the car and avoid paying the extra miles, but this is not always the best idea because the costs of buying the car often exceeds what you would pay for those miles.
You should also avoid the idea of returning your car early just because you found out that you went over your limit. Early termination fees and penalties are simply too much to deal with, so it is better to adjust your lifestyle for the remainder of the lease. It might be a good idea to start calculating how much you are going to owe in additional fees now. This should give you a good idea of how much money you should save so that you can pay those miles without it hurting so much.
Those who merely suspect that they went over should check as soon as they can so that they have more time to prepare for the charges that you will not be able to escape. You should also download apps that help you calculate how many miles you are driving per day from now on. Every mile driven is one more that you are going to have to pay at the end of your lease, which makes it pretty important that you know how much you are driving every time you start your car.
You should also consider calculating just how much you actually drive per year. Knowing the estimated amount of miles you need every year should give you an idea of how many miles you need to buy the next time you lease a car. The miles you purchase at the beginning of your lease are non-negotiable, so knowing the exact amount of miles you need per year should help prevent this issue from sneaking up on you again.
You can talk to your car leasing agent if you have additional questions about your mileage limit or the fees that you are going to pay at the end of the lease. Hopefully, you found out early so that you can use some of the suggestions here. Do your best to pass along this information to friends or family members who might appreciate the tips, too.