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How does leasing a car work?

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asked Aug 14, 2015 in Automotive by blueskies (57,070 points)
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While the terms of the lease will be handled by the car dealership and there may be different options, the premise of leasing is that you rent the car for a certain amount of time. Typically, you will drive the car for a predetermined length of time and pay a monthly payment. Once your predetermined time is up, you return the car. Many times, you will have the option to purchase the car at the end of your lease.

There are advantages and disadvantages to leasing a car. If you enjoy driving a new car every few years, it might be right for you. Also, you may be able to drive a more luxurious vehicle if you choose the lease option. A disadvantage of not buying is that the car will never be yours and if you damage the car or drive more miles than the lease states, you will have to pay a fee upon returning the vehicle.



Resources:
http://www.nolo.com/legal-encyclopedia/leasing-car-29967.html
http://auto.howstuffworks.com/buying-selling/how-to-lease-a-car.htm
answered Aug 14, 2015 by sburch75 (14,140 points)
selected Aug 17, 2015 by blueskies

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