All about the best SUV lease deals
Looking for best SUV lease deals? You’re in the right place. Do you have any idea about the fees that go into consolidating a good lease deal? Automakers devise lease deals in order to entice customers to use new models. They try to keep the terms attractive so that customers are propelled to buy the SUV.
Nevertheless, all automakers don’t deal with it in the same way. Some of them hike the monthly payment while keeping the amount due at signing low. Some others hike the amount due at signing, while keeping the monthly payments down. There may be some hidden charges too. Let’s look at all this as you read on.
What is acquisition fee?
- This fee is charged by the bank financing the lease deal, so it varies from one bank to the other.
- Some of the best SUV lease deals may charge $400, while others may charge $800.
- This is a charge that even the dealers cannot waive off.
- Some dealers do mark up the fee for some additional, hidden profit. This is why you need to go through the full feature and text of the lease term before signing on the dotted lines.
How can you bring down the capital cost of your lease deal?
- This is easy. If you want to keep the capital cost of best SUV lease deals low, you can increase the amount of your down payment.
- This will reduce the amount of finance and therefore the capital cost of acquisition; however, it should be worth your money.
Does it make sense to make a large down payment and reduce the monthly payments?
- It doesn’t really make sense to do this.
- What happens if you don’t enjoy the experience of the new SUV even if it is one of the best SUV lease deals? You would certainly return the car; however, in that case, the down payment is a loss for you.
- If the car is stolen, you lose the down payment completely. If the car is involved in a major accident where the cost to fix the car is more than its value, then also you lose the money. So, it is always a good idea to pay a moderate amount of money as down payment and a considerably higher amount of money as monthly payment. This is safe for you, since if you don’t like the car, you can return it soon. You don’t lose anything.
- If you like the car, you just need to keep on paying the monthly sum.
How can you dispense with the disposition fee?
- The disposition fee is charged by the bank toward the end of the lease term. The amount of the fee depends entirely on the bank; some banks may not even levy such a charge.
- Banks usually refrain from levying a disposition fee if you agree to bring them a customer or promise to lease another car.
- So there is a probability that you can dispense with this fee in the best SUV lease deals.
- Here, it is also important to note that you need to handle the finance terms directly with the bank and not through a dealer. It is the dealer who would arrange for the finance, but you need to sit with the financiers and scrutinize the fees.
- Otherwise, you may be forced to pay up for stuff that you could have avoided.
What’s included in the amount due at signing?
- You need to pay an amount to the dealer when acquiring the SUV on lease. This is known as the due at signing amount.
- It includes charges like the first month’s payment for the car, security deposit, the acquisition fee levied by the bank, levies imposed by government authorities such as taxes, etc.
What is excess wear and tear?
- You can really get conned at this even if you are looking at one of the best SUV lease deals. The bank will inspect the car when you return it.
- If the bank personnel thinks that the car has undergone wear and tear more than the amount allowed by the terms of the lease, they may charge you for that, so ensure that you drive carefully. Also, leasing for more than a year does not make much sense.
Hope the information in this article was useful to you.