Frequently Asked Questions about Leasing a Car
What Are the Most Common Restrictions with Leasing a Car?
The most common restrictions you’ll find involve the duration of the lease and the mileage limit. Most lease agreements run two-to-three years. The average mileage limit is 12,000 miles, accounting for 36,000 miles within three years. It’s not possible to lease a car without a mileage limit.
Do You Have “First Time Buyer” Programs?
There are no such programs. In fact, being a first-time buyer may work against you. It might be extremely difficult, for example, to lease a car from BMW if you are a first-time buyer. However, eAutoLease works closely with the banks to facilitate your approval process.
What Are Car Lease Approval Rates?
The national car lease approval rates are around 70 percent. eAutoLease is proud to be in the 90 percent range. Our company works with multiple financial institutions to find the lowest possible rate on a new car lease in NYC.
What Credit Score Do I Need?
Car leasing is subject to credit approval, which involves your credit history and score. A credit score is a crucial factor in determining whether you’ll get financing. Banks may also consider your income, existing debt obligations, and your track record for handling debt. According to the credit bureau Experian, the average credit score of customers starting a new lease was 725 in 2019.
Is It Possible to Lease a Car with a Bad Credit Score?
A bad credit score doesn’t automatically disqualify you from getting approved for a car lease offer. Different brands offer incentives for people with bad credit scores, including Honda, Nissan, Mitsubishi and Kia. Unlike other car leasing brokers, eAutoLease is not going to stop searching for the perfect deal until we find the right car for you.
What Are the Tax Benefits of Leasing a Car for My Business?
When you lease a car for your business, you can deduct the mileage and actual expenses such as monthly payments, interest, tax, upkeep and maintenance including inspections, oil changes, new brakes and tires. It’s possible to deduct 100% of your business leasing cost if you are planning to use your lease vehicle solely for business purposes.
Can I Lease a Car with No Money Down?
The short answer is Yes, but a lot of people get confused between leases that offer “no money down” and “sign and drive” options. Even with a no money down or $0 down lease, you’re still responsible for paying taxes and initial fees. “Sign and drive” literally means you don’t need any money at the signing. eAutoLease is fully transparent, and our specialists explain the whole process, as well as fees required at your signing.
Is It Possible to Take Over Someone Else’s Car Lease Contract?
Yes, you can do that. Lease swaps are a great option for people who aren’t ready to commit to a two-or-three-year lease agreement. It’s not always possible to lease a vehicle for only one year without making use of lease swaps. Call eAutoLease to find out if a specific make offers 1-year lease deals.
Can I Extend My Leasing Contract?
While it is possible, not all automobile makes offer this option. You can extend your lease agreement for a maximum of one year. Note that extending a lease contract requires that you purchase an extended warranty. All makes offer extra maintenance programs that cover all your needs, such as oil changes, tires, brakes, air filters and windshield wipers. The majority of new vehicles come with a three-year warranty from the manufacturer. Toyota and Lexus, however, offer free maintenance programs.
Can I Buy My Vehicle at the End of My Lease Agreement?
Yes. The final refinance amount depends on the residual value of the car. The residual value is the estimated value of the vehicle at the end of the lease period. For instance, if you lease a $50,000 vehicle, it’s expected to depreciate 20 percent in the first year. So its residual value at the end of a one-year lease would be $40,000, which is the price you’d pay to buy it.
Is It Possible to Refinance a Leased Car?
You can do that anytime during the lease term. Refinancing your car makes sense if you are driving more than you expected. For instance, if you have a 10,000-mile limit per year, but you’re driving 15,000 miles a year, consider refinancing your vehicle. At eAutoLease, we can take care of this process for you.
Can I Tint the Windows during a Car Lease Term?
SUV vehicles normally come with tinted windows already. Sedans typically don’t have standard tinted windows. Each state has different laws and regulations about the tinting on your windows. Even if you tint the windows yourself, you may need to remove it at the end of the lease term before you return the car.
Can I Move to a New State if I Have a Leased Car?
You may move out of state when leasing a car, but you must change your insurance and registration. eAutoLease lease specialists can help you and answer your questions.
Can I Use My Leased Car to Drive for Uber?
Regarding driving for Uber, you need to get an extended mileage program and bear in mind that not all automobile makes will approve your lease if you plan to drive for Uber or another ridesharing company.
Trust and Transparency of Our Business
eAutoLease is accredited by the New York Chamber of Commerce and Better Business Bureau (BBB). Additionally, we are “2020 dealer of the year” by Dealer Rater. Our company is proud to be the most trusted and best rated auto leasing company by CARS.com.
eAutoLease is a 5 star rated car leasing company according to 69 directories including Google, Yelp and Facebook. Therefore, if you want to get to know more about us, take a look at the aforementioned websites.
Is It Better to Lease or Buy a Car?
It is not possible to give a definitive answer to whether it is better lease a car or buy a car. Everything depends on your personal situation. Leasing CAN be a better deal in some cases. However, if you are going to be driving more than 15,000 to 20,000 miles per year, it would be better to finance a car. If you are going to be driving less, it would be better to lease a vehicle.
A lot of people prefer car leasing in New York because they want to change their vehicle every 2-3 years. By leasing a car, you avoid headaches of extended warranties, services and any other issues that come with older cars. Thus, finding a good deal is essential. We do not rush our customers, as eAutoLease wants to find you the best possible deal and the right options.
Negotiating the Best Car Lease Deal
eAutoLease car lease specialists can break and customize packages to include options that you need and exclude the expensive options that are not necessary. Our company can negotiate your price in terms of in stock vehicle, color, additional packages and even higher mileage limit with a car manufacturer for you.
Imagine you want to lease a BMW 530i, black/black with a base price of $500 per month. We can locate the same make/model with slightly different color out of state for $480 per month. Since we work with many out of state dealers, eAutoLease can find the best lease deals if you are willing to compromise on options.
Trading in a Leased Vehicle
It is possible to trade in a leased car. However, not everyone will have the same situation and for some people it might not work. Consider the following example. Let’s assume you have a 3-year lease agreement and your vehicle is worth $20,000 after the second year. If you still owe $25,000, the difference of $5,000 will be your penalty for trading it in earlier.
However, there is something else to consider. Imagine your car is worth $20,00 after the second year of your lease and you owe $15,000. In this case, you can trade in your vehicle with no penalty and benefit from coming out of the lease contract earlier.
Extending a Car Lease Agreement
As was mentioned above, not all car makes offer the possibility to extend your leasing contract. Even if they do, the contract can be extended for a maximum of one year. The majority of new vehicles come with a 3-year warranty from the manufacturer. For example, Toyota and Lexus offer FREE maintenance programs. If you manage to extend your lease contract, you will have to consider an extended warranty.
All makes offer extra maintenance programs that will cover all your daily needs such as oil, tires, brakes, air filter, windshield wipers and so on. Call eAutoLease to get more information regarding extra maintenance programs that specific car makes offer.
Credit Score and Car Lease Approval Rates
The national car lease approval rates are around 70%. eAutoLease is proud to be in the 90% range. Our company works with multiple financial institutions on your side to find the lowest possible rate on a new car lease in NYC.
Car leasing is subject to credit approval. Thus, banks are required to assess your credit history and score. A credit score is a crucial factor in determining whether you get financing. Although, banks also consider your income, existing debt obligations as well as track your record for handling debt. According to the credit bureau “Experian”, the average credit score of customers starting a new lease was 725 in 2019. You can increase your credit score by making car lease payments earlier.
Finding the best New York lease deals near you
Many people ask “how do I easily lease a car near me?” eAutoLease helps you find the best lease deals near you. Our company has access to the newest discounts, often not published rebates and marked down car leasing NYC inventory. If you live in New York, New Jersey or Pennsylvania, all you need to do is to call our knowledgeable auto lease representatives who will help you to find the best car lease deals.
eAutoLease will find the exact color and options you are looking for and deliver the car right to your front door. Our company will take care of the whole process from A to Z. If you have already selected a vehicle, you can apply for a car lease approval online and have your car delivered the same day.
How to Avoid Getting Ripped Off While Leasing a Car in New York, New Jersey or Pennsylvania
The best way to avoid getting ripped off while leasing a car in New York is to work with the most reputable car leasing company such as eAutoLease. If you work with our company, there is no need to worry about scams or fraud. With thousands of satisfied customers, we are the most trusted auto leasing company around.
The most common fraudulent leasing car scams are price mismatch on the final documents, lying about the interest rate, factoring Add-Ons into the lease and increasing length of the lease. If you are a victim of Brooklyn car leasing fraud, we strongly encourage you to call us. eAutoLease will do everything possible to help you.