In recent days, we’ve covered the pros and cons of auto leasing, as well as a few essential terms you’ll encounter when you visit a dealer or Queens auto broker. This week we pick up where we left off, with a bit more auto leasing terminology that can cause confusion if you haven’t been doing this as long as we have at Leasing Direct. 

Drive-Off Fees

There are a number of fees involved in auto leasing. These include a down payment, acquisition fees, disposition fees, security deposits, title, tax, destination charges, and many more. In common with auto financing, a higher initial payment can lower your lease payments, but that can also defeat the purpose of leasing in the first place.

Transferability

Many people tend to lease because they don’t want to be tied to a particular vehicle for the long term. And a subset of lessees find even a short 36-month lease a bit too long for their liking. Since terms and conditions can vary, it always helps to ask about the lease’s fine print to see if you can transfer the lease to a new lessee instead of incurring penalties.

Residual Value

On the other hand, those who choose their lease carefully often find they like the car enough that they want to keep it at the end. Residual value helps you get an idea of how much you’ve saved by leasing, as well as how much you can expect to pay at lease end should you choose to keep the vehicle.

Still have questions? That’s understandable. A blog isn’t the best place to cover every question that surrounds auto leasing, especially when you need answers before we’ve gotten around to covering them here. That’s why we encourage you to call Leasing Direct or just pay us a visit at 160 Empire Blvd in Brooklyn, NY. We’ll help you find the best SUV lease in NYC at a rate you’ll love.