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Basic Car Leasing Facts and Tips You Ought to Know In times where you are in need of a car but you still cannot buy one because you are still on a tight budget, then opting for a car leasing option is the best thing that you can do. Basically, the entire concept of car leasing entails for you to rent a car from any leasing company. When it comes to car leasing, you will not be paying a huge down payment for the car as all you need are small monthly installments so that you are allowed to be driving a leased car. If you are planning to lease a car, make sure that you first read the following things about car leasing options. What car leasing options will you be choosing from? In terms of car leasing, you will be choosing from either the open-end leasing option or the closed-end leasing option. For the closed-end car leasing option, you can simply return the car that you have leased at the end of you term and that is it. However, it is a must that you make sure to keep up with the terms of use imposed by the leasing company if you do not want to pay additional charges for penalties.
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For instance, if the leasing company dictates what maximum mileage you must cover and you have exceeded their requirement, then you will be paying for the excess mile that you have covered. Moreover, when you return your car, the leasing company will make sure to evaluate it and if they find out that is has been subject to wear and tear beyond their level of acceptance based on your contract, then you may have to pay them.
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Also, this option allows you to buy the car that you have rented at the price of their residual value. It is crucial that the buyout price will be made mention in the contract that you have signed when you made a leasing deal. Now, what makes the open-end car lease different from the above option? The open end car lease you must know is particularly offered for businesses. For this type of car leasing option, what you must expect is that the lessee will be paying for the amount difference in the value of the car that is determined before leasing it and its value based on market trends. So, what benefits should you expect to get in car leasing? First and foremost, car leasing allows you to pay only the slightest amount in terms of its upfront cost. Oftentimes, leasing companies will let you pay two things that are just minimum in amount: your security deposit and your lease payment for the first month. This is what really sets it apart from buying a car because in buying one, you may have to quickly pay the car that you want with a huge sum of money along with paying your car loan lender some down payment.