The Different Forms Of Vehicle Leasing Options Available |
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Dirik Hameed
SubmitYOURArticle.com
March 26, 2011
Dirik Hameed
http://www.inx-gaming.com
Choosing vehicle leasing is an important decision. Knowing your entire array of car leasing options will make you an informed consumer and guide you towards the right decision. Looking back at your leasing experience with regret will not be pleasant.
Now that you know you want to lease a car, do you know all of your options? Rising auto and financing costs have made leasing seem like a budget friendly option of car ownership. The reason costs are so much lower to lease is because you don't actually own the car; in essence, you rent it. Leasing is a long-term rental agreement, when your terms are done, you can get a brand new car.
Closed-end car leases tend to be the most popular type of car leasing options amongst consumers. Close-end leases make it easier for consumers to walk away at the end of agreement. After their lease is finished, consumers have no payments (unless they have violated terms). When the lease has consummated, the only way consumers will pay more is if they go over mileage or damage the vehicle. If you chose this option, make sure to take good care of your vehicle and get a good insurance policy.
Commercial, rather than consumer clients usually choose an open-end lease. The individual signing the lease is the one taking the financial risks. Usually, commercial companies need a far greater amount of mileage than an individual consumer would need. Open-end leasers must pay the difference between lease value and the actual market value at the end of the contract. If the market value of your car changes, you will be losing that difference at the end of your contract. The monthly payments on this type of lease is usually a little more than a business lease but has less risks involved. Business Leases have many similarities as a close-end lease and an open-end lease. If a business lease is the option that you would like to peruse, it's advised that you speak with your tax accountant or business financial advisor. They know the risks and benefits involved and can give you their best advice. If after speaking with your financial advisors, you still feel this is the best option for you, then it's time to meet a fleet manager. Select the brand of car you would like to use and then contact their fleet manager.
Consumers should be aware that close-end leases are likely the best options for them. There are very few risks and they occur with mileage mismanagement and negligence to the car. Mileage can be controlled and a good insurance policy can cover damages to vehicles.
Business and industry will almost never be advised to purchase a car rather than lease, but an individual consumer who drives a lot of miles or tends to damage their vehicles might do better to purchase rather than lease. The more you dig for information and think about how your driving needs and habits could best be met, the closer you'll be to getting the most for your money.
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