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Frequently Asked Questions
It depends on the manufacturer, but in some cases you can extend for up to a year! Talk with your Vantage sales representative about the possibility of extending your lease.
Unfortunately, no. The payoff amount is based on the residual value, which would have been disclosed to you when you originally signed your lease contract.
It varies depending on the bank, as they each underwrite differently. There are other
factors involved in leasing a car besides credit score, such as credit history and
debt-to-income ratio, that could impact the overall approval process. Vantage Auto
Group works with a wide variety of banks to help increase your chances of being
approved!
Yes, we are a fully licensed insurance brokerage that also offers home and commercial
insurance policies. Speak with your Vantage sales representative today for more
information and a chance to save your business thousands of dollars!
36-48 months is standard, however some banks will allow lease contracts up to 60
months!
18-24 months are generally the shortest lease terms allowed, depending on the
manufacturer.
Yes! Car lease payments are considered a qualifying vehicle tax deduction, according to
the IRS. However, there are restrictions on who can write off this common business
expense. It’s best to consult with your accountant for further direction.
Yes, one of our Vantage sales representatives would be happy to assist you with further direction.
The money factor or interest rate is set by the financial institution on a monthly basis.
Not necessarily. Insurance rates are mainly dependent on your zip code and driving
record, regardless of whether it’s a lease or finance.
It varies depending on the financial institution, but acquisition fees can usually range
anywhere between $0 to $995.
Yes, certain financial institutions will allow you to purchase more miles during the term
of the lease at a discount, or you can simply pay per miles at the end of your lease
contract.
If you are over your total allotted mileage on your lease, you pay for that extra
depreciation at a per-mile rate that varies by manufacturer and vehicle model. Lower
priced cars are charged at $0.15 per mile. Mid-priced cars are charged at $0.20 per mile
and higher-priced cars at $0.25 or higher. Some luxury models charge $0.30 per mile.
These rates are specified in your lease contract and are non-negotiable.
No, leasing is restricted to brand new cars, not used cars — with the exception that used
luxury cars may be available for lease by specialty used car dealers in some larger cities.
However, leasing used cars is not recommended due to low residual values and high
lease finance rates.
Leasing requires that you carry and pay for liability, collision, and comprehensive
insurance on your vehicle. However, the amount of required insurance specified in your
lease contract will nearly always be more than the state-required minimum liability
coverage. In that case, insurance for your leased car will typically be more expensive.
It depends. If your current car is paid off, you can certainly use it as a trade-in. Just be
sure you know it’s fair trade-in value and that the dealer gives you full credit when your
lease payments are calculated. If you still owe money on your car, you will want to get
the “payoff” information from your finance company and compare that amount to the
trade-in value of the car. If the trade-in value is higher, you have “trade equity.”
It just depends on the financial institution, as not all of them will allow it. The best
options are to either ask the lender for a co-signer release, refinance the loan or sell the
car.
Unlimited mileage isn’t something that is typically offered in a lease. Typically 18,000
miles per year is the max allowed, however some manufacturers will allow up to 25,000
miles per yr. It’s important to keep in mind that the depreciation calculated on high
mileage is cheaper to purchase compared to a lease. Consult with your Vantage
representative for more information.
All new vehicles come with the manufacturer’s original warranty. At Vantage Auto
Group, we offer extended warranty plans, as well as additional protection packages that
cover items, such as wheel & tire, paintless dent repair, windshield repair, key
replacement, 24/7 roadside assistance, and much more.
Amount due at signing or “drive off” costs include all charges that require up-front
payment in cash, such as taxes, official fees, deposits, and first month’s payment. The
down payment amount is the only part that reduces capitalized cost (amount financed),
which can decrease the monthly payment amount.
Although lease contracts are not designed to be easily or inexpensively terminated
before the normal end date, you do have a number of options available to you that could
minimize your costs and headaches. Contact a Vantage Auto Group sales representative
today, as we would be more than happy to find you the best solution to terminate your
lease.
If you move to another state with your leased vehicle, immediately notify your lease
company of your move. This is not only to change your billing address and the car’s
“garaged” address, but more importantly because sales tax rates may be different
between your old location and your new one. The tax portion of your monthly payment
may increase or decrease.
At Vantage Auto Group, we save you time, money and peace of mind! No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps. With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle.
