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Frequently Asked Questions
Can I extend my car lease with Vantage Auto Group?
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.
Is it possible to negotiate my car payoff price at the end of my car 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.
What is the minimum Credit Score needed to lease a car?
It varies depending on the bank, as they each underwrite differently. There are other factors involved besides credit score such as credit history & debt-to-income ratio that could impact the overall approval process. Vantage works with a wide variety of banks to help increase your chances of being approved!
Does Vantage Auto Group offer Commercial Fleet Leasing for Businesses?
Yes, we are a fully licensed insurance brokerage and also offer home & commercial insurance policies. Speak with your Vantage sales rep today for more info and a chance to save thousands of dollars!
What is the longest Car Lease term Vantage offers?
36-48 months is standard, however some banks will allow lease contracts up to 60 Months!
What is the shortest Auto Lease term Vantage offers?
18-24 months are generally the shortest lease terms allowed depending on the manufacturer.
Are Auto Lease Payments Tax Deductible?
Yes! Car lease payments are considered a qualifying vehicle tax deduction, according to the IRS. With that being said, there are restrictions on who can and who can’t write off this common business expense. It’s best to consult with your accountant for further direction.
Can I pay off my lease early with Vantage Auto Group?
Yes, one of our Vantage sales representatives would be happy to assist you with further direction.
How is the money factor calculated on a car lease monthly payment?
The money factor or interest rate is set by the financial institution on a monthly basis.
Is Auto Insurance higher on a car lease?
Not necessarily. Insurance rates are mainly dependent on your zip code and driving record whether it’s a lease or finance..
What is the acquisition fee for a car lease?
It varies depending on the financial institution, but acquisition fees usually ranges anywhere between $0 to $995.
Can I buy extra miles in the middle of my lease?
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.
Can I remove a co-signer from a lease?
Yes, 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.
Can I lease a car with no mileage limit?
Unlimited mileage isn’t something that is typically offered in a lease. Usually 18,000 miles is the max allowed, however some manufacturers will allow up to 25,000 miles / yr. It gets to a point though where the depreciation calculated on high mileage is cheaper to purchase vs. lease. Consult with your Vantage representative for more information.
You pay for that extra depreciation at a per-mile rate that varies by car company 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 not negotiable.
No. Leasing is restricted to brand new car, 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 leased car. However, the amount of required insurance specified in your lease contract will nearly always be more than the state-required minimum liability coverage you might otherwise choose to carry on your owned vehicles. In that case, insurance for your leased car will typically be more expensive. Click here for a no obligation insurance quote today.
It depends. If your current car is paid for, you can certainly use it as a trade-in. Just be sure you know its fair trade-in value, and that the dealer gives you full credit when your lease payments are calculated. If you still owe on your car, you will want to get the “payoff” 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.” Read more
All new vehicles come with the manufacturer’s original warranty, however we do offer extended warranty plans as well as additional protection packages that cover items such as wheel & tire, paint-less dent repair, windshield repair, key replacement, Roadside assistance and much more. Contact a Vantage representative today or Click Here for more details.
Amount due at signing or “drive off” cost includes all charges that require up-front payment in cash, such as taxes, official fees, deposits & first month’s payment. The down payment amount is the only part that reduces capitalized cost (amount financed), which in turn reduces the monthly payment amount.
As you may already know, lease contracts are not designed to be easily or inexpensively terminated before the normal end date. However, you do have a number of options available to you that could minimize your costs and headaches. Contact a Vantage representative today, as we would be more than happy to find you the best solution to terminate your lease. Read more
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 change — up or down.
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.