Our robust dealer network allows us to offer the most competitive prices available. Vantage is here to help you save on your next Car Lease! We aim to provide the best prices and resources for customers looking for how to break a lease in nj.
In addition to our full car buying and leasing experience we offer a range of other services. From Auto Insurance to a Full Auto Body Shop we can help!
Shop all makes and models from the comfort of your own home. We offer competitive deals from every major dealer brand.
Never step foot in an automobile dealership. Your new vehicle is delivered right to your home or place of work.
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. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs when searching for how to break a lease in nj.
To make things even easier, we’ll even deliver your new vehicle right to your home or office, so you can spend more time doing the things that matter.
Our business is built on referrals. If you can’t rate us a perfect “10” in customer satisfaction, then we have failed.
There are many places to lease or purchase your next vehicle. The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!
There are several different terms and details used for leasing. The terms used might confuse you when you want to trade your car in. This article is here to help you lease your car in New Jersey or New York when looking for how to break a lease in nj. Sit back, relax and enjoy.
You could sell your car yourself or trade car in with a dealer
There are some things which would be similar to buying. You need to get the price of the new car. The calculation of the lease would begin at a price. Then the capitalized cost for the new car would be obtained. You could also trade in your old vehicle and then use the funds obtained as a down payment. Applying this would get the cost of the lease for your new vehicle.
It would help if you kept it in your mind that whenever you trade in your new vehicle on a lease in New Jersey, you would be handling two different transactions. The dealer that would be leasing a car to you is not the owner of the vehicle. A leasing company owns the car. The dealer is simply buying you the car.
The amount you would get trading your vehicle has no business with the lease of your new vehicle. Both of these transactions are independently negotiable. It is essential you mentally separate them so you could get great deals on each transaction.
What If I still owe a balance on my old car?
If you are not done paying for your old vehicle, you could trade your old vehicle on a lease if that vehicle has an amount that is more than you owe. But when you want to buy, you should trade our vehicles you have full ownership of instead of using one you already owe money on. That is because, in that case, you have a lower amount of equity. The value of the down payment you bring would be less. You could need to bring some funds from your pocket to cover upfront lease costs. You might not like that, but that’s the way it is.
If you own a lot more than your old vehicles’ worth, you don’t have an actual trade-in. Some dealers would work and help you roll with your car to convert your loan and add it to your new vehicle. But you might soon run out of luck if you get a lease that has negative equity.
So if you want to lease your car in New Jersey, you should be done paying for your old vehicle before you go and get a new vehicle. Transferring loan payments from an old vehicle to a new one is quite sad when you think about it. Different people lease cars in different ways. Here’s to hoping you make the best decision when the time comes or wanting to find how to break a lease in nj.
At The Vantage Auto Group, we save you time, money and peace of mind when it come to Leasing your New Car!
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. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs and the needs of our customers looking for how to break a lease in nj.
There are many places to lease or purchase your next vehicle. The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle or how to break a lease in nj at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!
Looking for more information on Leasing a Car? Click here to read our Frequently Asked Questions about Auto Leasing.
Leasing a car looks similar to renting a vehicle, but for a longer term. Typically, you need to make an upfront payment to get started. Plus, you will have to make monthly payments over a specified time. Once the car lease is over, you can decide whether to start a new lease or purchase the vehicle outright. In this article, you will find answers to questions, such as, how does a lease work, what are the benefits to car leasing in NJ, and how can I lease a car or how to break a lease in nj?
With 30% of new vehicles being leased in the United States, it’s time to consider this cost-saving option.
What is a Car Lease?
Before diving deeper into – how does a lease work, we must understand what it is. The car lease is a legally binding agreement between a person who wants to borrow a car and the company that owns it. When you lease a vehicle, you pay a monthly fee, similar to when you finance a car. However, this payment is often lower than financing a comparable model.
In the car lease agreement, you will find several aspects:
• Lease length – the term of the lease (typically two to four years)
• Value of car now
• Value of the car at the end of the lease
• Lease fees
• Money factor – this is the rent charge, similar to the interest rate found on an automobile loan
• Termination fees – if you choose to end the agreement early
• Miles permitted
• Definition of normal wear and tear
Some of the rules laid out in the agreement might seem restrictive, but you must remember that this isn’t your vehicle. You are basically renting it for a time period, and the owner wants to ensure it will come back in good condition.
Benefits of Leasing a Vehicle
There are many reasons that car leasing online is appealing:
• Payments are cheaper than comparable finance agreements
• Requires a lower down payment than purchasing a similar vehicle
• You can afford to drive a new car with the latest technology
• In a couple of years, you can upgrade to another new vehicle
• You never have to worry about selling the vehicle
• It’s always covered by the manufacturer’s warranty
Disadvantages of Leasing a Vehicle
There are some reasons that you might not be ready to lease a car. Here are some of the drawbacks to consider:
• Additional fees
• Possible penalties
• It can be challenging to get out of the agreement unless you do a lease transfer
• Cannot customize the vehicle
• No equity in the car
How Does a Lease Work – Is It Right For You?
After looking at the benefits and potential downfalls, it’s time to decide if you are ready to lease a car. In some circumstances, it makes a lot of sense to start a lease. Consider this option if you:
• Are short on cash, but need a vehicle
• Want to drive a model that would typically be out of your price range
• Won’t exceed the mileage restrictions
• Can take care of the car during the lease period
• Plan to lease a new car after the contract expires
If you lease a car, you will have to abide by the mileage agreement. Typically, this falls between 10,000 and 15,000 miles a year. If you go over the mileage limits, you can expect to pay between 10 and 15 cents for each additional mile. For this reason, car leasing online isn’t always a good option for someone that has a long commute.
How to Lease a Car
Now that we’ve covered how a lease works, it’s time to look at getting started. If you are ready to sign a car lease, here are some steps to take:
• Choose a vehicle type – Are you looking for an SUV, convertible or executive sedan? Determine what type of car you need.
• Pick several models – Choose models that fit your price range. Make sure you look into the safety features, dependability rating, gas mileage and insurance premiums upfront.
• Schedule a test drive – Drive the top models to determine which one fits your needs the best. Examine the comfort levels, visibility and advanced features included.
• Compare lease options – Get details about the lease on every model you prefer. Compare these and determine which is going to give you the best value.
• Get payment details – Once you figure out which lease fits your budget, make sure you understand all of the costs involved. Ask about fees, down payment and penalties.
• Drive Away – Sign the paperwork and drive away in your new vehicle.
How Does a Lease Work – Avoiding Penalties
As with any financial agreement, there are penalties if you go against some of the terms. You don’t want to pay more than necessary to lease an automobile, so here are some tips to avoid those lease penalties.
Excess Mileage Charges
You will agree to keep the car under a specified mileage. Your lease payments are calculated on residual value, which relies on the vehicle coming back with less than a certain mileage. If you go over this agreed amount, you will pay per mile.
To avoid this, calculate how many miles you drive your car in a year. Be sure to allow for some extras, such as vacation or business trips. If this amount isn’t going to fall far below your agreed amount, it might not pay for you to start a car lease in NJ.
If you want to get out of the lease, you will have early termination fees. These can often be costly. To avoid this, consider doing a car lease transfer instead. By simply finding someone to take over the current lease, you can avoid unnecessary fees.
Wear and Tear
The car must come back in good condition, or you will be charged for wear and tear. Again, the owner based your payments on a certain residual value. If the vehicle needs work when it returns, that value decreases. To avoid these penalties, keep your car in good condition. If something breaks, have it fixed immediately.
Car Leases in NJ & NY Done Right
How does a lease work? If you have more questions, we are here to help!
The Vantage Auto Group provides reliable car leasing options in both New Jersey and New York. On our website (https://www.thevantagegroupauto.com/), you can access an entire inventory of marked down vehicles that fit your lifestyle and your budget.
We also provide a selection of luxury cars at rock-bottom prices. These typically come from unions and corporations that can offer larger discounts. Our professional staff is ready to help find a vehicle to fit your tight budget or find financing solutions that fit your poor credit score. Give us a call at (844)-307-3885 to speak with a live agent, or feel free to email us with any questions.