Is a Customized Lease Right for You?
If there’s one thing we’ve learned during our five-and-a-half decades in the leasing business, it’s that our customers all have different needs. And yet, most manufacturers and financial institutions offer leasing packages designed to fit their own needs rather than those of their customers.
Mileage allowances are a good case in point. It’s common for leases to include limits ranging from 10,000 to 12,000 miles per year. Drivers who exceed those allowances face end-of-term penalties, typically $0.10 to $0.12 per additional mile. As a result, many high-mileage drivers have the impression that they’re better off purchasing their vehicles outright.
A leasing company should always consider your goals when structuring a financing package. For example, you might be open to a higher monthly payment if it means being able to drive more miles during the lease term.
In fact, some leasing companies offer high-mileage leases with allowances as high as 30,000 miles per year. And while more allowable miles usually results in higher monthly payments, the option can still make leasing a lower-cost alternative to purchasing.
Other leasing options include closed-ended or open-ended structures, term lengths, lease rates, and more. If you’re wondering whether you could benefit from a customized lease, contact us for a free review.