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If you use a car mostly for business, the lease expense may be tax deductible. Sales people often use this deduction. But mostly the car company and the bank always win. Once you drive the car off the lot, it's value has depreciated. Usually you have to pay an upfront fee. Leasing a car is like renting: you pay a lot of money and you end up with nothing. You return the vehicle after 3 years, and they sell it to someone else. Better off buying a 2 year old car w 40,000 miles on it.
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∙ 16y ago
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How do you terminate a car lease when the car is a lemon?
ask your finance company
What is a car lease?
A car lease can be thought of as a long-term car rental. If you choose to lease rather than buy, you will not own the car. You will simply be leasing it for a predetermined period of time. When you lease a car, you are not leasing it from the car dealer itself. You instead lease it from a leasing company, who in effect buys the car and rents it to you in exchange for your monthly payments. This leasing company can be the financial arm of large automakers (such as GM Finance or BMW Finance) or may be an independent leasing company of the dealer's choice. The dealer generally acts as an agent on behalf of the leasing company in negotiating the terms of the car lease. The most common type of car lease is called a "Closed End Lease". In this type of lease, you and the dealer agree on the length of time and interest rate at which you will lease the car, and also on the final value of the car at the end of lease (called the "residual value" of the car). When your lease is over, you can either turn your keys in or you can exercise the option to buy the car at the pre-agreed residual value. It should be worth noting, that an open-ended lease is practically unheard of these days. Any legitimate car dealer should be offering a closed-end lease.
Difference between operating lease and finance leasing?
An operating lease does not transfer the risks and rewards to you (lessee) at the end of the lease period where a finance lease does. So in affect the operating lease can be thought of as renting the asset while a finance lease can be seen as a finance option to own the asset.
How do you get a car lease with bad credit?
If is difficult for you to get a lease with bad credit, due to the fact new car dealers require a much higher credit score, usually 650 and higher to qualify for a lease. But you can always finance a used car relatively easier.
What is a finance lease?
Essentially, a finance lease is a type of lease. It is a contract where the lessee agrees to pay installments on a particular asset.
What is International Lease Finance Corporation's population?
International Lease Finance Corporation's population is 170.
When was International Lease Finance Corporation created?
International Lease Finance Corporation was created in 1973.
How can one get car lease finance?
Virtually anyone with a job and checking account can obtain a care lease finance, even with poor credit. The best option is searching in a local area on Yelp and making a list of vendors.
How do you book a fixed asset that is a lease?
[Debit] Asset Under finance lease xxxx [Credit] Liability Under finance lease xxxx
Someone with a poor credit score should be able to lease a car.?
Someone with a poor credit score should be able to lease a car.
Can you find a finance co that will pay off on a previous lease car with the option to buy?
Probably not. It depends on the what the car is, the car's condition, the car's market value and your credit.
How is financing different from leasing a vehicle?
I think that this describes it pretty well: http://www.centralcontracts.com/car-lease-finance/
