Why you should lease a new car online? Leasing a new car or truck is a smart decision. When you lease a new car, you pay for only a portion of the vehicle’s cost. The lease price is the selling price minus the estimated resale value of the car, after the lease expires. You do not need to pay the MSRP or the entire selling price of the vehicle.
Because you are only paying for the vehicle while you lease it, you pay only a portion of the vehicle’s cost.
You will find monthly car lease payments for less than $200 per month and in many cases, you have the option of not making a down payment.
- Lease a Car Online and Save!
- Get a No-Obligation, Fast & Simple FREE New Car Quote
- Price your new car lease online and find secret online auto lease offers in -!
- Fast, Easy. Simple. Shop for a car with confidence.
Best Lease Deals of the Month
- Hyundai Accent
24 Month Lease: 3.10% - Volkswagen Jetta
24 Month Lease: 0.70% - Suzuki SX4
24 Month Lease: 0.90% - Mazda MAZDA3
24 Month Lease: 2.20% - Hyundai Veloster
36 Month Lease: 2.90% - Subaru Impreza
48 Month Lease: 0.90% - Hyundai Elantra
36 Month Lease: 4.30% - Volkswagen Golf
24 Month Lease: 0.30% - Suzuki SX4 Crossover
24 Month Lease: 0.90% - Dodge Journey
24 Month Lease: 1.50% - Volkswagen Beetle
24 Month Lease: 0.50% - Suzuki Kizashi
24 Month Lease: 0.90% - Mazda MAZDA5
24 Month Lease: 1.30% - Volkswagen Passat
24 Month Lease: 0.60% - Subaru Legacy
48 Month Lease: 0.90%
Lease Checklist: 4 Steps for Cheap Monthly Car Lease Payments
Request a new car price quote, before you begin. You will get all the information you need to follow these 4 steps. By having this in advance, you can approach the car dealer with confidence!
Step 1: Determine the Net Capitalized Cost
The net capitalized cost can be determined by deducting the down payment (cap cost reduction) and the trade-in value of your old car from the MSRP or the negotiated selling price of the car.
Let us use the 2012 Toyota Camry SE as an example.
MSRP: $23,000
Lease term: 36 months
Down payment (amount due at lease signing): $2,599
Interest rate: 7%
Residual rate: 53%
Negotiated selling price: $22,000
Net Capitalized Cost ($22,000 – $2,599) = $19,401
Step 2: Determine the Money Factor
The car dealer may not give you the exact interest rate. Instead, they will give you the money factor. In the example above, the 7% interest rate can be converted into the APR rate by dividing it by 2400. Remember the value 2400 is constant.
Money Factor (7 / 2400) = 0.0029166667
Step 3: Determine the Residual Amount
You can ask the dealer for the residual percentage or the estimated residual amount. In the example given above, if the residual percentage is 53%, the residual amount can be computed by multiplying the vehicle MSRP by the residual percentage.
Residual Amount ($23,000 x .53) = $12,190
Step 4: Calculate your Lease Payments
a. Depreciation Fee = (Net capitalized cost – Residual amount) / Lease term
Depreciation fee ($19,401 – $12,190) / 36 months = $200.30
b. Finance Fee = (Net capitalized cost + Residual value) x Money factor
Finance Fee ($19,401 + $12,190) x 0.002916667 = $92.14
c. Depreciation Fee + Finance Fee + Sales Tax = Lease Payments per month.
Monthly lease payments ($200.30 + $92.14) = $292.44/month before sales tax
The following 6 factors are essential for your car lease agreement:
- The MSRP of the car.
- The negotiated selling price of the car.
- Cap cost reduction or the down payment.
- Lease term.
- The interest rate or APR; and
- The residual amount or residual percentage of the car.
Request a new car quote, receive all of this information and shop with confidence.
