If you like the idea of driving a new car every few years, leasing could be the best solution for you. Bill Black Chevrolet Cadillac is here to help you through the leasing process.
This quick guide tackles the leasing process specifically and begins with a few first steps. You should have already researched the car you want.
1. Check for Lease Specials
Our Specials page is frequently updated with all the current lease deals. Automakers typically advertise deals that feature low monthly payments or zero cash at signing. In some cases, they may offer both.
Though the low monthly payment may seem more appealing, it is usually a better move to get a deal with no down payment. Down payments — also known as cap reductions — should be kept to a minimum in leasing. If you happen to get into an accident soon after leasing the car, gap insurance (which covers what traditional car insurance doesn't) will take care of the major expenses, but your down payment will be lost. If you absolutely need the monthly payment to be in a certain range that fits your budget, it's a better idea to take the money you would use for the down payment and put it into a separate bank account. You then use it to help make the monthly payments.
2. Locate Your Vehicle and Compare Quotes
Once you know what to expect in terms of payments, the next step is to locate the vehicle and request a quote. Use our New Inventory Tool to locate the model and color you are looking for.
Once you've narrowed the cars down to a few candidates, contact our Internet manager to verify that the car has the options you want. Ask about any additional fees that may not have been listed in the advertisement.
Not every car described will match your ideal configuration, so you may have to be flexible on options and color in order to get the best deal.
3. Review the Lease Agreement
Arrange to have the vehicle delivered to your home or workplace, whichever is more convenient for you. In the meantime, call your insurance company and let your agent or customer-service representative know that you'll need coverage for your new car. Once the car arrives, take a close look at the lease agreement. Make sure that your personal information is correct. You don't have to read the whole thing top to bottom, but pay attention to important lease-specific details such as:
• The length of the lease in months (we recommend 36 months).
• The amount due at signing (we recommend no money down).
• The number of miles allowed per year (usually 12,000).
• The monthly payment, including taxes and all fees.
• The inclusion of gap insurance in the contract.
4. Take Delivery
After you have signed the paperwork, have the salesperson walk around the vehicle with you. Make sure there are no scratches, dents or dings. Make sure you get an owner's manual, a spare key and a copy of the lease agreement. Most dealers throw in a full tank of gas and a car detailing, so ensure that's been done. Now is also the time to ask any last-minute questions you may have about the vehicle. Ask the salesperson anything you want to know, from pairing your phone with the vehicle via Bluetooth to operating the navigation system.
5. Managing Your Lease
Now that you've officially leased the vehicle, there are a few things to keep in mind. It is important to have the maintenance performed at scheduled intervals. Consult the owner's manual for more information or search for your car in the Edmunds maintenance guide. Make sure that you stay within your mileage limits to avoid extra fees at the end of your term. The typical range is between 10,000 and 12,000 miles per year.
Please reach out to Jerry McPherson with any questions. We are here to help.