What to Look For

Ideally you would like to find a vehicle that has a low monthly payment, has at least 1,000 miles per month available to drive, and is in your area. Finding a short lease term is often of interest as well, but some people plan on keeping their leased vehicle for some time, so they prefer a slightly longer term.

It is possible to sometimes find a lease that is just an absolute steal. But always be aware of all aspects of the deal, including the residual and the allotment of miles left on the lease term. Here are some of the most popular criteria customers search for:

• Monthly Payment - Is the price lower than what a new lease would bear? If not, remember that you are not required to put any money down on this lease.
  
  The monthly payment on a lease assumption can be greatly affected by cash incentives and other offers.
  
  
• Cash Incentive - Sellers will often provide Buyers with cash incentives to make their leases more attractive. Incentives can range from covering a single month’s payment to thousands of dollars in cash. Sometimes you will see a lower monthly payment listed which includes the cash incentive which means the actual payment may be higher than listed. To be certain, consult the Seller and ask this question directly before proceeding.
  
  
• Location - Is the vehicle in proximity to you? If not, there are a number of options. Some people prefer to pick the vehicle up themselves by flying or driving to the car and taking it home. If neither of these options works, a vehicle can typically be shipped nationwide for between $500 to a $1,000.
  
  
• Miles Allowed - This will be different for every vehicle, so you need to pay attention to this. In a case where the Seller has more miles available per month than the average lease, this lease is worth quite a bit more if you plan on driving a lot of miles. Look for deals on mileage allotments!
  
  
• Lease End Buyout - This is the amount the vehicle is available for at the end of the lease (also called the "Residual Price"). Sometimes you can find a great price on a car at the end of the lease. In other cases the Lease End Buyout may be very high, which means that it will cost you a great deal more if you wish to buy the vehicle at the end of the lease.