05.02.06
Lease vs. Buying? Checklist
We’ve heard it time and again and a common question consumers ponder when they get into the market to seek out a new ride. Should I lease a car or buy a car? What option is financially best for me? Well, remember, whether you lease a car or buy a car, there are options in the end to transfer your car lease, or sell your car. Transferring a car lease entails finding someone to trade a car lease too, or simply put, another way of how to get out of a car lease and transfer the lease to another consumer.
Buying a car then wanting to sell it - well, this is an option we’re all familiar with. However, the latter concept of getting out of a car lease is somewhat new and a popular alternative to those who lease a car. Here’s what you need to know before leasing or buying a car (Yahoo):
Car Shopping Checklist
Mileage Statement
- Has the mileage of your trade-in been entered?
- Are all the blanks filled out?
New Vehicle Mileage
- Is the mileage statement on the new car the same as on the odometer?
- Used Vehicle Mileage
- Power of Attorney
- Finance Contracts
Is the VIN number the same on the buyer’s order and finance contract? - Is the figure for the amount you intend to finance the same on both?
- Are the finance charges the same as you agreed?
- Are there other charges to which you have agreed?
- Check the other fees normally associated with a new car purchase.
- Is the annual percentage rate as agreed?
- Do the amount and number of payments reflect the total number of months you have agreed to pay?
Warranty Agreements
- Have you read the warranty?
- Do you understand what is and what is not covered?
- Are the agreed exceptions in writing?
- Has the warranty been signed by management?
- Did you receive two sets of keys?
- Have you received the owner’s manual and maintenance record books?
- Has the dealership arranged for the license and registration?
- Do you have all registration records?
- Have your arranged for your insurance?
- Is your insurance form in the glove compartment?
So yes, there is quite a bit to think about before signing on the dotted line for your new lease or new purchase. Visit AutoTraderLeaseGuide.com’s education section on car leasing to get a full 101 to 401 overview of the things you need to know about leasing a car (and buying a car) before setting foot into the dealership. The more you know, the more power you have at getting the best deal and discovering which financing option - leasing a car versus buying is for you.