Posts Tagged ‘best car leasing’

3 Perfect Times For Going to The Dealership to Lease a Car

Sunday, May 2nd, 2010

If you’re looking to get the best deal possible on your next car lease, you should know that when you lease significantly influences the quality of the deal. Believe it or not, going to the dealership at 7:30 in the evening as opposed to 7:30 in the morning can make a difference. The time and day when you visit the dealership are crucial to getting the best deal possible. What follows are 3 different times when going to the dealership would be a smart idea.

  1. Go to the dealership 15 minutes before they close. Google the name of the dealership you are going to and find out exactly when they are going to close that night. Going there so late doesn’t mean they won’t give you the same level of service than if you were to go there earlier. Just make sure you act like a serious buyer. The salesmen and managers are generally eager to go home at this time, which means they are more likely to give in to your negotiation. To make things even better, go to the dealership 15 minutes before they close on a weekend. Try to tie this in with the leasing strategy found here.
  2. Go to the dealership on a rainy day. Seriously, who goes to a car dealership on a rainy day? Not too many people (if any) would prefer to test drive a car when it’s pouring down. What this means for you is that just by going to the dealership on a rainy day, you will come across as a very serious buyer, which always works to your advantage. Rainy days are also very slow days for dealerships. They are desperate for your business.
  3. Go to the dealership on a slow day. How can you tell when the dealership is having a slow day? You can tell it’s a slow day when you see a bunch of salesmen standing in front of the car lot looking for customers walking or driving in. You’ll see them literally looking at every car driving by their dealership, hoping that the next car will come inside to buy a car.

Importance of Your Credit Score For Getting A Great Deal On Your Car Lease

Sunday, April 25th, 2010

Having a good credit score is an extremely important factor when leasing a car. When you have a great credit score, you can easily determine the way in which the auto lease deal that you accept and the payments that you make are decided by the car dealership. Car dealerships will always offer the best rates to those that have had a great credit history rather than to those that have an average or bad credit history. They will charge a higher rate of interest or money factor on the lease to those with bad credit histories in order to make up for the risk of non-payment.

If you have absolutely no credit history or not enough credit it can certainly diminish your chances of even qualifying to lease at all. With a good credit history, you can be sure that you will be able to save hundreds of dollars on the total you will pay by the end of your lease.

A Good Credit Score is Absolutely Essential

When you apply to lease the car at the dealership, your personal details will be taken. After this they will perform some statutory background checks and chief among them is running your credit to obtain your credit score. This 3 digit number has a lot of importance in other areas of your financial dealings as well. Your credit score can affect your ability to purchase property, land and other movable and immovable assets as well.

Higher credit scores mean that you are a highly responsible person and a non-risk person. The financial institutions will happily give loans to the most secure customers that have a high credit rating. Once the car dealership has had a look, it’s their choice to grant or refuse the lease deal. If the credit score is good, then the payments will be lower. However, if the credit score is really bad, the payments will zoom up.

The Factors That Makeup The Credit Score

There are many factors that constitute your credit report. These include the banks, insurance agencies, investment agencies, credit card agencies, employers, cell phone carriers and even lenders.  When you have accounts with such financial agencies, your credit rating will be automatically calculated. If you make late payments or have defaulted on the payments, or are facing foreclosure etc., the same is reflected in the credit score that you have. Even when you open an account for the first time, you will be asked for your credit report.

Some of the ways in which you can increase your credit score is by making the payments of the bills on time, using fewer credit cards, making the credit card payment in full each month, starting young etc.

You also need to be aware of the credit score that you have. There are 3 credit-reporting agencies known as Equifax, Experian and Trans Union. You can request your credit scores from them. The highest score is 850 and this score is known as the FICO score. If you have a score of 800 and above, you are considered to be a very good customer. Those who have a score of 750 and above are also known as good customers. But generally a score of 720 or higher would qualify you for the best interest rates available.

Special Advertised New Car Lease Deals – Are They Really Good Deals?

Monday, April 19th, 2010

You have probably seen and heard about “special” lease deals everywhere. You’ll find them on television commercials, in newspapers, on the radio, and all over the internet. If it’s an advertised special, any dealership that sells the car will generally offer it to you at that special price. According to dealers, these special deals are set up by car manufacturers to help the dealers sell a large volume of cars quickly.

Are Special Lease Deals Good Deals or Not?
A question that you should ask yourself is whether or not these special advertised deals are actually good deals. If you consider the fact that these special deals are actually meant to help dealers move out old inventory to open up space to buy more cars from the manufacturer, it would be fair to assume that these deals are generally good deals. However, the best car lease deal is one where the selling price used to calculate the monthly payment has been significantly reduced. The selling price should be significantly below the MSRP and as close to or even less than the invoice price. The more technical term that dealers use for the selling price is gross capitalized cost. Look for this term in the fine print of lease ads and compare this value to the MSRP and also the invoice price of the car.

Can you get a deal that is cheaper than the advertised special?
Another question you should ask yourself as a potential lease customer is whether or not you can negotiate a deal that is far better than these advertised specials. The simple answer is that yes, it is definitely possible. The more complex answer to this question is that negotiating a deal that gives you a lower monthly payment or down payment than what is advertised can be difficult. What makes it difficult is that if you attempt to negotiate a deal that puts less money into the dealer’s pocket, they often will ask you why they should offer you this outstanding deal when they can sell it to a different customer at the advertised special price. What it really comes down to is the volume of the dealership’s sales and how confident they are in their ability to sell a certain number of cars by a specific date. One dealership may tell you that they will not go a penny below the advertised special while another smaller dealership who hasn’t had much sales that day/month may offer you an even better deal if they feel convinced that you are ready to seal the deal now.

I was able to lease a 2010 Camry LE for $182.23 per month even though the special nationwide deal advertised on Toyota’s main website was offering the car at a monthly payment of $199.00. Here is a scan of the details of the lease:

Toyota Lease Deal

Getting the best car lease is possible, it takes time and negotiation skills. Check out other articles for tips on the best times to get a lease and how to negotiate the lowest lease payment.