Most Frequesntly Asked Questions About Car Leasing Answered


If you want to learn more about how car leasing works you've come to the right place. In the article below we will answer the questions we get from our clients the most. With a little luck, we will clear the confusion and make the car leasing process much easier to understand.

Only when you know what the lease officer is referring to when he/she mentions cap cost, disposition fee and the likes you'll be able to tell if you're getting a good deal and whether leasing a vehicle makes sense for you or buying it is the way to go.

So, what is leasing? Leasing is the rental of a vehicle (car, truck, SUV, minivan, sports car, or electric car) for a predetermined period of time. Leasing is the preferred way for businesses to acquire new vehicles and for a good reason. Usually leasing a vehicle costs less than buying it. However, leasing a car comes with restrictions, such as mileage limits. Still, going the lease route makes a lot of sense for some people.

With that out of the way, here are some answers to our most frequently asked questions.

  1. Does leasing a car make sense for me? If you prefer to pay less per month for a vehicle, not worry about maintenance costs or how to sell it when you want to get a new car then it's worth looking into lease offers. To see current lease offers at BMW of Wyoming, scroll down and if you have questions, call our lease department at (570) 338-6955.

  2. Leasing a car or buying - what's better? Both have their pros and cons and for that reason the short answer is "it depends." It all comes down to personal preferences. Do you intend to drive the same car for a long time? Do you drive a lot of miles annually? Do you like the car selling process? If you answered no to the above questions you should consider leasing a car, not buying one. For more details, check out our Buying vs Leasing article.

  3. Can a used car be leased? Yes, it can but not that many people know that. Most car dealers (including BMW of Wyoming Valley) offer certified Pre-Owned (CPO) specials on vehicles that are less than 4 years old and with less than 48,000 miles. Check out our certified pre-owned BMWs and call our finance department at (570) 338-6955 to acquire about the lease terms.

  4. What's the cost to lease a BMW? It will depend on the model you have chosen and your payment and credit histories. You can lease a Beemer with $0 down but be prepared for higher monthly payments. Just like financing a car, the more you pay upfront, the less you pay monthly. Good news is that often times manufacturers that want to increase their number of leased vehicles offer special incentives and rebates that lower the monthly payments.

  5. Can I buy the car I lease? Yes, if you like the car you've been leasing, you can purchase it (most leasing contracts have buyout clauses). If you don't want to wait until the end of the lease period, you can speak with a leasing manager to purchase the vehicle before that. It's certainly possible just keep in mind that you'll have to pay early termination fees.

  6. Is the security deposit refundable? Security deposits are refundable at the end of the lease given that all lease contract specifications have been met. At the same time, some lease agreements require non-refundable deposits, so read your contract carefully and ask questions. And last but not least, there's a difference between paying a security deposit or a down payment. The latter is not refundable.

  7. Does my credit score need to be perfect to lease a BMW? Not necessarily. However, credit score below 619 is considered "subprime," meaning you'll have to pay higher interest rates and monthly payments. At the same time leasing a car can help you improve your credit score given that you make your monthly payments on time.

  8. Can I lease a BMW with $0 down? Yes, you can but that means higher monthly payments. Keep in mind that often times when you see lease offers with $0 down it means a $0 down payment but you still have to pay license, tax and registration fees before you are handed the keys.

  9. Can I return my leased car to a different dealership at the end of the lease? Yes, you can return your leased vehicle to a different authorized dealership of the same brand (you can't return a Toyota to a BMW dealership and vice versa). It goes without saying but in order to return the car, your lease contract obligations must have been fulfilled.

  10. Is maintenance included with my car lease? One of the main reasons people prefer lease to buying is that maintenance is covered during the lease period (specifics vary within individual lease contracts).

>> Check out our current lease offers on new BMWs. If you have questions that were not answered call us at (570) 338-6955 to speak with one of our experienced lease specialists <<

Contact

BMW of Wyoming Valley

1470 Highway 315
Directions Wilkes-Barre, PA 18702

  • Sales: 570-338-6955
  • Service: 570-338-6956
  • Parts: 570-338-6957

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Sales Hours

  • Monday 9:00 am - 8:00 pm
  • Tuesday 9:00 am - 8:00 pm
  • Wednesday 9:00 am - 8:00 pm
  • Thursday 9:00 am - 8:00 pm
  • Friday 9:00 am - 8:00 pm
  • Saturday 9:00 am - 5:00 pm
  • Sunday Closed