Buying:Who Owns ItWhether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations the lender requires, like a certain down payment amount and timely monthly payments. If you don't, they have the right to repossess it.
Up-front CostsIf you're financing it, the bank will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.
Future Value
Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory-authorized facility!)
End of Payments
Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.
Leasing:Who Owns It
You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.
Up-front Costs
Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.
Future Value
In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.
End of Payments
Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your lease set up the way you want it.
Best Cars to Lease
The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.
Buying Your New Chrysler, Dodge, Jeep, or
Ram
PRO: You can customize it, ride it hard, and own it
for the life of the vehicle. CON: Pay more per month, harder to trade up.
Buying might be right for you if:
- You want to be drive wherever, whenever,
as far as you want with no penalties for going over a certain
mileage
- Like owning a car for a long span of time, without
needing to trade up
- Travel a lot or have a very long commute--more
than 15K-20K miles per year
- Put a lot of wear and tear on your vehicle, either
from driving a lot or driving in rough conditions
Leasing Your New Chrysler, Dodge, Jeep, or
Ram
PRO: Drive a new car every 1-3 years, enjoy lower
monthly payments. CON: Mileage limits, charges for excessive wear and tear.
Leasing might be right for you if:
- Your commute/road trips keep you at or
under 12K miles per year
- Want to drive a new car but can't quite budget for
buying--leasing offers lower payments per month
- Like the idea of driving a brand-new car every few
years without having to "flip" your vehicle
- You pride yourself on keeping your car looking
great, and don't expose it to excess wear and tear
Finance Your Lease or Loan at Jeff Wyler Fort
Thomas for Easy, Stress-Free Shopping
Explore all of your options for a new
car lease or loan today, by contacting the finance center online or
in person. Our expert staff can help you further dig into the differences
between buying and leasing, and help customize your financing options for
mileage, model and trim, length of term, and more.
Give us a call today to get started.
