You're walking down the street and find yourself stopping outside the local dealership for a moment. You see dozens upon dozens of incredible vehicles with high-tech features, all waiting for potential customers to take them out for a test drive. Do you wish you could drive them right then and there?
Rather than spending money that you don't have in your account, you can lease your dream car. But, like the title says, how does it work?
What is an auto lease?
In layman's terms, an auto lease is a contract that gives you the right to take ownership of a car for a certain period of time. During said period, you make agreed-upon monthly payments and return the vehicle to the dealership when the contract is over.
By contrast, when you finance a new set of wheels, you own it at the end of the contract term. While you will have the option to purchase the car for its residual value at the end of the lease term, you will not be working toward ownership with a lease contract.
How do I figure out the cost?
The simplest way is to use an online calculator like the one at Edmunds, which populates some of the numbers for you based on your zip code. If you have a car to trade or want to make a down payment, you can factor those into the deal. For a simpler approach or a quick estimate, try the Bankrate calculator.
Remember that lease terms are negotiable and you have every right to ask for a better deal if you feel the terms aren't quite right. Apply today for a Boro auto lease and drive your dream car home.