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Is leasing right for you?
Leasing is an option that allows you to pay for the portion of the vehicle's value you expect to use over a period of time, plus a borrowing charge and applicable taxes.
The benefits of leasing:
- Lease terms are shorter than most finance terms so you can drive a new car more often.
- No trade-in obligations.
- You can drive a more luxurious model or get more features You pay taxes only on your monthly payments need.
- You pay taxes only on your monthly payments.
- You are only paying for the portion of the vehicle's value that you intend to use.
How leasing works
When you buy a vehicle using traditional financing, monthly payments are based on the whole value of the vehicle plus interest.
When you lease a vehicle, your payments are based on the portion of the vehicle you expect to use (plus interest) over the lease term, which can range from 36 to 48 months.