It’s a question we hear quite often: “How much does it cost to lease a car?”
And as with any major transaction, it’s only natural that you ask about costs. But we believe it’s important that our customers know about all the costs associated with leasing beyond what they’ll owe at signing and monthly payments.
Here are some of the fees you might have to pay when you lease a car.
- Bank fee – This fee, also known as the car acquisition fee, is what you’ll pay to set up the lease. The amount will vary depending on the type of car you’re leasing. Depending on the contract, this fee will either be due at signing or be rolled into your monthly payments.
- Registration and title fees – Like any car, a car that you lease will need to be registered with the state. In Florida, registration fees are determined by the weight, body type and vehicle type. The standard car registration fee is between $14.50 and $32.50 depending on the weight.
- Documentation fee – Otherwise known as a “doc fee,” this covers the paperwork for processing your lease. In some cases, it will be added to the acquisition fee.
- Security deposit – Some contracts ask for this deposit at the outset of your lease to protect against things like excess mileage or wear. They are often the equivalent of a monthly payment.
- First month’s payment – Many lease contracts ask for the first monthly payment in addition to a down payment. Some dealerships may offer lease deals – sponsored by car makers – that require no down payment or monthly payment.
- Gap insurance – If your car is stolen or wrecked beyond all hope of repair during the lease term, gap insurance protects you and the car dealer.
When your lease is over, you may have to pay some additional fees, although some of the things on this list will be covered by a security deposit:
- Disposition fee – This will cover the cost of preparing your car for a new owner or disposing of the vehicle.
- Excess mileage fees – Nearly every lease contract puts a limit on how many miles you can drive over the course of your lease. If you go over the limit, you’ll have to pay for every extra mile. Some dealerships allow you to purchase extra miles if you’re worried you’ll exceed the limit.
- Excess ware fees – Some wear and tear is to be expected, but any excessive damage will typically require you to pay a fee to restore the car to an acceptable state.
Are you ready to lease your next car? Turn to Prime Motors, your premium Florida auto concierge. We know how stressful and complicated leasing a car can be, which is why we’re committed to making this process as simple as possible.
Contact us today and we’ll get started on getting you into your new car.