Car Leases



1. Car leases are alternative ways to finance a car, truck, or SUV.

True
Auto leases are a method of financing a car. With car leases, the payment is based on the portion of the vehicle's life that is actually used, or the depreciation. Depreciation is determined in part by the term of the agreement.


2. With auto leases, a driver is limited to a certain amount of mileage.

True
With car leases, the mileage for the vehicle is limited to a certain number of miles over the term of the agreement or contract. The mileage figure can vary depending on many factors. As a general rule, 12,000 to 15,000 miles per year are allowed.


3. With car leases, the person must drive the allotted miles per year as specified by the agreement.

False
While auto leases will specify a mileage number per year, as long as the driver does not exceed the total allotted miles for the term of the agreement, a person is within the terms. For example, a 36 month lease at 12,000 miles per year gives a driver 36,000 miles over the term of the agreement.


4. Auto leases can be negotiated just like buying a car.

True
The initial car leases offered by a dealership do not have to be accepted by the consumer. It is important to be prepared with residual values, money factors, fees, and mileage allowance quotes from major lenders before negotiating an agreement with a financial institution or automotive dealer. These figures can be used to bargain with a dealer for a much better agreement on the terms and conditions of the contract.


5. If we pray about everything, even our purchases, God will help us have peace and understanding regarding even the small things in our lives.

True
Philippians 4:6-7 - Be careful for nothing; but in every thing by prayer and supplication with thanksgiving let your requests be made known unto God. And the peace of God, which surpasseth all understanding, shall keep your hearts and minds through Christ Jesus.


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