Can I lease a car for 199$ a month ?
I was reading a leading newspaper and I saw an ad that read ” Lease a 2008 car for 199$” and I was wondering if the deal was too good to be true. Little did I realize that the ad was an example of one of the oldest trick in the book named ” Bait and switch”.
Here is what happened. I was excited to lease the car for 199 dollars. When I stopped by the dealer, I realized that the salesman mentioned that the car was behind 10 other cars and I will have to wait for an hour before someone can move the car and prep the car for a test drive.
The salesman added that for ‘a few dollars more’, I can try to test drive the latest and greatest model.
The car salesman was trying to persuade me into buying their new car for which he would have got a higher commission.
My uncommon sense indicated that I should read the fine print. Upon research, here are 10 things that I found useful
1) Research websites like Edmunds
2) Research the prices, trim levels, and options before you enter the lot
3) Verify the duration of the lease
4) Verify if you can purchase the car at the end of the lease if your annual mileage is less than the contract.
5) Verify the annual mileage in the contract. Usually the mileage rate is 12000 miles a year. Ask the price change if you want the contract for 18000 miles a year.
6) Verify the penaly fees if you are over or the credit dues if you under the mileage as stated in the contract.
7) Verify the down payment
8) Verify if a credit check is required
9) Verify if hidden fees are present and question the hidden fees.
10) Verify if the automobile advertised is a base model?
I went through the above checklist and decided to not pursue this opportunity as I think that an opportunity lost is better than money lost.
Thanks Phillip Reed
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