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Mortgage Mike’s View On Car Leases

Generally speaking, I’m not a fan of auto leasing. In my experience, I’ve seen that very few people with leases really understand how they work, what it will truly cost or even the specific terms of their lease contract. Despite this, in an economy where consumers are payment focused, car leases remain very popular.

An auto lease can be an acceptable form of financing in a case where the vehicle will be used for a limited period of time, with low miles driven and where the car has a high residual value. Before signing into a lease, seek council from someone who understands them. Have he or she review the contract and determine if your driving habits are conducive to the terms of a lease. It is important to look for a car that holds its value with a contract that has a high residual value. There are also many online tools to help consumers make informed choices before signing into something they might not understand.

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