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Car Leasing Deal

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I AM CANADIAN and I am a retired Sergeant from the Canadian Armed Forces after serving for 16 years. Now, I sell cars at Scarsview Chrysler in Ontario...  (more...)

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A Little Advice On Leasing a Car - Should I Lease My Next Car?

 

Hey, everyone wants the best car deal when they are ready for a new car ...that goes without saying!

There is a lot to think about when it comes to auto/car finance or leasing and surprisingly more and more Canadian's are seeing the benefits of leasing a car rather than financing it. But with all the ads, all the incentive programs and of course what our Canadian dollar is doing, are there car leasing deals still in Canada?

This is what our Car Leasing Deal lens is all about. Sharing advice on car leasing over financing, what to look for when you see the leasing ads in the paper ... and a lot more.

It gives you the chance to "pick our brains" sort of speak and have a bit of an insider track when you go into a dealership.

Now, how cool is that!

If you have specific questions as it relates to car leasing deals or have advice on car leasing you want to share, take the trek to our Guestbook and share them. Let us know what you think and if there is anything you would like to see ... your feedback helps meet and exceed your expectations and don't forget to RATE US ... please!

What's Inside Our Car Leasing Deal Lens 

There is a lot of information to cover when it comes to a car leasing deal. Check through the Car Leasing Center, it's our "learn all about the benefits of leasing a car but were afraid to ask!"

Scroll down the the Ontario Car Leasing Deals where you will find the latest Dodge, Chysler, Jeep Canada Leasing Specials.

Go a little further and take the time to sign our Guest Book and share your car leasing expereinces and more importantly your questions! By asking a question, nine times out of ten there are others with the same question but who might be shy. So not only are you benefiting but our other friends out there are too!

It's all here ready for you to take advantage of ... don't forget to rate us though!

Car Leasing Center - Tips and Advice on Leasing a Car 

Buying vs Leasing ... The Benefits of Leasing a Car

"Should I lease my next car or should I finance it?"

Surprisingly, it was a question I had to answer quite a bit, but the times they are a changing ... ownership when it comes to a vehicle isn't as important as it use to be. People are starting to realise that there are some huge advantages to leasing over buying a car and we are going to touch on them here!

Benefits of Leasing a Car ...

Lease Payment - Leasing a Car

The biggest benefit of leasing a car over buying is the monthly payment. When you lease a car you are paying based on the amount (or portion) of car you are driving over a specific period of time, whether it be two, three, four or in some cases, even five years. You do pay GST and PST however it is based only on the lease payment itself.

With a finance your payments are higher because the payment is based on the whole amount of the car, plus the interest, plus the taxes.

The way I explain it to people who come and see me is this ...

"A car doesn't provide you with equity, it depreciates in value, you need a car, but why put your money into something that loses value. With a lease your payment is lower which means more money where it belongs ... in your pocket. Take the money and if you have a house, put the difference you save over leasing a car there, if you don't take the difference and put it into an RRSP or even some form of savings account. Don't put it into something that doesn't gain you equity."

Let's look at a quick example ... Let's compare a lease payment for 48 months over a finance based on 60 months

Lease vs Finance

Lease
$325.00 x 48 = $15600

Finance
$510.00 x 48 = $24480 + 12 months

Same vehicle but the difference is one is a lease and the other is a finance. If you compare the amount of money you have paid over the same terms you see that with a lease you have paid less. With the finance you have paid considerably more AND you still have 12 months to go before you actually own this car.

Now, some people say "yes, but at the end of the 60 months I own this vehicle." Which of course is entirely true, with a lease you don't own the vehicle, however, with a finance you don't own it either until you have finished paying it off ... which leads to the next of the benefits of leasing a car ...

You have options ...

 

Besides the lower monthly payment you have options which I truly believe is another huge benefit to leasing over buying. When you lease a car you have the option to either buyout the car at the end of the lease or you can give me back the keys and get into something else.

You basically have an "out." Let's face it, our lifestyles change, our needs change, our tastes change and even cars change. If you lease you are fluid, you can roll with your changes, you aren't locked into the vehicle.

What I have found is that many who go the finance route decide about the fourth year that they are over the vehicle or their needs have changed or another car has caught their eye and they want out. When they go to trade their car they find they are "upside down" meaning they owe more for their car than what it is actually worth. It's a shock to the system and a lot of times they are totally upset and rightly so, they have taken a hit financially which they have to try and recover from.

Leasing means you don't worry about being "upside down." Yup, you don't own the car, but look at the example above, you save $8880.00, which again is better off in your pocket ... don't ya think?

GAP Protection

If you car is stolen, damaged beyond repair or destroyed and your insurance company comes back and says that they are only going to pay "xyz" amount and there is a shortfall between what they are paying and what is actually owed. If you lease all you pay is your insurance deductible and any other outstanding liabilities as it relates to that car, for example, parking/speeding tickets. You are not on the hook personally for the difference that your insurance company isn't going to pay. The biggie here is don't assume that all the manufacturer's offer GAP protection with their leases, ask if they have it. Chrysler, Dodge, Jeep does offer it.

If you finance you are on the hook for the shortfall because with a finance you own that vehicle.

So ... in a nutshell, the benefits of leasing a car:

1. lower monthly payment
2. pay GST/PST on the payment only
3. options of buying the vehicle or giving it back
4. you have GAP Protection

Some of us want that ownership, whereas, others pretty much are not concerned with the fact if they lease they don't own their vehicle.

Which one is right? It boils down to personal preference and what is important to you, however, now you know why leasing is more beneficial and why more and more of us (Canadian's) are understanding the benefits of leasing a car!

Your Auto Car Finance, Leasing Experiences ... 

What to know about leasing a car?

Have a question, a story to share or some advice on car leasing, don't be shy let the rest of us in on it!

If it is a question, quite often that same question is on the mind of others as well. If it is a story it will certainly help others who stop by in either avoiding a pitfall or becoming more aware!

If we have met or exceeded your expectations, please tell your friends. Our goal is to help people avoid expensive pitfalls when it comes to car leasing and buying in general. Don't forget, please rate us!

CleanFace

Nice lens! 5 stars given! :)

Posted May 17, 2008

LouVozza

I generally lease my cars because I like to get a new one every three years. I just think that after 3 or four years that start to break down a little more.

To me the most important thing though is that a car does not represent equity. It's value depreciates over time and a good part of that is in the first couple of years.

All in al it makes more sense for me to lease.

Great lens, by the way. 5 stars!

Posted May 04, 2008

yuma

Fantastic lens! Loads of info squashed onto one page. Good stuff.

Posted April 23, 2008

ElizabethJeanAllen

I've never leased a car. When we buy a car, we drive it until it goes to that junkyard in the sky. As we get older, I'm not so sure I want to keep doing that. Old cars tend to break down at the worst possible time.
Liz
The Weekend Reader

Posted April 21, 2008

Dennise_Ryder

Writertiff!

Thank for taking the time to ask a question!

A balloon payment is like a lease with a few differences. Your monthly payments will tend to be a bit lower than they would be if you were to finance, BUT, the sum at the end of the term you are totally responsible for, you don't have the option to walk away like a traditional lease.

If you are the kind of person where you want smaller monthly payments but want to OWN your car at the end, then a balloon payment "may" be the way to go.

You really need to do your due diligence and make sure you have all your options before you. Ask for a payment based on a traditional lease, finance, and a balloon payment and see which one fits your budget!

Posted April 09, 2008

 
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Jeep Canada - Favourite Jeep Commercials 

Have a favourite Jeep commercial, add it or rate the ones we have so far!

Jeep Commercial 0 points

Jeep Commercial With Singing Animals 0 points

Now, I also want to have a Jeep. 0 points

Ontario Car Leasing Deals - Jeep Canada 

Here are the HOTTEST Jeep Car Leasing Deals


Jeep Liberty Leasing Deals


If you are an outdoors type person the NEW Jeep Liberty brings the outdoors in with the available Sky Slider Roof!


Jeep Compass


Chart your course for fun! The Jeep Compass offers ample fuel economy while showing off a sleek, contemporary design.


Jeep Patriot


Need something just a bit more rugged, then go for the Jeep Patriot, the fuel efficient Jeep to wear the Trail Rated badge.


2008 Jeep Wrangler Lease Special


The 2008 Wrangler takes up the mantle as the King of off-Roading with undeniable authority. With over 65 years of testing all over thew orld, this is the ultimate "go anywhere, do anything" FREEDOM MACHINE!

Car Leasing Center - Knowing About Your Car Lease = No Surprises! 

Buying vs Leasing a Car ... I Love the OUTS!

Now that you know the benefits of leasing a car and one huge one is the fact that your lease payment leasing a car is lower. The reason the lease payment leasing a car is lower than when you finance is because you are only paying on the portion of the car you are driving for a set period of time. Plus you are only paying GST/PST on the lease payment itself, whereas with a finance your payment is based on the whole car, the interest and the full taxes.

The lease payment leasing a car is lower and that is a huge benefit totally! I mean keep the money where it belongs ... in your pocket!!

The other benefits of leasing are the options that are open to you. Now I did mentioned the options earlier, but I really would like to expand on that here so that you have a full birds-eye view as to why I am such a strong advocate of leasing a car over buying it.

You have an "OUT"

When I say "out" I am referring to the fact that at the end of a lease term you have the option of either:

Buying the Car ...

If you decide that you love this car so much, you certainly can buy it out. Your "buy-back" is the amount of the car that is leftover after the initial term of the lease plus taxes. We'll get into the whole process of what you need to go through when you buyback your car, right now though for the purpose here, you have the option to do it. If you do decide to go this route, then you can refinance that amount and as it relates to Chrysler, Dodge or Jeep (the product line I offer) there is the possibility where "preferred rates" are offered.

From my side of the desk I typically do this for my customer. About six months prior to your lease ending, I call you and make an appointment for you to come in. During that appointment we look at your mileage and take a look at your car to make sure there aren't any damages that you are responsible for. Six months gives you enough time to budget so that you can fix whatever damages you have instead of waiting til the day of turning your car back in and being dinged.

I also ask you at that time if you are planning on keeping this vehicle or giving it back. If you decide you want to keep it, we already know what the buyout is, the question is did that car hold value? For example, let's say you got in on some Jeep Liberty lease deals that happened a few years back and during the leasing process you know that your buyout if you decided to keep the car was going to be $17000.00 (this is an example only). I will ask our appraiser to take a look at the Jeep Liberty and see what the current value of that vehicle is. If they come back and said the Jeep Liberty is worth today $14000.00, then I would recommend to you to not buy this vehicle out. Why would you pay $3000 more for a vehicle if it is only worth $14000.00? It doesn't make sense and in this case I would recommend you take advantage of the second "OUT," and

Give back the Keys ...

During your lease, new products have been added to the Chrysler, Dodge, Jeep Canada line-up, needs have changed, lifestyles have changed and perhaps the vehicle you had was good but you need something more or less, or you one of the new products have caught your eye. At the end of your lease you can hand back the keys, you are not obligated to keep that car and are free to get into another. Whether you decide to lease again, finance or purchase is totally up to you.

Let's just say one thing here ... when I say give back the keys, that is the way it is, however, you are responsible for the damages to that vehicle and any excess kms over and above what you decided on in the terms of the original lease agreement.

There you have it ... the two options that over and above the lease payment leasing a car are huge!

Is it really that simple?

You betcha!

I have been told that I make it sound so easy. Ok, because I work in the car leasing centre perhaps, but I truly believe that the car leasing process should be smooth and there should be no surprises. The benefits of leasing a car these days are huge and you will certainly reap the benefits as long as the leasing process is explained to you fully and properly.

---
Dennise Ryder is the Leasing Manager for the Scarsview Chrysler Car Leasing Center in Toronto, Ontario. If you have questions or would like to discuss leasing options as it relates to Chrysler, Dodge, Jeep - feel free to email her at denise@scarsviewchrysler.com
---

Dodge Canada - Favourite Dodge Commercials 

From the Dodge Charger commericals, to the Dodge Caliber, if you have a favourite Dodge commercial add it here or rate the ones we have so far!

Dodge Nitro 0 points

Dodge Caliber - Moon Dog (Courtesy of Jalopnik.com) 0 points

Binky in HQ 0 points

Challenger Commercial Pitch 0 points

Ontario Car Leasing Deals - Dodge Canada 

The HOTTEST Dodge Car Leasing Deals


Dodge Caliber


A little attitude goes a long way. Bold look with a bold look the Dodge Caliber rating for fuel as exceptional fuel-efficient performance, award winning safety and security ratings, it's excellent value.


Dodge Grand Caravan


Canada's BEST selling minivan. With Five-Star Front & Side Crash Rating, along for the ride. There is only ONE rival to the NEW Grand Caravan and it's your living room!


2008 Dodge Trucks RAM 1500


The RAM family of pickups is known for legendary reliability. Reliability that comes through from the moment you take your first test drive and carries through the next few decades.


Dodge Nitro Canada


It takes to the streets like a raw surge of energy. Its powerful stance, commanding presence and bold grille turn heads as it turns corners.


Dodge Charger


The Charger is bad to the bone, but bad in the case of the Dodge Charger is only a good thing!

Car Leasing Center - What to Know About Leasing a Car 

Your Questions Answered About Leasing a Car

I am financing but want to lease my auto, can I?

Thank you for the question! Unfortunately you can't switch back and forth between financing and leasing. The only time you can go from leasing your car to financing is once the lease term is over and you have decided to buyout the car. If or when you decide to do this then you can decide to finance the balance of the buyout. Depending on the manufacturer you may be able to finance the remaining balance at a lower finance rate. Chrysler Canada offers "preferred financing rates" to customers who want to finance their buyout on selected models.

Will the lease rates for the Dodge Journey come down?

Ahhh, the $64,000 question! Actually, I really don't have a yes or no answer for you. If I were to go by what has happened to other high demand vehicles, like the Jeep Wrangler ... eventually they will come down.

Keep in mind however, that you aren't buying a rate, you are leasing a vehicle. The rate is one factor to consider when leasing, however the residual is the other aspect. As I reply to this question (6 may 2006 @ 8:28 pm) the residuals on the Journey are quite high ... which is great, because the higher the residual the lower the payment. Send in an email quote with the specs of the vehicle you are looking for, along with the kms/year you typically drive and have a lease quote provided to you, it's the best way to see for yourself without having to actually go into the dealership to find out.

If you are in Ontario and are wondering just how a Dodge Journey or any other Chrysler, Dodge or Jeep will work out for you, send a car leasing deal quote

The quote request will arrive in my inbox and I will send you out the information you need that will help you make an informed buying decision!

Keep your car leasing questions coming in!

Do You Lease ... Or Do You Buy Your Vehicles? 

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Chrysler Canada - Your Favourite Chrysler Commercials 

From the Chrysler Aspen, Town and Country to Celine Dion, here are some Chrysler commercials and if you have any that are your favourite then why not add them!

Celine Dion " You And I / Mes ailes à moi" Chrysler 0 points

Chrysler 300 Artist 0 points

Chrysler Commercial 0 points

Ontario Car Leasing Deals - Chrysler Canada 

The HOTTEST Chrysler Car Leasing Deals


2008 Chrysler 300


The 300 screams class and comfort. It's the vehicle to see and be seen in.


2008 Town and Country Limited


Chrysler didn't just invent the Mini Van, they re-invented it. The available Swivel N Go is just one of 35 new or improved features that has turned some heads!

Car Stuff and Links to Other Important Places 

You'll find car stuff here as well as other interesting links that relate to the car business.
Car Leasing Center - Ontario
Dodge, Chrysler, Jeep Leasing Promotions at Scarsview Chrysler
Wear Red on Fridays
RED FRIDAYS FOUNDATION OF CANADA
Is an organization to promote support for our men and woman who serve our country. Know that by putting the ribbons on your car or wearing the pin that you are supporting THE TROOPS themselves, whether here in Canada or those who are abroad.
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I AM CANADIAN and I am a retired Sergeant from the Canadian Armed Forces after serving for 16 years. Now, I sell cars at Scarsview Chrysler in Ontario, Canada.

I wanted to find a way to share what I have learned selling cars in the hopes to firstly show you that not all salespeople are the same and to help you avoid some of the expensive pitfalls you can get trapped into by not knowing.

While the information here is to build trust and create rapport and that if you live in Ontario you'll give me the opportunity to earn your business ... It isn't fluff. I am not a hard sell, I don't blow smoke up your skirt. I'll tell it the way it is ... AND

I WON'T make you drop and give me 20!

Enjoy the information, please share your thoughts, it's the only way I know that I am not only meeting but exceeding your expectations!

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