Key facts about the plans
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Over the last decade with the swift market expansion of mid-sized SUVs and crossover leases taking over the roadways instead of the corporate fleet cars and the luxury sedans, the consumers have leased more than buying their new vehicle. The increase in leases is most likely due to larger price tags and the shifting purchasing behaviors of the general public. Sedans have taken a hit in sales in the last decade while SUVs, crossovers, and truck sales have soared with thirty percent of the sales being leased between the beginnings of 2017-2018.  With leases being lower in payments each month and the terms being flexible leases are extremely hard to refuse for most new car shoppers. Bob Utter Kia in Sherman, TX has exceptional finance and lease specials that will save you thousands of dollars off your next vehicle purchase. Come in and talk to one of our professional finance experts today!

 



 
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 Lease

Understanding how to properly lease a vehicle is crucial especially when it comes to negotiating the terms of the lease. The terms of the lease include how many miles you can drive, the damage to the vehicle and how much it will cost you when you turn it in and how much your down payment or drive off fees will be. Most leases come standard with either ten or fifteen thousand miles per year for a three year lease agreement totally out at forty to sixty thousand miles. Any overage mileage is between fifteen and twenty five cents per mile. You will usually have to sign a waiver saying you will pay for any damage done with your personal insurance to the vehicle or pay at the time you turn the car over at a certain percentage. On average most dealerships want anywhere from fifteen hundred to twenty five hundred down to drive the leased vehicle off the lot unless you have stellar credit. If you have a credit score above eight hundred you may be able to drive your next lease off the lot for zero down, but that is very rare. The pros and cons of leasing a vehicle are:

    Pros
  • A lower down payment than financing
  • Lower monthly payments than financing
  • Less maintenance costs
  • Get to trade it in and get a new vehicle every few years

    • Cons
  • You cannot alter or change the vehicle in any way
  • Bad idea for people with bad credit
  • You will never own the car outright unless you pay full asking price at the end of the lease
  • You're limited to your mileage per the agreement
  • Don't like the vehicle? Early termination is extremely expensive

    

  
 



Pre-Approval

If you are considering buying your next vehicle the first thing you should do is get pre-approved for your loan. After your pre-approval, you will know how much you can afford and then you can go out and find the car you prefer. Once you locate the vehicle you need to sit down and discuss with a finance person or team at the dealership or a bank and work out the terms of your finance agreement. Make sure if you have a trade-in vehicle that you get the most for your trade-in and it is worked into the finance agreement as it comes off the bottom line of your financed price. When you are working on the financing, try to get the lowest possible interest rate on the deal as this will keep your monthly payments as low as possible. Look over all your paperwork at the fees, financing and interest rates and if all looks good, sign.    The pros and cons of buying a new vehicle are:

Pros
You can drive as many miles as you want
You own the car outright after you pay it off
You can change and add modification as will 
You can turn the car in if you don't like it without being killed with early termination fees  

                                                                                             Cons  

         Higher monthly payments than leasing
     Higher down payments than leasing
                                   All the maintenance of the vehicle is your responsibility
    

 

   

Why Buy from Us?

At Bob Utter Kia of Sherman, TX our finance and lease experts can help you make an informed decision on whether a lease or finance option is right for you. Come in and see us today!     .




 

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