When shopping for a car, you can compare different lease offers and negotiate to get the best possible terms. The first step is to ask for alternatives to advertised specials and other lease offerings. Beyond that, there are specific areas in the lease that are flexible. Use this checklist to determine what areas of the lease you can negotiate.
- The agreed-upon value of the vehicle – a lower value can reduce your monthly payment.
- Up-front payments, including the capitalized cost reduction.
- The length of the lease.
- The monthly lease payment.
- Any end-of-lease fees and charges.
- The mileage allowed and per-mile charges for excess miles.
- The option to purchase either at lease end or earlier.
- Whether your lease includes "gap" coverage, which protects you if the vehicle is stolen or totaled in an accident.
This information is adapted from "A Consumer Guide to Vehicle Leasing" published by the Federal Trade Commission.