Buying

Leasing

Ownership

You can keep the vehicle for as long as you want! This is a benefit for those who drive a lot of miles or have kids or pets that may dirty or damage the interior.

You don't own the vehicle, but you get to use it as you please and return it at the end of the lease. You may also buy it out at the end of the lease.

Up-Front Costs

Includes: down payment, taxes, registration and other fees.

Typically include: first month's payment, refundable security deposit, down payment, taxes, registration and other fees.

Monthly Payments

Loan payments are usually higher than lease payments because you're paying off the entire purchase price of the vehicle, plus interest and other finance charges, taxes, and fees. However, as you make payments, you are gaining equity in the vehicle. Once you're done paying off the loan, the car is yours. Ultimately down the road, saving money since you won't have a car payment!

Lease payments are almost always lower than loan payments because you're paying only for the vehicle's depreciation during the lease term, plus interest charges, taxes, and fees. Once you're done with your lease, you have the option to get newer vehicles more often.

Early Termination

You can sell or trade in your vehicle any time you want. If necessary, money from the sale can be used to pay off any loan balance.

We advise all customers to ride out their lease term. However, if you must end it early, you might be charged with early-termination charges, which can be almost as costly as sticking out the rest of your lease term.

Vehicle Return

When you want to get a new vehicle, you'll have to sell or trade in your vehicle.

When your lease is up, all you do is pay any end of lease costs and walk away. You have the option to buy the vehicle outright, start a new lease in a different vehicle, extend your current lease, or just turn it in and walk away!

Future Value

Vehicles will depreciate, however, you'll have equity and its cash value is yours to use as you like.

Depreciation doesn't affect you financially so there's no risk, and you've still built credit, but on the downside, you don't have any equity in the vehicle.

Mileage

You're free to drive as many miles as you please!

Most leases limit the number of miles you may drive. You'll have to pay charges for exceeding the limits on your lease.

Excessive Wear & Tear

You don't have to worry about wear and tear, but it could lower the vehicle's trade-in value or resale value.

Most leases hold you responsible for any excess wear and tear. You'll have to pay charges for exceeding what is considered normal wear and tear. You will also have factory warranty coverage.

End of Term

At the end of the loan term (typically 4-5 years,) you have no further payments and you have built equity to help pay for your next vehicle.

At the end of the lease (typically 2-4 years,) you'll have to finance the purchase of the car or lease, or buy another.

Customizing

The vehicle is yours to customize and modify yourself!

The lessor wants the vehicle returned in sellable condition. Any modifications made will have to be removed before you return the vehicle.