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Questions To Ask Before Leasing A Toyota Sienna
If you know very little about leasing a Toyota Sienna, you probably have no idea of what questions to ask your car dealer. No need to worry. While there are various aspects to a lease agreement, there are a few crucial elements that drive the price. If you ask the appropriate questions, the chances are that you will quickly evaluate a lease deal. Please keep Reading this piece for insight on those areas.
Are There Lease Specials?
A majority of car makers periodically give highly discounted lease specials to attract the interest on the slow-selling car models. Lease specials could offer a shortcut to substantial saving for you. However, be sure to take a look at the fine print of the lease advertisement to see if there could be any additional expenses. In most cases, the quoted monthly payment doesn’t include sales fees and tax and may need a high drive-off cost.
What’s The Car’s Residual Value?
A high residual value of a car gets you 70 percent nearer to a good car lease deal. The residual value can be defined as how much the vehicle shall be worth at the end of the lease period. Often, this figure is usually an estimate set by your leasing company and is expressed as a percentage or a price. For instance, the residual value can be 50% of the original value or a car shall be worth $25,000 two years from the lease date. When you lease a car, you will only be paying for the amount of the car’s value you will have used for the particular lease period.
What’s My Interest Rate?
The interest rate is commonly referred to as the ‘money factor” in leasing. It is one of the few aspects of a lease you can quickly negotiate with your dealer. In most cases, a car leasing company will give you an interest rate based to some extent on your credit score. However, when a car manufacturer is trying to attract more buyers, low-interest rate offers come into play. In most cases, your car dealer will give an interest rate that is in the form of a mysteriously-looking number so you must convert it to an interest rate expressed as a percentage.
Is The Lease Contract Transferable To A New Owner?
In the modern-day world, consumers expect a lot of flexibility and need to be able to change cars as frequently as they wish, which was previously difficult under a lease contract. It is advisable to ask beforehand if the Toyota Sienna lease agreement allows you to transfer your lease contract to someone else for the remaining term. A majority of the leasing companies allow such transfers but with some exceptions.
How Many Miles Are Included In The Lease?
At times, you might hear about something that sounds like an excellent deal, but you must learn to ask the number of miles included in the lease. You might find that your lease contract includes 9,000 miles a year instead of 12,000 miles a year which are the industry standard. If you exceed the 9,000 miles per year, the chances are that your dealer will charge you 20 cents for the extra mile. Therefore, if you do not inquire about the number of miles included, you could be in for a rude shock at the end of your lease period. Additionally, the lease will be of less value since you cannot drive the leased car as far as with a regular lease.
Once you get answers to the questions above, you will have a clearer picture of the value of the lease you want to take. You’ll also demonstrate to your dealer that you have done your homework and are well-versed with all the crucial elements of leasing a Toyota Sienna.