Auto Leases

While Lessors often lure you into leases with lower monthly payments, there are a lot of hidden costs involved with a lease. Most leases will charge you an extra amount of money if you drive too many miles (usually 15 cents per mile). Research shows that 35% of drivers will exceed their lease mileage allowances. You must care for the vehicle properly (pay for ALL scheduled maintenance), and if there is excess wear and tear, you will be charged for that too. The average excess wear and tear expense is $1700. Additionally, leases often limit your flexibility and don’t allow you to take the vehicle out of the leasing state. Finally, leased vehicles are often more expensive to insure. Consumer Reports ran tests to determine whether it would cost more or less to lease or purchase an auto. To purchase an average 2008 Honda Accord, it would cost $4,597 dollars less to purchase this vehicle than to lease it. If a person twenty-five year old purchased a new car every five years instead of leasing a vehicle, this Million Dollar Decision could be worth a whopping $321,000 for him/her at retirement. To learn more about leases, follow these great links below:

  1. is a guide from the Federal Reserve that helps consumers understand leases and the many hidden costs out there.
  2. is a service for those individuals who are already trapped in a lease. Use this resource to get rid of your lease.
  3. is another site that allows you to conveniently exit your expensive lease before it ends.