Starting your journey into the world of leasing can be both exciting and a little intimidating, especially if it’s your first time. If you’re in Ontario and considering leasing a new vehicle, this FAQ guide is here to address your queries and concerns, giving you the information you need to get the best deal and feel confident in your decision.

What exactly is leasing?

  • Leasing is like renting a car for a set period, typically 2-4 years. You make monthly payments and drive the car, but you don't own it at the end of the lease.

    Is leasing cheaper than buying?

  • Monthly payments for leases can be lower than loan payments for buying, but you won't own the car in the end. Consider how long you plan to keep the car and how many miles you drive annually.

    Can I lease any car?

  • Most new cars are available for leasing.

    Who owns the car during the lease?

  • The finance company holds the title, but you're responsible for maintenance and keeping it in good condition.

    What happens at the end of the lease?

  • You typically have a few options: return the car, purchase it for a predetermined price, or lease a new car.

    Are there mileage limitations on leases?

  • Yes, leases have annual mileage limits. Going over incurs excess mileage fees. Choose a lease with a mileage allowance that fits your driving habits.

    What if I want to get out of the lease early?

  • It's generally not recommended due to early termination fees, but it might be possible depending on your lease agreement.

    Is maintenance included in the lease payment?

  • Typically not, but some leases may offer prepaid maintenance packages. Factor in maintenance costs when budgeting for a lease.

    Can I customize a leased car?

  • Permanent modifications are usually discouraged, but minor customizations may be allowed. Check your lease terms for details.

    What kind of insurance do I need for a lease?

  • You'll need comprehensive car insurance coverage throughout the lease term.

    Is leasing a good option for businesses?

  • Yes, leasing can be a good option for businesses as it simplifies fleet management and offers potential tax benefits.

    What's the difference between a personal lease and a business lease?

  • Personal leases are for individuals, while business leases are for companies. Business leases may offer tax advantages.

    How do I know if leasing is right for me?

  • Consider your driving habits, how long you want to keep a car, and your budget. Leasing is ideal if you prefer new cars every few years and don't mind not owning the vehicle.

    What fees are involved in leasing?

  • Expect a down payment, acquisition fee, disposition fee at lease-end, and potential excess mileage fees.

    What's a money factor and how does it affect my lease?

  • The money factor is a number used to calculate your lease payment. A lower money factor translates to a lower monthly lease payment.

    Should I negotiate the lease terms?

  • Yes, negotiation is similar to buying a car. Research average lease prices and terms for your desired car to be prepared.

    What happens if the car is damaged during the lease?

  • You'll be responsible for repairs beyond normal wear and tear. Ensure your insurance covers any potential damage.

    Can I transfer my lease to someone else?

  • Usually not without the lessor's approval. There may also be fees involved.

    What are some of the advantages of leasing?

  • Lower monthly payments, typically driving a new car every few years, and avoiding the hassle of selling a used car.

    What are some of the disadvantages of leasing?

  • You won't own the car at the end, mileage limitations, and restrictions on modifications.

    Is leasing a good option for people with bad credit?

  • Qualifying for a lease depends on your creditworthiness. Leasing may be an option with a cosigner or a larger down payment.

    Should I put a down payment on a lease?

  • A down payment can lower your monthly lease payment. Consider your budget and how much you want upfront versus spread out over the lease term.

What happens if the car's value at lease-end is lower than expected?

 - Generally, you're not responsible for depreciation unless there's excessive wear and tear beyond normal use. The lessor considers depreciation when setting the lease terms.

Can I buy the car at lease-end even if its value is lower?

 - Yes, you can often purchase the car for the predetermined residual value stated in the lease agreement.  A lower market value might make it a good deal.

How can I avoid excess wear and tear charges at lease-end?

 - Maintain the car according to the manufacturer's recommendations and get any repairs done promptly.  Keep records of service appointments.

Is mileage overage a big concern when leasing?

 - It depends on your driving habits.  Going significantly over can result in excess mileage fees. Choose a lease with a mileage allowance that works for you.

What are some alternatives to leasing if I drive a lot?

 - Consider buying a used car or a car with a reputation for holding its value well if you plan to drive it for many years.

Should I lease again after my current lease ends?

 - It depends on your needs and preferences. Leasing remains a good option if you enjoy driving new cars every few years. If you want to own a car, buying might be a better choice. 

Your Partner in Leasing Success with Infiniti of Ontario

Leasing a vehicle is an excellent option for those who value flexibility, lower monthly payments, and driving a new car every few years. By understanding the terms and conditions, researching your options, and negotiating effectively, you can secure a leasing deal that perfectly fits your lifestyle and budget.

In Ontario, there's a wide range of leasing opportunities for every driver, whether you're commuting to work or embarking on weekend getaways. With the right preparation and a clear understanding of the process, you can confidently navigate your leasing journey and drive off in a vehicle that makes every journey a pleasure.

At Infiniti of Ontario, we’re committed to helping drivers in Ontario and Monrovia navigate the leasing process with ease and confidence. If you're new to leasing, check out our Guide to Leasing a New Vehicle in Monrovia for comprehensive insights that make the process simple and straightforward. For those considering a Certified Pre-Owned vehicle, discover the extensive Infiniti CPO Benefits in Ontario, CA, from rigorous inspections to extended warranties, ensuring peace of mind with every drive. Prefer a more budget-friendly option without compromising on luxury? Our guide on Find Your Next Used Infiniti in Ontario, CA will help you explore high-quality pre-owned models that match your needs and lifestyle. Visit Infiniti of Ontario, where our dedicated team is eager to assist you in finding the perfect vehicle, offering expert guidance for leasing, financing, and everything in between.

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