Standard Or Rent To Own Car Lease ? What's The Difference ?

When looking into investing in a vehicle, it is safe to say vehicles are expensive

, typically ranging over the affordability of the average family when purchased brand new. The problem with this being that the average family needs at least two cars to live comfortably. Normally in a married family both parents work to take care of the children, with the bus services now just starting to grow, families still need multiple cars to be able to conveniently travel from home to work, along with providing their children with rides to and from doctors appointments, social events, and extracurricular activities in schools. There is a solution to making affordability in the purchases of expensive cars; this solution is getting a car lease.

What is a car lease?

There are multiple ways to lease a car, traditionally the car lease is when a person pays either monthly or yearly (typically monthly) to attain a car for an agreed period of time between the person taking out the lease and the actual car dealership themselves. When this agreed period of time expires the user of the car is required to either return the car or purchase it.

Other plans which can be gained in a car lease plan depending on what the specific dealerships preference to offer are rent to own car leases, and also a normal lease with a deducted end purchase price.

Rent to own car lease This type of lease allows a person depending on their total overall income to make an agreement between them and the car dealership to purchase rights to use a car under the agreement that they pay a specific percentage of the overall car price every month. Once the total car price is paid off the car then belongs to the person who took out the lease. But if the person taking out the lease does not make proper payments, for example missing a specific number of monthly payments over a specific course of time, the car dealership will repossess the car and fee the person who held the lease for any damages made to the said car.

A normal lease with a deducted purchase price - This is when someone is leased a car for a specific amount of time as a car rental, but if the person renting the car suddenly decides at the end of the rental agreement period that they would like to purchase the car altogether, the total amount of payments made monthly while the person who held the lease had the car is then deducted from the overall price as payments towards the car and the car is purchased for what is left of the price.

by: Simon Booth

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