Your Car Leasing & Buying Questions, Answered

It depends on the manufacturer, but in some cases you can extend for up to a year! Talk with your Vantage sales representative about the possibility of extending your lease.

Unfortunately, no. The payoff amount is based on the residual value, which would have been disclosed to you when you originally signed your lease contract.

It varies depending on the bank, as they each underwrite differently. There are other factors involved in leasing a car besides credit score, such as credit history and debt-to-income ratio, that could impact the overall approval process. Vantage Auto Group works with a wide variety of banks to help increase your chances of being approved!

Yes, we are a fully licensed insurance brokerage that also offers home and commercial insurance policies. Speak with your Vantage sales representative today for more information and a chance to save your business thousands of dollars!

36-48 months is standard, however some banks will allow lease contracts up to 60 months!

18-24 months are generally the shortest lease terms allowed, depending on the manufacturer.

Yes! Car lease payments are considered a qualifying vehicle tax deduction, according to the IRS. However, there are restrictions on who can write off this common business expense. It’s best to consult with your accountant for further direction.

Yes, one of our Vantage sales representatives would be happy to assist you with further direction.

The money factor or interest rate is set by the financial institution on a monthly basis.

Not necessarily. Insurance rates are mainly dependent on your zip code and driving record, regardless of whether it’s a lease or finance.

It varies depending on the financial institution, but acquisition fees can usually range anywhere between $0 to $995.

Yes, certain financial institutions will allow you to purchase more miles during the term of the lease at a discount, or you can simply pay per miles at the end of your lease contract.

If you are over your total allotted mileage on your lease, you pay for that extra depreciation at a per-mile rate that varies by manufacturer and vehicle model. Lower priced cars are charged at $0.15 per mile. Mid-priced cars are charged at $0.20 per mile and higher-priced cars at $0.25 or higher. Some luxury models charge $0.30 per mile. These rates are specified in your lease contract and are non-negotiable.

No, leasing is restricted to brand new cars, not used cars — with the exception that used luxury cars may be available for lease by specialty used car dealers in some larger cities. However, leasing used cars is not recommended due to low residual values and high lease finance rates.

Leasing requires that you carry and pay for liability, collision, and comprehensive insurance on your vehicle. However, the amount of required insurance specified in your lease contract will nearly always be more than the state-required minimum liability coverage. In that case, insurance for your leased car will typically be more expensive.

It depends. If your current car is paid off, you can certainly use it as a trade-in. Just be sure you know it’s fair trade-in value and that the dealer gives you full credit when your lease payments are calculated. If you still owe money on your car, you will want to get the “payoff” information from your finance company and compare that amount to the trade-in value of the car. If the trade-in value is higher, you have “trade equity.”

It just depends on the financial institution, as not all of them will allow it. The best options are to either ask the lender for a co-signer release, refinance the loan or sell the car.

Unlimited mileage isn’t something that is typically offered in a lease. Typically 18,000 miles per year is the max allowed, however some manufacturers will allow up to 25,000 miles per yr. It’s important to keep in mind that the depreciation calculated on high mileage is cheaper to purchase compared to a lease. Consult with your Vantage representative for more information.

All new vehicles come with the manufacturer’s original warranty. At Vantage Auto Group, we offer extended warranty plans, as well as additional protection packages that cover items, such as wheel & tire, paintless dent repair, windshield repair, key replacement, 24/7 roadside assistance, and much more.

Amount due at signing or “drive off” costs include all charges that require up-front payment in cash, such as taxes, official fees, deposits, and first month’s payment. The down payment amount is the only part that reduces capitalized cost (amount financed), which can decrease the monthly payment amount.

Although lease contracts are not designed to be easily or inexpensively terminated before the normal end date, you do have a number of options available to you that could minimize your costs and headaches. Contact a Vantage Auto Group sales representative today, as we would be more than happy to find you the best solution to terminate your lease.

If you move to another state with your leased vehicle, immediately notify your lease company of your move. This is not only to change your billing address and the car’s “garaged” address, but more importantly because sales tax rates may be different between your old location and your new one. The tax portion of your monthly payment may increase or decrease.

Some lease agreements allow lease transfers, but it depends on the financial institution. Speak with a Vantage Auto Group representative to explore your options.

Missing a lease payment may result in late fees, a negative impact on your credit, or even repossession. Contact your lender immediately if you anticipate missing a payment.

Depends on how long you plan to keep the car. Lease for flexibility, buy for the long haul. Want the math? We’ll run the numbers for you.

Nope. We work with all credit profiles and will help you find the best approval path.

‍

Yes—and sometimes it makes more sense. We’ll walk you through it.

‍

In many cases, 48–72 hours from quote to delivery.

You could. But why spend your weekend negotiating when we already did?

‍

Think of it as your all-in-one toolkit. Instead of juggling different coverages from different places, you bundle them into one plan. Tire and wheel, dent repair, and roadside help are all together, and that means fewer headaches for you and more savings.

They do when they’re set up right. A dent or a busted tire might not sound like a big deal until you see the repair bill. When you have the right coverage, you pay a fraction of that, and sometimes even nothing at all.

It’s the difference between buying a suit off the rack and getting one tailored. Standard plans cover things you may never use. With customizable car insurance, you’re only paying for what actually fits your driving life.

LeasePass gives you the option to walk away from your leased or financed vehicle anytime after 12 months. Simply give us 30 days’ notice, and we will buy back your car by paying off the remaining lease or loan balance per program terms.

Yes, you can add LeasePass to any eligible new or used vehicle, whether financed via lease or an auto loan.

You might love your car today—but most people don’t want to keep the same car for the full loan term. The problem is, you don’t know exactly when you’ll want to change it or what it’ll be worth when that time comes. LeasePass gives you flexibility. Anytime after 12 months, you can walk away and we’ll pay off your remaining loan balance tied to the vehicle purchase price.

Anytime after 12 months, reach out to us 30 days’ before you're ready to switch. We’ll schedule a quick inspection to confirm the vehicle condition and mileage. Before buyback, you’re still responsible for any deferred, skipped, or unpaid payments. LeasePass pays off the remaining lease or loan balance per program terms, handles the title transfer, and closes out your loan or lease. The vehicle is no longer your responsibility — simple, easy, done.

Drive as much as you need, of course! Just note that if you turn in your vehicle, the buyback amount will be reduced by $0.15 for every mile over your mileage limit—either your prorated lease allowance or 18,000 miles per year (1,500 per month) for financed vehicles.

Normal wear and tear is fine. If there’s damage or excess wear and tear, per our Wear and Tear Guidelines, the buyback amount will be reduced by the cost of the repair.

If the vehicle has an accident on the vehicle history report (e.g., CarFax), it still qualifies for buyback. In that case, we may apply a diminished-value adjustment to the buyback amount based on standard guides.