Auto Financing 101: Can You Renegotiate a Car Lease?

When you’re looking for a new car, eventually, the question of financing will come to mind. Different auto financing options like leasing and loans have advantages and disadvantages. The finance team at Brooklyn Chrysler Jeep® Dodge RAM is often asked whether one can renegotiate a car lease, so let’s take a closer look.

Am I Locked into a Lease When I Sign?

Leases offer benefits, including lower monthly payments for a lower up-front cost. However, they also have drawbacks.

When you sign a lease, you agree to a monthly payment for driving your vehicle. Anything not negotiated before signing is in effect for the duration of the lease, from the agreed-upon purchase value of the car to the amount of your monthly payments. Put bluntly, renegotiation is not an option.

The only option is to transfer the lease — which is complex — or to end it early by terminating or buying it out. However, each of these has pitfalls that should be discussed with your Jeep dealer serving Queens, NY.

What Other Auto Financing Options Are There?

Although leasing your car is attractive, many drivers opt for a loan instead.

• If you have a sizeable down payment, you can actually get lower payments than you’d see with a lease.
• You can refinance an auto loan if your credit rating and payment history are good.
• You build equity in the vehicle.
• You can sell at any time.
• You can drive without mileage or wear restrictions and the penalties that come with them.

If you’re still unsure which option is right for you, visit Brooklyn Chrysler Jeep Dodge RAM. Our sales team can evaluate your financial situation and needs to match you to an auto financing option that’s an ideal fit.