When you lease a car, depending on your credit rating/history, you have the option of not putting a down-payment (if you desire a higher payment) or you can put a down-payment if you want a lower payment. Should you wish to not purchase the car at the residual value when the lease is completed, you can turn in the car and walk away, or lease a brand-new car.
You do not own a car when you lease, the car belongs to the lienholder - which is normally the bank. When the lease is completed, you have the option to purchase your leased car at its residual value, plus tax and any applicable fees. Once your car is fully paid off, then you will own the car.
If you have limited credit history, but you are currently employed, we recommend you obtaining a co-signer that has a better credit rating.
The co-signer then becomes joint on the lease/purchase, and if you make on-time payments you will rebuild your credit as well. Keep in mind, the co-signer is equally responsible for on-time payments as you will be--if you are late on a payment, it will reflect on both you and your co-signer's credit report.
You are being asked to be a co-signer on a lease/purchase for someone that probably does not have a well established credit history or has a low credit score. If you know that individual personally, and you know they have a stable monthly income, you should co-sign only at your discretion.
You would need to be employed in order to lease a car, and in some situations, depending on your credit rating, the bank may request proof of income.
When you lease a brand new car, you are limited on the amount of miles that can be driven throughout the lease term; you are entitled to drive only that said miles per year to ensure you do not go over your limit. Further details will be revealed prior to the signing of the final lease paperwork.
There are many options available to you if you are currently under any of the above situations, please give us a call and we can consult on your financing/lease options.
If you get your car through Elit Auto Group, we do not charge you a broker fee on top of your down payment.
If you're in the process of leasing a car through our company, and change your mind after giving us the final approval to get your car ready, you will be billed $595 for our services. When you submit a credit application on our site, this important notice is clearly stated before your electronic signature. A lot of people ask us why we do this, and it is very simple--We work very diligently with the dealership to get your car ready once you give us the final OK. Your car gets put in the detail cue, papers are getting typed up and your car is essentially getting ready for delivery. Elit Auto Group, Inc will only bill you $595 if you change your mind last minute and decide not to lease through our company. Your agreement to this term is made once you check the "I Agree" part on the credit application.
If you decide to get the car through our company, this fee will not be charged!
The information presented on this page is provided for informational purposes only; should you decide to use any of the information provided on this page, it as at your own risk--the contents on this page are subject to revisions without any prior notice. Elit Auto Group, its employees, affiliates, vendors and contractors will not be liable for any damages, losses, or legal situations that arise from the use of the information provided on this page.